Fund Overview Fund Overview Share Class N N I Z NAV | as of 08/10/2022 $27.78 +$0.55 (+1.98%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 04/23/1987 to 06/30/2022 = $427,962.41 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 or visit our website at amgfunds.com. 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 capital appreciation Why Consider Provides investors with exposure to a portfolio of undervalued small cap companies that demonstrate positive business momentum 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 through portfolio diversification and a strong sell discipline 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 O. Whitney, CFA PARTNER, PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Small Cap Value 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 Value 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 572) 3 Years (of 572) 5 Years (of 530) 10 Years (of 352) 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 O. Whitney, CFA PARTNER, PORTFOLIO MANAGER Jeff is a portfolio manager for the GW&K Small Cap Value Strategy and provides research coverage for our other domestic equity strategies. He is a seasoned analyst with extensive experience analyzing companies and identifying investment opportunities in the Financial and Real Estate sectors. Jeff is a member of the firm’s Investment Committee. Through his 20+ years working in investment research, Jeff has gained a broad market perspective covering a wide variety of sectors including Health Care, Technology, Financials, and Real Estate. Prior to joining GW&K, Jeff was an assistant portfolio manager at ING Investment Management and a vice president and equity analyst at J.P. Morgan Fleming Asset Management. He started his investment career working for Dean Witter Intercapital as an investment management associate. Jeff earned a BS in Finance from Central Connecticut State University and an MBA from Vanderbilt University. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society 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 or visit our website at amgfunds.com. 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. Expense Ratios Gross Expense Ratio: 1.17% Net Expense Ratio: 1.15% Expense Cap Expiration Date: 05/01/2023 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 $0.633800 $0.031900 $0.526100 $0.075800 Aug 05, 2021 $3.672300 $0.043300 $2.370800 $1.258200 Dec 09, 2020 $11.525300 $0.079700 $0.579700 $10.865900 Dec 16, 2019 $2.630100 $0.091500 — $2.538600 Dec 27, 2018 $4.635700 — $0.384900 $4.250800 Dec 27, 2017 $2.968000 — $0.756200 $2.211800 Dec 27, 2016 $0.009900 — $0.009900 — Dec 28, 2015 $1.776200 $0.004400 $0.471400 $1.300400 Dec 26, 2014 $1.481400 — $0.735600 $0.745800 Dec 26, 2013 $0.011200 $0.007400 — $0.003800 Dec 26, 2008 $0.041900 — $0.036100 $0.005800 Dec 28, 2007 $3.879790 — $0.964210 $2.915580 Dec 14, 2006 $4.210000 — $0.760000 $3.450000 Dec 16, 2005 $6.420000 — $0.910000 $5.510000 Dec 16, 2004 $3.690000 — $1.190000 $2.500000 Dec 19, 2003 $1.560000 — $0.470000 $1.090000 Dec 08, 1999 $1.230000 $0.180000 — $1.050000 Dec 08, 1998 $0.320000 $0.110000 — $0.210000 Dec 16, 1997 $2.890000 $1.840000 — $1.050000 Dec 18, 1996 $3.610000 $1.730000 — $1.880000 Dec 27, 1995 $1.010000 $0.100000 — $0.910000 Dec 22, 1994 $1.930000 $0.740000 — $1.190000 Dec 29, 1993 $3.150000 $1.980000 — $1.170000 Dec 29, 1992 $0.910000 $0.710000 — $0.200000 Dec 26, 1991 $2.400000 $1.710000 — $0.690000 Sep 16, 1991 $0.010000 $0.010000 — — Dec 11, 1990 $0.090000 $0.090000 — — Sep 17, 1990 $0.010000 $0.010000 — — Dec 28, 1989 $1.300000 $0.940000 — $0.360000 Dec 30, 1988 $0.050000 $0.050000 — — 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. 0.51 -0.45 0.51 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. 26.90 24.73 20.33 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. 0.34 0.21 0.51 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. 99.59 105.44 114.33 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. 99.11 102.33 100.86 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. 1.02 1.05 1.05 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. 94.38 94.21 93.62 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. 