Fund Notice Effective March 24, 2023, the Fund’s name changed from “AMG GW&K Small/Mid Cap Fund” to “AMG GW&K Small/Mid Cap Core Fund”. Please refer to the prospectus supplement for details. Fund Overview Fund Overview Share Class N N I Z NAV | as of 12/05/2023 $15.97 -$0.18 (-1.11%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 385 Mid-Cap Blend funds as of 10/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 11/30/2023 = $17,360.30 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 small to mid cap stocks exhibiting growth and value characteristics. Why Consider Provides investors with exposure to a portfolio of small and mid cap companies which may offer a greater universe of opportunities 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 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 Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates 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/Mid 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/Mid Cap Core Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 385) 3 Years (of 385) 5 Years (of 359) 10 Years — Category Mid-Cap 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: 1.07% Net Expense Ratio: 1.07% 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 $0.601000 $0.004800 $0.047300 $0.548900 Dec 15, 2021 $1.044500 — $0.102300 $0.942200 Dec 16, 2019 $0.021200 $0.005200 — $0.016000 Dec 27, 2018 $0.237900 — $0.195200 $0.042700 Dec 27, 2017 $0.149400 — $0.101100 $0.048300 From: To: Risk & Return Stats As of: 11/30/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.27 2.71 - 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. 18.53 20.95 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.12 0.35 - 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. 89.13 86.15 - 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. 91.76 92.01 - 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. 0.91 0.88 - 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. 94.06 95.32 - 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. 4.83 5.32 - View All Characteristics & Stats All Characteristics & Stats GW&K Small/Mid Cap Core Fund (GWGVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500™ Index Fund Assets (Mil.$) $646 Number of Holdings 86 2,484 Weighted Avg. Market Cap (Mil.$) $7,272 $6,217 Median Market Cap (Mil.$) $6,000 $1,262 Weighted Avg. P/E (1-yr Forward EPS) 18.10 13.98 Weighted Avg. P/E (Trailing EPS) 19.89 14.20 PEG Ratio 1.23 1.17 Weighted Avg. P/B 2.70 2.00 EPS Growth (Trailing 3-yr %) 16.95% 18.55% EPS Growth (Trailing 5-yr %) 15.74% 15.14% Forward EPS Growth (1-yr %) 3.53% -3.90% Forward EPS Growth (Long Term %) 13.01% 10.23% Revenue Growth (Trailing 5-yr %) 12.43% 9.96% Return on Equity 18.41% 12.72% Weighted Avg. Dividend Yield 1.06% 1.65% Debt to Equity 74.90 92.99 Trailing 12-Months Portfolio Turnover 22.47% As of: 09/30/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 1.27 2.71 - 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. 18.53 20.95 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.12 0.35 - 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. 89.13 86.15 - 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. 91.76 92.01 - 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. 0.91 0.88 - 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. 94.06 95.32 - 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. 4.83 5.32 - 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. 0.22 0.42 - 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. 