Fund Overview Fund Overview Share Class N N I Z NAV | as of 09/29/2023 $26.42 -$0.17 (-0.64%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 04/23/1987 to 08/31/2023 = $445,396.06 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 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 2022 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 08/31/2023 Overall Rating (of 593) 3 Years (of 593) 5 Years (of 553) 10 Years (of 385) 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 800.548.4539 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: 1.18% Net Expense Ratio: 1.15% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2022 $0.433300 $0.150800 $0.127800 $0.154700 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: 08/31/2023 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. 2.89 1.66 0.15 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. 20.98 26.43 21.16 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. 0.65 0.11 0.30 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. 87.06 110.81 101.38 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. 87.48 100.39 100.03 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 1.03 1.02 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. 93.78 94.69 94.00 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. 5.79 6.14 5.20 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.$) $250 Number of Holdings 78 1,457 Weighted Avg. Market Cap (Mil.$) $3,034 $2,404 Median Market Cap (Mil.$) $2,431 $812 Weighted Avg. P/E (1-yr Forward EPS) 12.49 10.93 Weighted Avg. P/E (Trailing EPS) 11.28 9.97 PEG Ratio 1.19 1.20 Weighted Avg. P/B 1.59 1.20 EPS Growth (Trailing 3-yr %) 21.88% 15.06% EPS Growth (Trailing 5-yr %) 13.25% 12.06% Forward EPS Growth (1-yr %) -8.13% -14.05% Forward EPS Growth (Long Term %) 10.51% 7.71% Revenue Growth (Trailing 5-yr %) 11.06% 7.25% Return on Equity 15.48% 8.23% Weighted Avg. Dividend Yield 1.88% 2.42% Debt to Equity 77.03 85.58 Trailing 12-Months Portfolio Turnover 15.05% As of: 06/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 2.89 1.66 0.15 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. 20.98 26.43 21.16 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. 0.65 0.11 0.30 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. 87.06 110.81 101.38 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. 87.48 100.39 100.03 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 1.03 1.02 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. 93.78 94.69 94.00 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. 5.79 6.14 5.20 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. 0.31 0.24 0.02 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. 15.36 2.86 6.26 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. -21.78 -40.06 -40.06 As of: 08/31/2023 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 9.19% 22.83% Market Cap ($mm) 1,000 - 1,500 11.84% 13.19% Market Cap ($mm) 1,500 - 2,500 24.05% 23.94% Market Cap ($mm) 2,500 - 5,000 35.85% 32.83% Market Cap ($mm) 5,000 - 10,000 19.07% 7.21% Market Cap ($mm) 10,000 - 25,000 0.00% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 06/30/2023 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 27.39% 34.19% P/E 10-15 15.20% 13.11% P/E 15-20 13.07% 9.10% P/E 20-25 14.12% 5.36% P/E 25-Above 23.30% 18.06% P/E – NA 6.92% 20.18% As of: 06/30/2023 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 22.83% 20.27% EPS Growth (Trailing 3-yr %) 0 - 5 7.21% 4.69% EPS Growth (Trailing 3-yr %) 5 - 10 7.55% 5.90% EPS Growth (Trailing 3-yr %) 10 - 15 6.50% 5.02% EPS Growth (Trailing 3-yr %) 15 - 20 8.63% 5.51% EPS Growth (Trailing 3-yr %) Above 20 36.33% 30.43% EPS Growth (Trailing 3-yr %) - NA 10.95% 28.17% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 Group 1 Automotive Inc 3.15% Selective Insurance Group Inc 2.40% Independence Realty Trust Inc 2.26% Boot Barn Holdings Inc 2.20% CBIZ Inc 2.03% Terex Corp 1.95% Comfort Systems USA Inc 1.95% Federal Agricultural Mortgage Corp 1.89% Atkore Inc 1.81% Integer Holdings Corp 1.75% % in Top 10 Holdings 21.38% View Holding Details Holding Details GW&K Small Cap Value Fund (SKSEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 Group 1 Automotive Inc 3.15% Selective Insurance Group Inc 2.40% Independence Realty Trust Inc 2.26% Boot Barn Holdings Inc 2.20% CBIZ Inc 2.03% Terex Corp 1.95% Comfort