6.40 6.06 5.21 View All Characteristics & Stats All Characteristics & Stats GW&K Small Cap Value Fund (SKSEX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $280 Number of Holdings 75 1,403 Weighted Avg. Market Cap (Mil.$) $2,949 $2,212 Median Market Cap (Mil.$) $2,487 $851 Weighted Avg. P/E (1-yr Forward EPS) 10.61 10.06 Weighted Avg. P/E (Trailing EPS) 12.37 10.25 PEG Ratio 0.70 0.84 Weighted Avg. P/B 1.64 1.19 EPS Growth (Trailing 3-yr %) 14.01% 11.79% EPS Growth (Trailing 5-yr %) 14.13% 11.30% Forward EPS Growth (1-yr %) 2.31% -3.82% Forward EPS Growth (Long Term %) 12.56% 11.11% Revenue Growth (Trailing 5-yr %) 11.18% 6.23% Return on Equity 12.87% 6.96% Weighted Avg. Dividend Yield 1.70% 2.11% Debt to Equity 71.12 77.14 Trailing 12-Months Portfolio Turnover 23.22% 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. 0.51 -0.45 0.51 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. 26.90 24.73 20.33 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. 0.34 0.21 0.51 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. 99.59 105.44 114.33 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. 99.11 102.33 100.86 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. 1.02 1.05 1.05 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. 94.38 94.21 93.62 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. 6.40 6.06 5.21 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. 0.06 -0.09 0.15 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. 9.04 4.85 9.89 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. -39.07 -40.06 -40.06 As of: 07/31/2022 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 11.44% 23.19% Market Cap ($mm) 1,000 - 1,500 9.04% 14.26% Market Cap ($mm) 1,500 - 2,500 25.49% 26.54% Market Cap ($mm) 2,500 - 5,000 35.52% 32.11% Market Cap ($mm) 5,000 - 10,000 18.52% 3.60% Market Cap ($mm) 10,000 - 25,000 0.00% 0.30% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2022 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 28.16% 29.38% P/E 10-15 15.11% 15.65% P/E 15-20 16.13% 9.76% P/E 20-25 6.92% 6.90% P/E 25-Above 25.07% 16.67% P/E – NA 8.60% 21.63% As of: 06/30/2022 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 24.48% 23.52% EPS Growth (Trailing 3-yr %) 0 - 5 14.89% 7.69% EPS Growth (Trailing 3-yr %) 5 - 10 5.16% 7.65% EPS Growth (Trailing 3-yr %) 10 - 15 6.00% 5.98% EPS Growth (Trailing 3-yr %) 15 - 20 7.33% 3.97% EPS Growth (Trailing 3-yr %) Above 20 32.83% 24.33% EPS Growth (Trailing 3-yr %) - NA 9.31% 26.86% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 Independence Realty Trust Inc 2.70% Selective Insurance Group Inc 2.28% Group 1 Automotive Inc 2.17% Walker & Dunlop Inc 2.10% Tenet Healthcare Corp 2.08% First Interstate BancSystem Inc, Class A 1.96% Central Garden & Pet Co 1.93% Boot Barn Holdings Inc 1.87% CACI International Inc, Class A 1.83% Atlantic Union Bankshares Corp 1.77% % in Top 10 Holdings 20.69% View Holding Details Holding Details GW&K Small Cap Value Fund (SKSEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2022 Independence Realty Trust Inc 2.70% Selective Insurance Group Inc 2.28% Group 1 Automotive Inc 2.17% Walker & Dunlop Inc 2.10% Tenet Healthcare Corp 2.08% First Interstate BancSystem Inc, Class A 1.96% Central Garden & Pet Co 1.93% Boot Barn Holdings Inc 1.87% CACI International Inc, Class A 1.83% Atlantic Union Bankshares Corp 1.77% % in Top 10 Holdings 20.69% As of: 06/30/2022 Download All Holdings (PDF) As of: 06/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund IRT Independence Realty Trust Inc Real Estate S US USD 363,877 21 $7,543,170 2.70% SIGI Selective Insurance Group Inc Financials S US USD 73,260 87 $6,369,224 2.28% GPI Group 1 Automotive Inc Consumer Discretionary S US USD 35,779 170 $6,075,274 2.17% WD Walker & Dunlop Inc Financials S US USD 61,115 96 $5,887,819 2.10% THC Tenet Healthcare Corp Health Care S US USD 110,693 53 $5,818,024 2.08% FIBK First Interstate BancSystem Inc, Class A Financials S US USD 143,720 38 $5,477,169 1.96% CENT Central Garden & Pet Co Consumer Staples S US USD 127,400 42 $5,404,308 1.93% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 76,132 69 $5,246,256 1.87% CACI CACI International Inc, Class A Industrials S US