2.46 8.30 - 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. -24.63 -24.63 - As of: 11/30/2023 Market Cap Fund Russell 2500™ Index Market Cap ($mm) 0 - 1,000 0.47% 7.18% Market Cap ($mm) 1,000 - 1,500 1.97% 5.07% Market Cap ($mm) 1,500 - 2,500 6.45% 9.93% Market Cap ($mm) 2,500 - 5,000 22.30% 25.52% Market Cap ($mm) 5,000 - 10,000 47.27% 34.34% Market Cap ($mm) 10,000 - 25,000 21.54% 17.81% Market Cap ($mm) 25,000 - 50,000 0.00% 0.15% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 09/30/2023 Valuation Characteristics Fund Russell 2500™ Index P/E 0-10 10.47% 18.25% P/E 10-15 10.49% 12.31% P/E 15-20 8.30% 10.98% P/E 20-25 13.63% 10.80% P/E 25-Above 48.64% 30.39% P/E – NA 8.47% 17.27% As of: 09/30/2023 Growth Characteristics Fund Russell 2500™ Index EPS Growth (Trailing 3-yr %) - Negative 20.14% 17.00% EPS Growth (Trailing 3-yr %) 0 - 5 6.70% 5.17% EPS Growth (Trailing 3-yr %) 5 - 10 9.70% 5.11% EPS Growth (Trailing 3-yr %) 10 - 15 6.56% 6.26% EPS Growth (Trailing 3-yr %) 15 - 20 4.55% 5.06% EPS Growth (Trailing 3-yr %) Above 20 42.86% 38.25% EPS Growth (Trailing 3-yr %) - NA 9.48% 23.15% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Manhattan Associates Inc 2.30% Kinsale Capital Group Inc 2.24% BJ's Wholesale Club Holdings Inc 2.20% Voya Financial Inc 1.84% RBC Bearings Inc 1.84% Eagle Materials Inc 1.80% Booz Allen Hamilton Holding Corp, Class A 1.70% Nordson Corp 1.67% Lithia Motors Inc, Class A 1.66% Comfort Systems USA Inc 1.66% % in Top 10 Holdings 18.90% View Holding Details Holding Details GW&K Small/Mid Cap Core Fund (GWGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Manhattan Associates Inc 2.30% Kinsale Capital Group Inc 2.24% BJ's Wholesale Club Holdings Inc 2.20% Voya Financial Inc 1.84% RBC Bearings Inc 1.84% Eagle Materials Inc 1.80% Booz Allen Hamilton Holding Corp, Class A 1.70% Nordson Corp 1.67% Lithia Motors Inc, Class A 1.66% Comfort Systems USA Inc 1.66% % in Top 10 Holdings 18.90% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MANH Manhattan Associates Inc Information Technology S US USD 75,335 194.98 $14,688,818 2.42% BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 197,076 68.12 $13,424,817 2.22% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 99,878 119.93 $11,978,369 1.98% VOYA Voya Financial Inc Financials S US USD 176,987 66.77 $11,817,422 1.95% KNSL Kinsale Capital Group Inc Financials S US USD 34,652 333.91 $11,570,649 1.91% FIX Comfort Systems USA Inc Industrials S US USD 62,261 181.85 $11,322,163 1.87% RBC RBC Bearings Inc Industrials S US USD 50,192 219.84 $11,034,209 1.82% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 107,501 101.54 $10,915,652 1.80% EXP Eagle Materials Inc Materials S US USD 69,093 153.91 $10,634,104 1.75% CYBR CyberArk Software Ltd Information Technology S IL USD 63,308 163.64 $10,359,721 1.71% NDSN Nordson Corp Industrials S US USD 47,833 212.59 $10,168,817 1.68% LECO Lincoln Electric Holdings Inc Industrials S US USD 57,542 174.80 $10,058,342 1.66% PFGC Performance Food Group Co Consumer Staples S US USD 172,002 57.76 $9,934,836 1.64% PCTY Paylocity Holding Corp Industrials S US USD 54,236 179.40 $9,729,938 1.61% NBIX Neurocrine Biosciences Inc Health Care S US USD 83,134 110.94 $9,222,886 1.52% CVCO Cavco Industries Inc Consumer Discretionary S US USD 36,620 249.51 $9,137,056 1.51% ENTG Entegris Inc Information Technology S US USD 101,639 88.04 $8,948,298 1.48% GLOB Globant SA Information Technology S AR USD 52,264 170.29 $8,900,037 1.47% PIPR Piper Sandler Cos Financials S US USD 63,526 139.85 $8,884,111 1.47% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 35,998 242.21 $8,719,076 1.44% IEX IDEX Corp Industrials S US USD 44,700 191.41 $8,556,027 1.41% PNFP Pinnacle Financial Partners Inc Financials S US USD 133,771 62.36 $8,341,960 1.38% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 65,077 127.02 $8,266,081 1.36% RPM RPM International Inc Materials S US USD 89,691 91.27 $8,186,098 1.35% ESI Element Solutions Inc Materials S US USD 448,693 18.23 $8,179,673 1.35% FIVE Five Below Inc Consumer Discretionary S US USD 46,836 173.98 $8,148,527 1.34% ITGR Integer Holdings Corp Health Care S US USD 99,887 81.17 $8,107,828 1.34% LANC Lancaster Colony Corp Consumer Staples S US USD 47,031 169.17 $7,956,234 1.31% ATKR Atkore Inc Industrials S US USD 64,004 124.28 $7,954,417 1.31% FSS Federal Signal Corp Industrials S US USD 134,968 58.04 $7,833,543 1.29% MOH