Fund Overview Fund Overview Share Class N N I Z NAV | as of 12/06/2022 $15.91 -$0.22 (-1.36%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 364 Mid-Cap Blend funds as of 11/30/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 11/30/2022 = $17,556.20 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective The Fund seeks to provide long-term capital appreciation by primarily investing in 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 2021 Year End Distributions View All Documents Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES See Our Approach Read Bio Jeffrey W. Thibault, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Small/Mid Cap 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 Fund is categorized as Mid-Blend. It invests in medium-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 11/30/2022 Overall Rating (of 364) 3 Years (of 364) 5 Years (of 342) 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 800.835.3879. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods less than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.07% 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, 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: 11/30/2022 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. 3.48 3.21 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 22.32 19.90 - 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. 0.46 0.44 - 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. 90.08 88.00 - 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. 88.41 90.22 - 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. 0.87 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. 94.83 95.22 - 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. 5.96 5.15 - View All Characteristics & Stats All Characteristics & Stats GW&K Small/Mid Cap Fund (GWGVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2500® Index Fund Assets (Mil.$) $542 Number of Holdings 87 2,470 Weighted Avg. Market Cap (Mil.$) $7,631 $5,598 Median Market Cap (Mil.$) $5,448 $1,351 Weighted Avg. P/E (1-yr Forward EPS) 15.44 11.60 Weighted Avg. P/E (Trailing EPS) 18.62 12.41 PEG Ratio 1.13 0.95 Weighted Avg. P/B 2.50 1.96 EPS Growth (Trailing 3-yr %) 15.70% 17.26% EPS Growth (Trailing 5-yr %) 19.18% 14.26% Forward EPS Growth (1-yr %) 6.24% 6.12% Forward EPS Growth (Long Term %) 11.97% 12.33% Revenue Growth (Trailing 5-yr %) 12.58% 8.94% Return on Equity 17.17% 11.05% Weighted Avg. Dividend Yield 1.17% 1.58% Debt to Equity 82.94 92.38 Trailing 12-Months Portfolio Turnover 18.54% As of: 09/30/2022 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. 3.48 3.21 - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 22.32 19.90 - 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. 0.46 0.44 - 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. 90.08 88.00 - 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. 88.41 90.22 - 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. 0.87 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. 94.83 95.22 - 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. 5.96 5.15 - 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. 0.50 0.52 - 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. 