USD 18,200 282 $5,128,396 1.83% AUB Atlantic Union Bankshares Corp Financials S US USD 146,149 34 $4,957,374 1.77% ABCB Ameris Bancorp Financials S US USD 122,201 40 $4,910,036 1.75% ICFI ICF International Inc Industrials S US USD 50,823 95 $4,828,185 1.73% GTN Gray Television Inc Communication Services S US USD 284,546 17 $4,805,982 1.72% FCPT Four Corners Property Trust Inc Real Estate S US USD 170,003 27 $4,520,380 1.62% PPBI Pacific Premier Bancorp Inc Financials S US USD 154,409 29 $4,514,919 1.61% CBZ CBIZ Inc Industrials S US USD 111,759 40 $4,465,890 1.60% IDA IDACORP Inc Utilities S US USD 42,071 106 $4,456,160 1.59% OCFC OceanFirst Financial Corp Financials S US USD 228,858 19 $4,378,054 1.56% PIPR Piper Sandler Cos Financials S US USD 38,372 113 $4,349,850 1.55% CBU Community Bank System Inc Financials S US USD 68,230 63 $4,317,594 1.54% ITGR Integer Holdings Corp Health Care S US USD 57,944 71 $4,094,323 1.46% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 191,182 21 $4,074,088 1.46% ADC Agree Realty Corp Real Estate S US USD 55,550 72 $4,006,822 1.43% SWX Southwest Gas Holdings Inc Utilities S US USD 45,779 87 $3,986,435 1.42% POWI Power Integrations Inc Information Technology S US USD 52,150 75 $3,911,772 1.40% SF Stifel Financial Corp Financials S US USD 69,610 56 $3,899,552 1.39% AMSWA American Software Inc, Class A Information Technology S US USD 240,628 16 $3,888,548 1.39% CVET Covetrus Inc Health Care S US USD 184,484 21 $3,828,043 1.37% IBOC International Bancshares Corp Financials S US USD 94,063 40 $3,770,045 1.35% AGM Federal Agricultural Mortgage Corp Financials S US USD 38,535 98 $3,762,943 1.34% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 129,521 29 $3,745,747 1.34% GTY Getty Realty Corp Real Estate S US USD 140,277 27 $3,717,341 1.33% CATY Cathay General Bancorp Financials S US USD 94,247 39 $3,689,770 1.32% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 58,542 62 $3,648,337 1.30% OEC Orion Engineered Carbons SA Materials S LU USD 234,496 16 $3,641,723 1.30% NWE NorthWestern Corp Utilities S US USD 59,683 59 $3,517,119 1.26% ELY Callaway Golf Co Consumer Discretionary S US USD 170,734 20 $3,482,974 1.24% MTDR Matador Resources Co, Class A Energy S US USD 74,436 47 $3,467,973 1.24% EFSC Enterprise Financial Services Corp Financials S US USD 81,120 42 $3,366,480 1.20% CHCO City Holding Co Financials S US USD 41,859 80 $3,343,697 1.19% STAG STAG Industrial Inc Real Estate S US USD 106,570 31 $3,290,882 1.18% VIAV Viavi Solutions Inc Information Technology S US USD 247,925 13 $3,280,048 1.17% CMCO Columbus McKinnon Corp Industrials S US USD 114,972 28 $3,261,756 1.17% UFPI UFP Industries Inc Industrials S US USD 46,577 68 $3,173,757 1.13% HI Hillenbrand Inc Industrials S US USD 75,591 41 $3,096,207 1.11% XHR Xenia Hotels & Resorts Inc Real Estate S US USD 212,866 15 $3,092,943 1.11% ROLL RBC Bearings Inc Industrials S US USD 16,520 185 $3,055,374 1.09% PRIM Primoris Services Corp Industrials S US USD 138,470 22 $3,013,107 1.08% MTX Minerals Technologies Inc Materials S US USD 48,551 61 $2,978,118 1.06% FFBC First Financial Bancorp Financials S US USD 153,074 19 $2,969,636 1.06% ESTE Earthstone Energy Inc, Class A Energy S US USD 215,698 14 $2,944,278 1.05% PUMP ProPetro Holding Corp Energy S US USD 293,269 10 $2,932,690 1.05% IMAX IMAX Corp Communication Services S CA USD 172,600 17 $2,915,214 1.04% PJT PJT Partners Inc, Class A Financials S US USD 40,911 70 $2,875,225 1.03% SLAB Silicon Laboratories Inc Information Technology S US USD 20,452 140 $2,867,779 1.02% FIX Comfort Systems USA Inc Industrials S US USD 34,488 83 $2,867,677 1.02% ATKR Atkore Inc Industrials S US USD 33,771 83 $2,803,331 1.00% LGND Ligand Pharmaceuticals Inc Health Care S US USD 30,850 89 $2,752,437 0.98% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 130,690 21 $2,743,183 0.98% WOR Worthington Industries Inc Materials S US USD 61,053 44 $2,692,437 0.96% LESL Leslie's Inc Consumer Discretionary S US USD 176,800 15 $2,683,824 0.96% ASO Academy Sports & Outdoors Inc Consumer Discretionary S US USD 74,800 36 $2,658,392 0.95% SOI Solaris Oilfield Infrastructure Inc, Class A Energy S US USD 241,715 11 $2,629,859 0.94% TEX Terex Corp