Molina Healthcare Inc Health Care S US USD 22,402 332.95 $7,458,746 1.23% HXL Hexcel Corp Industrials S US USD 120,060 61.92 $7,434,115 1.23% ITT ITT Inc Industrials S US USD 78,667 93.35 $7,343,564 1.21% ACHC Acadia Healthcare Co Inc Health Care S US USD 99,247 73.51 $7,295,647 1.20% IDA IDACORP Inc Utilities S US USD 76,778 94.71 $7,271,644 1.20% GMED Globus Medical Inc, Class A Health Care S US USD 158,906 45.71 $7,263,593 1.20% SUI Sun Communities Inc Real Estate S US USD 64,924 111.24 $7,222,146 1.19% MTDR Matador Resources Co, Class A Energy S US USD 116,856 61.69 $7,208,847 1.19% ITCI Intra-Cellular Therapies Inc Health Care S US USD 143,065 49.76 $7,118,914 1.17% EGP EastGroup Properties Inc Real Estate S US USD 43,103 163.25 $7,036,565 1.16% CGNX Cognex Corp Information Technology S US USD 193,734 35.99 $6,972,487 1.15% HOLX Hologic Inc Health Care S US USD 104,178 66.17 $6,893,458 1.14% TTC Toro Co Industrials S US USD 84,302 80.84 $6,814,974 1.12% WTFC Wintrust Financial Corp Financials S US USD 89,845 74.69 $6,710,523 1.11% ROCK Gibraltar Industries Inc Industrials S US USD 106,538 60.86 $6,483,903 1.07% AZTA Azenta Inc Health Care S US USD 139,401 45.45 $6,335,775 1.05% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 85,162 74.06 $6,307,098 1.04% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 22,841 275.28 $6,287,670 1.04% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 279,526 22.45 $6,275,359 1.04% ADC Agree Realty Corp Real Estate S US USD 107,666 55.94 $6,022,836 0.99% PII Polaris Inc Consumer Discretionary S US USD 69,226 86.42 $5,982,511 0.99% EXPO Exponent Inc Industrials S US USD 81,166 73.29 $5,948,656 0.98% HALO Halozyme Therapeutics Inc Health Care S US USD 173,195 33.87 $5,866,115 0.97% OVV Ovintiv Inc Energy S US USD 121,705 48.00 $5,841,840 0.96% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 27,698 209.43 $5,800,792 0.96% AUB Atlantic Union Bankshares Corp Financials S US USD 199,931 28.81 $5,760,012 0.95% SF Stifel Financial Corp Financials S US USD 101,000 57.00 $5,757,000 0.95% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 80,990 70.54 $5,713,035 0.94% SNDR Schneider National Inc, Class B Industrials S US USD 223,177 25.33 $5,653,073 0.93% KWR Quaker Chemical Corp Materials S US USD 38,909 143.72 $5,592,001 0.92% MTN Vail Resorts Inc Consumer Discretionary S US USD 25,133 212.25 $5,334,479 0.88% POR Portland General Electric Co Utilities S US USD 130,524 40.02 $5,223,570 0.86% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 44,005 118.33 $5,207,112 0.86% SLAB Silicon Laboratories Inc Information Technology S US USD 55,332 92.18 $5,100,504 0.84% BURL Burlington Stores Inc Consumer Discretionary S US USD 41,439 121.03 $5,015,362 0.83% ATR AptarGroup Inc Materials S US USD 40,748 122.27 $4,982,258 0.82% DORM Dorman Products Inc Consumer Discretionary S US USD 80,044 62.18 $4,977,136 0.82% CCCS CCC Intelligent Solutions Holdings Inc Information Technology S US USD 451,368 10.77 $4,861,233 0.80% CMCO Columbus McKinnon Corp Industrials S US USD 157,593 30.57 $4,817,618 0.79% VCEL Vericel Corp Health Care S US USD 135,972 35.18 $4,783,495 0.79% RPD Rapid7 Inc Information Technology S US USD 100,216 46.49 $4,659,042 0.77% GTES Gates Industrial Corp PLC Industrials S US USD 417,651 10.92 $4,560,749 0.75% CHX ChampionX Corp Energy S US USD 138,341 30.80 $4,260,903 0.70% MKTX MarketAxess Holdings Inc Financials S US USD 19,840 213.75 $4,240,800 0.70% GBCI Glacier Bancorp Inc Financials S US USD 135,690 30.19 $4,096,481 0.68% DOC Physicians Realty Trust Real Estate S US USD 369,302 10.86 $4,010,620 0.66% SM SM Energy Co Energy S US USD 98,836 40.32 $3,985,068 0.66% DEA Easterly Government Properties Inc, Class A Real Estate S US USD 345,212 10.76 $3,714,481 0.61% THRM Gentherm Inc Consumer Discretionary S US USD 91,824 40.22 $3,693,161 0.61% GTLS Chart Industries Inc Industrials S US USD 31,700 116.23 $3,684,491 0.61% NSA National Storage Affiliates Trust Real Estate S