Systems USA Inc 1.95% Federal Agricultural Mortgage Corp 1.89% Atkore Inc 1.81% Integer Holdings Corp 1.75% % in Top 10 Holdings 21.38% As of: 06/30/2023 Download All Holdings (PDF) As of: 08/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GPI Group 1 Automotive Inc Consumer Discretionary S US USD 29,839 264.42 $7,890,028 3.09% SIGI Selective Insurance Group Inc Financials S US USD 61,140 99.21 $6,065,699 2.38% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 63,477 91.75 $5,824,015 2.28% AGM Federal Agricultural Mortgage Corp Financials S US USD 32,110 168.32 $5,404,755 2.12% FIX Comfort Systems USA Inc Industrials S US USD 29,098 184.57 $5,370,618 2.10% CBZ CBIZ Inc Industrials S US USD 93,189 56.11 $5,228,835 2.05% IRT Independence Realty Trust Inc Real Estate S US USD 303,202 16.83 $5,102,890 2.00% ESTE Earthstone Energy Inc, Class A Energy S US USD 238,128 20.38 $4,853,049 1.90% TEX Terex Corp Industrials S US USD 79,890 60.61 $4,842,133 1.90% PIPR Piper Sandler Cos Financials S US USD 32,042 148.98 $4,773,617 1.87% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 245,096 19.12 $4,686,236 1.84% CENT Central Garden & Pet Co Consumer Staples S US USD 106,160 44.14 $4,685,902 1.84% OEC Orion SA Materials S US USD 195,491 22.62 $4,422,006 1.73% ATKR Atkore Inc Industrials S US USD 28,451 153.97 $4,380,600 1.72% WD Walker & Dunlop Inc Financials S US USD 50,950 85.34 $4,348,073 1.70% ITGR Integer Holdings Corp Health Care S US USD 48,309 85.31 $4,121,241 1.62% PRIM Primoris Services Corp Industrials S US USD 115,390 35.37 $4,081,344 1.60% UFPI UFP Industries Inc Industrials S US USD 38,927 104.35 $4,062,032 1.59% CHRD Chord Energy Corp Energy S US USD 24,150 161.50 $3,900,225 1.53% PJT PJT Partners Inc, Class A Financials S US USD 49,026 78.99 $3,872,564 1.52% MTDR Matador Resources Co, Class A Energy S US USD 60,436 63.50 $3,837,686 1.50% WOR Worthington Industries Inc Materials S US USD 50,903 75.27 $3,831,469 1.50% SF Stifel Financial Corp Financials S US USD 58,065 65.02 $3,775,386 1.48% POWI Power Integrations Inc Information Technology S US USD 43,480 84.02 $3,653,190 1.43% AUB Atlantic Union Bankshares Corp Financials S US USD 121,849 29.69 $3,617,697 1.42% CMCO Columbus McKinnon Corp Industrials S US USD 95,822 37.67 $3,609,615 1.41% FCPT Four Corners Property Trust Inc Real Estate S US USD 141,698 25.16 $3,565,122 1.40% GTY Getty Realty Corp Real Estate S US USD 116,992 30.02 $3,512,100 1.38% IBOC International Bancshares Corp Financials S US USD 78,418 44.78 $3,511,558 1.38% ABCB Ameris Bancorp Financials S US USD 84,614 40.75 $3,448,021 1.35% ASO Academy Sports & Outdoors Inc Consumer Discretionary S US USD 63,015 54.57 $3,438,729 1.35% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 107,971 31.84 $3,437,797 1.35% IDA IDACORP Inc Utilities S US USD 35,466 95.84 $3,399,061 1.33% NEO NeoGenomics Inc Health Care S US USD 224,628 15.03 $3,376,159 1.32% STAG STAG Industrial Inc Real Estate S US USD 89,790 36.53 $3,280,029 1.29% OFIX Orthofix Medical Inc Health Care S US USD 154,975 21.16 $3,279,271 1.29% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 142,985 22.80 $3,260,058 1.28% CHCO City Holding Co Financials S US USD 35,204 91.36 $3,216,237 1.26% FIBK First Interstate BancSystem Inc, Class A Financials S US USD 121,035 25.91 $3,136,017 1.23% HI Hillenbrand Inc Industrials S US USD 63,741 48.44 $3,087,614 1.21% NOG Northern Oil And Gas Inc Energy S US USD 73,450 41.83 $3,072,414 1.20% TWNK Hostess Brands Inc, Class A Consumer Staples S US USD 104,625 28.48 $2,979,720 1.17% ADC Agree Realty Corp Real Estate S US USD 46,830 61.82 $2,895,031 1.13% HELE Helen of Troy Ltd Consumer Discretionary S US USD 23,375 122.92 $2,873,255 1.13% CATY Cathay General Bancorp Financials S US USD 79,452 35.63 $2,830,875 1.11% IMAX IMAX Corp Communication Services S CA USD 145,240 19.13 $2,778,441 1.09% CBU Community Bank System Inc Financials S US USD 57,480 47.55 $2,733,174 1.07% FFBC First Financial Bancorp Financials S US USD 128,919 20.78 $2,678,937 1.05% HRI Herc Holdings Inc Industrials S US USD 20,250 130.14 $2,635,335 1.03% NWE NorthWestern Corp Utilities S US USD 50,228 50.40 $2,531,491 0.99% MODG Topgolf Callaway Brands Corp Consumer Discretionary S US USD 143,854 17.44 $2,508,814 0.98% MTX Minerals Technologies Inc Materials S US USD 40,911 61.10 $2,499,662 0.98% CRGY Crescent