11.72 10.01 - 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: 11/30/2022 Market Cap Fund Russell 2500® Index Market Cap ($mm) 0 - 1,000 1.73% 8.11% Market Cap ($mm) 1,000 - 1,500 2.27% 5.85% Market Cap ($mm) 1,500 - 2,500 8.52% 12.09% Market Cap ($mm) 2,500 - 5,000 22.27% 27.49% Market Cap ($mm) 5,000 - 10,000 39.98% 31.78% Market Cap ($mm) 10,000 - 25,000 25.21% 14.38% Market Cap ($mm) 25,000 - 50,000 0.00% 0.29% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 09/30/2022 Valuation Characteristics Fund Russell 2500® Index P/E 0-10 11.86% 20.76% P/E 10-15 10.77% 14.22% P/E 15-20 9.20% 12.71% P/E 20-25 17.70% 7.73% P/E 25-Above 44.86% 25.01% P/E – NA 5.61% 19.58% As of: 09/30/2022 Growth Characteristics Fund Russell 2500® Index EPS Growth (Trailing 3-yr %) - Negative 16.95% 17.35% EPS Growth (Trailing 3-yr %) 0 - 5 9.42% 6.34% EPS Growth (Trailing 3-yr %) 5 - 10 12.49% 5.90% EPS Growth (Trailing 3-yr %) 10 - 15 7.31% 6.31% EPS Growth (Trailing 3-yr %) 15 - 20 7.00% 6.99% EPS Growth (Trailing 3-yr %) Above 20 40.82% 32.04% EPS Growth (Trailing 3-yr %) - NA 6.00% 25.08% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 BJ's Wholesale Club Holdings Inc 2.45% Manhattan Associates Inc 2.22% Paylocity Holding Corp 1.88% Pinnacle Financial Partners Inc 1.84% Diamondback Energy Inc 1.82% Kinsale Capital Group Inc 1.81% Voya Financial Inc 1.81% RBC Bearings Inc 1.77% Nordson Corp 1.71% Western Alliance Bancorp 1.68% % in Top 10 Holdings 19.00% View Holding Details Holding Details GW&K Small/Mid Cap Fund (GWGVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2022 BJ's Wholesale Club Holdings Inc 2.45% Manhattan Associates Inc 2.22% Paylocity Holding Corp 1.88% Pinnacle Financial Partners Inc 1.84% Diamondback Energy Inc 1.82% Kinsale Capital Group Inc 1.81% Voya Financial Inc 1.81% RBC Bearings Inc 1.77% Nordson Corp 1.71% Western Alliance Bancorp 1.68% % in Top 10 Holdings 19.00% As of: 09/30/2022 Download All Holdings (PDF) As of: 10/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund BJ BJ's Wholesale Club Holdings Inc Consumer Staples S US USD 182,511 77.40 $14,126,351 2.45% KNSL Kinsale Capital Group Inc Financials S US USD 37,767 315.17 $11,903,025 2.06% RBC RBC Bearings Inc Industrials S US USD 46,242 253.53 $11,723,734 2.03% VOYA Voya Financial Inc Financials S US USD 162,322 68.36 $11,096,332 1.92% MANH Manhattan Associates Inc Information Technology S US USD 90,280 121.67 $10,984,368 1.90% TTC Toro Co Industrials S US USD 96,716 105.43 $10,196,768 1.77% PNFP Pinnacle Financial Partners Inc Financials S US USD 122,701 82.99 $10,182,956 1.76% FIX Comfort Systems USA Inc Industrials S US USD 81,543 123.28 $10,052,621 1.74% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 91,533 108.85 $9,963,367 1.73% NDSN Nordson Corp Industrials S US USD 43,783 225.00 $9,851,175 1.71% IR Ingersoll Rand Inc Industrials S US USD 194,157 50.50 $9,804,929 1.70% PCTY Paylocity Holding Corp Information Technology S US USD 42,241 231.79 $9,791,041 1.70% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 98,511 98.95 $9,747,663 1.69% WAL Western Alliance Bancorp Financials S US USD 138,948 67.17 $9,333,137 1.62% GLOB Globant SA Information Technology S AR USD 47,219 188.68 $8,909,281 1.54% NBIX Neurocrine Biosciences Inc Health Care S US USD 76,084 115.12 $8,758,790 1.52% ESI Element Solutions Inc Materials S US USD 505,958 17.20 $8,702,478 1.51% FSS Federal Signal Corp Industrials S US USD 177,496 46.65 $8,280,188 1.43% CGNX Cognex Corp Information Technology S US USD 177,859 46.23 $8,222,422 1.42% PFGC Performance Food Group Co Consumer Staples S US USD 157,757 52.04 $8,209,674 1.42% SUI Sun Communities Inc Real Estate S US USD 59,434 134.85 $8,014,675 1.39% RPM RPM International Inc Materials S US USD 82,206 94.57 $7,774,221 1.35% LANC Lancaster Colony Corp Consumer Staples S US USD 42,991 180.28 $7,750,417 1.34% EXP Eagle Materials Inc Materials S US USD 63,273 122.31 $7,738,921 1.34% PII Polaris Inc Consumer Discretionary S US USD 75,871 101.60 $7,708,494 1.34% GMED Globus Medical Inc, Class A Health Care S US USD 113,971 67.00 $7,636,057 1.32% CVCO Cavco Industries Inc Consumer Discretionary S US USD 33,530 226.67 $7,600,245 1.32% FIVE Five Below Inc Consumer Discretionary S US USD 51,671 146.35 $7,562,051 1.31% HUBS HubSpot Inc Information Technology S US USD 25,435 296.56 $7,543,004 1.31% HZNP Horizon Therapeutics Plc Health Care S US USD 120,866 62.32 $7,532,369 1.31% PIPR Piper Sandler Cos Financials S US USD 58,161 127.97 $7,442,863 1.29% LECO Lincoln Electric Holdings Inc Industrials S US USD 52,077 142.00 $7,394,934 1.28% ENTG Entegris Inc Information Technology S US USD 93,174 79.34 $7,392,425 1.28% ACHC Acadia Healthcare Co Inc Health Care S US USD 90,822 81.30 $7,383,829 1.28% IDA IDACORP Inc Utilities S US USD 70,238 104.70 $7,353,919 1.27% SBNY Signature Bank Financials S US USD 46,380 158.53 $7,352,621 1.27% GTES Gates Industrial Corp PLC Industrials S US USD 654,883 11.15 $7,301,945 1.27% MOH Molina Healthcare Inc Health Care S US USD 20,152 358.86 $7,231,747 1.25% JAZZ Jazz Pharmaceuticals PLC Health Care S IE USD 50,242 143.79 $7,224,297 1.25% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 25,278 283.22 $7,159,235 1.24% RBA Ritchie Bros Auctioneers Inc Industrials S CA USD 107,464 65.33 $7,020,623 1.22% ADC Agree Realty Corp Real Estate S US USD 99,546 68.70 $6,838,810 1.19% SM SM Energy Co Energy S US USD 150,596 44.98 $6,773,808 1.17% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 254,121 25.68 $6,525,827 1.13% LAD Lithia Motors Inc, Class A Consumer Discretionary S US USD 32,908 198.15 $6,520,720 1.13% AUB Atlantic Union Bankshares Corp Financials S US USD 182,111 34.54 $6,290,114 1.09% HXL Hexcel Corp Industrials S US USD 110,045 55.70 $6,129,507 1.06% EXPO Exponent Inc Industrials S US USD 64,231 95.26 $6,118,645 1.06% ROCK Gibraltar Industries Inc Industrials S US USD 118,685 51.08 $6,062,430 1.05% DORM Dorman Products Inc Consumer Discretionary S US USD 72,889 81.62 $5,949,200 1.03% HALO Halozyme Therapeutics Inc Health Care S US USD 124,275 47.81 $5,941,588 1.03% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 16,836 351.71 $5,921,390 1.03% CYBR CyberArk Software Ltd Information Technology S IL USD 37,327 156.91 $5,856,980 1.02% SLAB Silicon Laboratories Inc Information Technology S US USD 49,827 114.92 $5,726,119 0.99% KWR Quaker Chemical Corp Materials S US USD 35,174 162.64 $5,720,699 0.99% GBCI Glacier Bancorp Inc Financials S US USD 97,610 57.28 $5,591,101 0.97% OVV Ovintiv Inc Energy S US USD 110,200 50.65 $5,581,630 0.97% SYNH Syneos Health Inc, Class A Health Care S US USD 107,584 50.38 $5,420,082 0.94% DEA Easterly Government Properties Inc, Class A Real Estate S US USD 310,242 17.39 $5,395,108 0.93% BURL Burlington Stores Inc Consumer Discretionary S US USD 37,329 142.96 $5,336,554 0.92% POR Portland General Electric Co Utilities S US USD 117,599 44.94 $5,284,899 0.92% CRI Carter's Inc Consumer Discretionary S US USD 74,647 67.87 $5,066,292 0.88% HOLX Hologic Inc Health Care S US USD 74,408 67.80 $5,044,862 0.87% MTN Vail Resorts Inc Consumer Discretionary S US USD 22,978 219.13 $5,035,169 0.87% DOC Physicians Realty Trust Real Estate S US USD 331,882 15.06 $4,998,143 0.87% ITCI Intra-Cellular Therapies Inc Health Care S US USD 108,515 45.67 $4,955,880 0.86% THRM Gentherm Inc Consumer Discretionary S US USD 82,664 58.42 $4,829,231 0.84% ITGR Integer Holdings Corp Health Care S US USD 76,534 62.33 $4,770,364 0.83% MKTX MarketAxess Holdings Inc Financials S US USD 18,200 244.04 $4,441,528 0.77% EGP EastGroup Properties Inc Real Estate S US USD 27,232 