US USD 127,104 28.52 $3,625,006 0.60% CRI Carter's Inc Consumer Discretionary S US USD 48,622 67.16 $3,265,454 0.54% CTLT Catalent Inc Health Care S US USD 91,607 34.39 $3,150,365 0.52% PUMP ProPetro Holding Corp Energy S US USD 295,193 10.48 $3,093,623 0.51% DNUT Krispy Kreme Inc Consumer Discretionary S US USD 204,040 12.93 $2,638,237 0.44% Cash & Equivalents Cash C US USD - - $10,370,631 1.71% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return BJ's Wholesale Club Holdings Inc 1 1.96% 13.27% Neurocrine Biosciences Inc 2 1.30% 19.30% Kinsale Capital Group Inc 3 1.99% 10.70% Pinnacle Financial Partners Inc 4 1.33% 18.59% MACOM Technology Solutions Holdings Inc 5 0.90% 24.49% Ovintiv Inc 6 0.81% 25.50% Piper Sandler Cos 7 1.36% 12.76% Globant SA 8 1.45% 10.09% Matador Resources Co, Class A 9 1.01% 13.89% RBC Bearings Inc 10 1.69% 7.66% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Cognex Corp 20 1.42% -24.16% Silicon Laboratories Inc 19 1.13% -26.53% Lancaster Colony Corp 18 1.26% -17.63% Texas Roadhouse Inc, Class A 17 1.70% -14.09% Entegris Inc 16 1.52% -15.20% Intra-Cellular Therapies Inc 15 1.24% -17.74% Five Below Inc 14 1.26% -18.13% Toro Co 13 1.21% -18.25% Zebra Technologies Corp, Class A 12 1.12% -20.05% Eagle Materials Inc 11 1.87% -10.59% As of: 09/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 09/30/2023 View Allocation Details Allocation Details GW&K Small/Mid Cap Core Fund (GWGVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Index Industrials 23.40% 19.65% Health Care 14.26% 11.99% Consumer Discretionary 13.35% 12.52% Information Technology 13.01% 12.82% Financials 11.10% 15.96% Materials 6.25% 5.53% Real Estate 5.65% 7.05% Consumer Staples 4.99% 3.40% Energy 4.85% 5.86% Utilities 1.94% 2.65% Cash & Other 1.20% 0.00% Communication Services 0.00% 2.58% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 98.80% Bonds 0.00% Cash and Other 1.20% As of: 09/30/2023 Industry Fund Russell 2500™ Index Machinery 12.58% 4.13% Software 5.56% 5.79% Professional Services 4.35% 2.74% Banks 3.96% 5.67% Consumer Staples Distribution & Retail 3.78% 1.19% Specialty Retail 3.69% 2.81% Chemicals 3.67% 1.74% Oil, Gas & Consumable Fuels 3.60% 4.25% Semiconductors & Semiconductor Equipment 3.52% 2.44% Health Care Equipment & Supplies 3.32% 2.38% % in Top 10 Industries 48.03% 33.14% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Small/Mid Cap Core Fund The Fund primarily invests in small and mid cap, companies. The investment strategy identifies new investments based on five attributes: Company Management: The Fund seeks companies with experienced, tenured, high-quality management Growth Profile: The Fund favors companies with business models that have typically delivered consistent long-term growth Market Positioning: The Fund targets leading companies in attractive and defensible niche markets Financial Strength: The Fund invests in companies with strong financial characteristics Valuation: The Fund will seek to be fully invested and diversified by style, sector and growth profile The Fund will ordinarily invest in approximately 55-85 stocks. GW&K intends for the Fund’s portfolio to be diversified as to companies and industries. 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. Equity Style Analysis: Growth vs. Value Value has shifted to outperform growth; will the trend continue? Read Full Perspective The Fed’s Search for Balance The Federal Reserve raised its benchmark federal funds rate for the first time since 2018. The highly anticipated move is now driving a wider conversation on how high interest rates can go from here and, by extension, if the U.S. economy is inching closer to a recessionary period. Read Blog About About GW&K Investment Management Background GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More More 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 SKSEX GW&K Small Cap Value Fund Seeks capital appreciation. 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