Energy Co, Class A Energy S US USD 175,900 13.63 $2,397,517 0.94% SWX Southwest Gas Holdings Inc Utilities S US USD 38,639 61.93 $2,392,913 0.94% AMSWA American Software Inc, Class A Information Technology S US USD 202,633 11.53 $2,336,358 0.92% SLAB Silicon Laboratories Inc Information Technology S US USD 17,222 134.86 $2,322,559 0.91% CRC California Resources Corp Energy S US USD 41,350 55.84 $2,308,984 0.90% PUMP ProPetro Holding Corp Energy S US USD 236,804 9.64 $2,282,791 0.89% OCFC OceanFirst Financial Corp Financials S US USD 133,798 16.87 $2,257,172 0.88% LGND Ligand Pharmaceuticals Inc Health Care S US USD 34,180 65.77 $2,248,019 0.88% PPBI Pacific Premier Bancorp Inc Financials S US USD 95,964 23.02 $2,209,091 0.87% VIAV Viavi Solutions Inc Information Technology S US USD 208,985 10.45 $2,183,893 0.86% SOI Solaris Oilfield Infrastructure Inc, Class A Energy S US USD 203,660 10.52 $2,142,503 0.84% SCHN Schnitzer Steel Industries Inc, Class A Materials S US USD 64,010 33.20 $2,125,132 0.83% XHR Xenia Hotels & Resorts Inc Real Estate S US USD 179,286 11.80 $2,115,575 0.83% EFSC Enterprise Financial Services Corp Financials S US USD 53,740 38.71 $2,080,275 0.82% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 55,709 36.79 $2,049,534 0.80% ICFI ICF International Inc Industrials S US USD 14,863 135.06 $2,007,397 0.79% SBCF Seacoast Banking Corp of Florida Financials S US USD 82,567 23.61 $1,949,407 0.76% GTN Gray Television Inc Communication Services S US USD 239,681 8.06 $1,931,829 0.76% ARQT Arcutis Biotherapeutics Inc Health Care S US USD 224,937 8.54 $1,920,962 0.75% BCRX BioCryst Pharmaceuticals Inc Health Care S US USD 258,240 7.11 $1,836,086 0.72% GBCI Glacier Bancorp Inc Financials S US USD 59,600 30.21 $1,800,516 0.71% WSBC WesBanco Inc Financials S US USD 65,108 25.36 $1,651,139 0.65% LXP LXP Industrial Trust Real Estate S US USD 163,804 9.82 $1,608,555 0.63% ZD Ziff Davis Inc Communication Services S US USD 23,275 66.65 $1,551,279 0.61% INN Summit Hotel Properties Inc Real Estate S US USD 213,390 5.81 $1,239,796 0.49% Cash & Equivalents Cash C US USD - - $4,021,898 1.58% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Tenet Healthcare Corporation 1 2.64% 34.21% Group 1 Automotive Inc 2 2.87% 14.15% Terex Corp 3 1.65% 23.92% Independence Realty Trust Inc 4 2.17% 14.36% UFP Industries Inc 5 1.35% 22.40% Primoris Services Corp 6 1.29% 23.73% ICF International Inc 7 2.04% 13.48% Comfort Systems USA Inc 8 1.81% 12.60% Integer Holdings Corp 9 1.65% 14.34% Boot Barn Holdings Inc 10 1.95% 10.50% As of: 06/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Atlantic Union Bankshares Corp 20 1.45% -25.35% Orion Engineered Carbons SA 19 1.98% -18.61% Academy Sports & Outdoors Inc 18 1.50% -17.06% First Interstate BancSystem Inc, Class A 17 1.27% -19.06% Supernus Pharmaceuticals Inc 16 1.59% -17.03% Arcutis Biotherapeutics Inc 15 1.01% -13.36% American Software Inc, Class A 14 1.02% -16.13% OceanFirst Financial Corp 13 0.86% -14.63% Silicon Laboratories Inc 12 1.08% -9.91% WesBanco Inc 11 0.71% -15.85% As of: 06/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 06/30/2023 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 24.36% 24.21% Industrials 15.50% 14.59% Consumer Discretionary 11.34% 10.35% Real Estate 9.98% 10.57% Energy 9.40% 9.09% Health Care 9.30% 10.07% Materials 4.87% 4.90% Information Technology 4.60% 6.31% Utilities 3.62% 4.41% Consumer Staples 2.75% 2.65% Communication Services 2.42% 2.86% Cash & Other 1.86% 0.00% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 98.14% Bonds 0.00% Cash and Other 1.86% As of: 06/30/2023 Industry Fund Russell 2000® Value Index Banks 13.93% 14.81% Oil, Gas & Consumable Fuels 7.93% 6.99% Specialty Retail 7.47% 3.22% Machinery 4.87% 2.71% Capital Markets 4.50% 0.69% Financial Services 3.53% 2.88% Construction & Engineering 3.39% 0.92% Health Care Equipment & Supplies 2.88% 1.82% Retail REITs 2.85% 2.20% Semiconductors & Semiconductor Equipment 2.78% 1.92% % in Top 10 Industries 54.13% 38.16% As of: 06/30/2023 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 Value has shifted to outperform growth; will the trend continue? 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 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 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 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