156.69 $4,266,982 0.74% RPD Rapid7 Inc Information Technology S US USD 90,206 45.27 $4,083,626 0.71% CMCO Columbus McKinnon Corp Industrials S US USD 141,903 28.52 $4,047,074 0.70% CTLT Catalent Inc Health Care S US USD 61,412 65.73 $4,036,611 0.70% INN Summit Hotel Properties Inc Real Estate S US USD 465,318 8.64 $4,020,348 0.70% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 39,545 100.63 $3,979,413 0.69% POWI Power Integrations Inc Information Technology S US USD 59,182 66.71 $3,948,031 0.68% ATR AptarGroup Inc Materials S US USD 37,188 99.15 $3,687,190 0.64% SNDR Schneider National Inc, Class B Industrials S US USD 161,699 22.24 $3,596,186 0.62% NSA National Storage Affiliates Trust Real Estate S US USD 83,669 42.66 $3,569,320 0.62% CHX ChampionX Corp Energy S US USD 123,716 28.62 $3,540,752 0.61% VCEL Vericel Corp Health Care S US USD 122,462 26.88 $3,291,779 0.57% PUMP ProPetro Holding Corp Energy S US USD 275,183 11.84 $3,258,167 0.56% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 45,709 65.32 $2,985,712 0.52% DNUT Krispy Kreme Inc Consumer Discretionary S US USD 179,515 14.35 $2,576,040 0.45% AZTA Azenta Inc Health Care S US USD 56,316 44.40 $2,500,430 0.43% APAM Artisan Partners Asset Management Inc, Class A Financials S US USD 65,869 28.51 $1,877,925 0.33% Cash & Equivalents Cash C US USD - - $2,690,608 0.47% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Paylocity Holding Corp 1 1.62% 38.50% BJ's Wholesale Club Holdings Inc 2 2.47% 16.83% Manhattan Associates Inc 3 2.05% 16.08% Texas Roadhouse Inc, Class A 4 1.44% 19.65% RBC Bearings Inc 5 2.05% 12.36% Five Below Inc 6 1.14% 21.37% Acadia Healthcare Co Inc 7 1.33% 15.60% Molina Healthcare Inc 8 1.30% 17.96% Comfort Systems USA Inc 9 1.34% 17.16% Toro Co 10 1.39% 14.10% As of: 09/30/2022 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 Catalent Inc 20 1.56% -32.56% Syneos Health Inc, Class A 19 1.18% -34.22% Rapid7 Inc 18 1.03% -35.78% Lithia Motors Inc, Class A 17 1.46% -21.84% Dorman Products Inc 16 1.22% -25.15% Horizon Therapeutics Plc 15 1.43% -22.40% Azenta Inc 14 0.57% -40.55% Sun Communities Inc 13 1.59% -14.69% Signature Bank 12 1.42% -15.56% Gentherm Inc 11 0.85% -20.32% As of: 09/30/2022 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: 09/30/2022 View Allocation Details Allocation Details GW&K Small/Mid Cap Fund (GWGVX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500® Index Industrials 18.06% 17.41% Health Care 15.64% 13.75% Information Technology 14.58% 14.35% Consumer Discretionary 12.60% 10.98% Financials 11.79% 16.28% Real Estate 6.96% 7.99% Materials 5.91% 5.32% Consumer Staples 4.89% 3.26% Cash & Other 3.73% 0.00% Energy 3.60% 4.99% Utilities 2.23% 3.06% Communication Services 0.00% 2.61% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 96.27% Bonds 0.00% Cash and Other 3.73% As of: 09/30/2022 Industry Fund Russell 2500® Index Machinery 10.34% 3.67% Equity Real Estate Investment Trusts (REITs) 6.96% 7.35% Banks 6.72% 7.24% Software 5.75% 6.21% Biotechnology 4.09% 4.83% Chemicals 3.72% 1.89% Food & Staples Retailing 3.70% 0.98% Specialty Retail 3.38% 2.28% Health Care Equipment & Supplies 3.34% 2.90% Semiconductors & Semiconductor Equipment 3.26% 2.24% % in Top 10 Industries 51.26% 39.59% As of: 09/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach GW&K Small/Mid Cap 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 The global investment environment has fundamentally changed. 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 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 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