Industrials S US USD 95,830 27 $2,622,867 0.94% LCII LCI Industries Consumer Discretionary S US USD 23,375 112 $2,615,195 0.93% SCHN Schnitzer Steel Industries Inc, Class A Materials S US USD 76,010 33 $2,496,168 0.89% WSBC WesBanco Inc Financials S US USD 77,353 32 $2,452,864 0.88% LXP LXP Industrial Trust Real Estate S US USD 196,434 11 $2,109,701 0.75% HRI Herc Holdings Inc Industrials S US USD 22,000 90 $1,983,300 0.71% SPNE Seaspine Holdings Corp Health Care S US USD 326,052 6 $1,842,194 0.66% INN Summit Hotel Properties Inc Real Estate S US USD 253,375 7 $1,842,036 0.66% NDLS Noodles & Co, Class A Consumer Discretionary S US USD 389,069 5 $1,828,624 0.65% SIG Signet Jewelers Ltd Consumer Discretionary S US USD 29,475 53 $1,575,734 0.56% JRVR James River Group Holdings Ltd Financials S BM USD 62,677 25 $1,553,136 0.55% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 84,236 14 $1,214,683 0.43% Cash & Equivalents Cash C US USD - - $9,851,911 3.52% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Covetrus Inc 1 1.09% 23.59% Southwest Gas Holdings Inc 2 1.34% 11.76% Agree Realty Corp 3 1.28% 9.45% Arcutis Biotherapeutics Inc 4 1.30% 10.64% First Interstate BancSystem Inc, Class A 5 1.70% 4.50% PJT Partners Inc, Class A 6 0.94% 11.59% LCI Industries 7 0.85% 8.45% Group 1 Automotive Inc 8 2.07% 1.32% City Holding Co 9 1.10% 2.06% Federal Signal Corp 10 0.24% 2.81% 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 Tenet Healthcare Corp 20 2.56% -38.86% Boot Barn Holdings Inc 19 2.16% -27.30% Seaspine Holdings Corp 18 0.94% -53.54% Independence Realty Trust Inc 17 2.90% -21.23% Walker & Dunlop Inc 16 2.23% -25.26% ProPetro Holding Corp 15 1.81% -28.21% Columbus McKinnon Corp 14 1.31% -33.00% Gray Television Inc 13 1.84% -23.24% Schnitzer Steel Industries Inc, Class A 12 1.08% -36.62% Denny's Corporation 11 0.79% -39.34% 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 Value Fund (SKSEX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Financials 27.46% 28.35% Industrials 14.40% 12.74% Real Estate 10.76% 11.87% Consumer Discretionary 9.78% 9.63% Health Care 9.35% 11.00% Energy 5.26% 4.99% Information Technology 4.98% 6.06% Utilities 4.27% 5.34% Materials 4.22% 3.88% Cash & Other 3.52% 0.00% Consumer Staples 3.23% 2.86% Communication Services 2.76% 3.28% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 96.48% Bonds 0.00% Cash and Other 3.52% As of: 06/30/2022 Industry Fund Russell 2000® Value Index Banks 17.20% 17.47% Equity Real Estate Investment Trusts (REITs) 10.76% 11.20% Specialty Retail 6.52% 2.79% Professional Services 5.15% 0.82% Machinery 4.30% 3.13% Capital Markets 3.98% 0.91% Thrifts & Mortgage Finance 3.45% 2.65% Health Care Providers & Services 3.45% 1.72% Oil, Gas & Consumable Fuels 3.27% 3.63% Insurance 2.83% 2.86% % in Top 10 Industries 60.91% 47.18% As of: 06/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Small Cap Value Fund The Fund primarily invests in undervalued small cap companies GW&K believes quality small cap companies trading at low valuation levels offer attractive opportunities for stock price appreciation over time. Companies that can generate sustainable earnings growth possess these key attributes: A high quality management team focused on enhancing long-term value for shareholders. Experienced and motivated management Improving business model Catalyst for positive market revaluation GW&K seeks to add value through a fundamental research process and proprietary screening. A disciplined long-term research focus seeks to identify well-managed, undervalued companies with improving fundamental and financial characteristics Equity Style Analysis: Growth vs. Value Growth stocks have outperformed value stocks recently testing investor's patience to stay diversified. Although it is nearly impossible to predict when and to what extent growth and value performance trends will reverse themselves, historically they have. Rather than try to predict future trends, investors should consider remaining diversified over the long term. Read Full Perspective 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 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 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