Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 03/27/2024 $30.70 +$0.80 (+2.68%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 585 Small Blend funds as of 02/29/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 02/24/2017 to 02/29/2024 = $15,459.92 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE 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. 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 2023 Distributions View All Documents 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 02/29/2024 Overall Rating (of 585) 3 Years (of 585) 5 Years (of 553) 10 Years — Category Small Blend Read Important Investment Disclosures Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Dan is a partner of the firm and brings over four decades of investment management experience to GW&K. As director of our equity department, he is responsible for overseeing all aspects of our equity investment teams including portfolio management, research, and trading. He is a member of the firm’s Management, Investment, and ESG Committees. Dan has worked with various companies in the Boston area as an investment and financial consultant. Prior to joining GW&K, he spent 21 years at Putnam Investments in Boston, where he was chief investment officer for the specialty growth group and oversaw a team of twenty and up to $100 billion in assets under management. He was also a portfolio management team member of several small and mid cap growth funds, the lead manager for the Putnam New Opportunities Fund, and a member of Putnam’s management committee and partners group. He began his career as an analyst at Morgan Stanley. Dan graduated from the University of California, Berkeley, with highest honors, and received his MBA from Stanford University Graduate School of Business. He is a CFA® charterholder and is a member of the CFA Institute and the CFA Society Boston. Dan serves on the board of trustees for The Rashi School in Dedham, Massachusetts. Jeffrey 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: 0.98% Net Expense Ratio: 0.95% 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 14, 2023 $0.508100 $0.253200 — $0.254900 Dec 15, 2022 $0.491200 $0.208700 $0.127800 $0.154700 Dec 15, 2021 $0.775100 $0.173200 $0.526100 $0.075800 Aug 05, 2021 $3.720200 $0.091200 $2.370800 $1.258200 Dec 09, 2020 $11.590800 $0.145200 $0.579700 $10.865900 Dec 16, 2019 $2.782600 $0.244000 — $2.538600 Dec 27, 2018 $4.635700 — $0.384900 $4.250800 Dec 27, 2017 $2.968000 — $0.756200 $2.211800 From: To: Risk & Return Statistics As of: 02/29/2024 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. 2.94 1.77 - 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. 20.32 25.72 - 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. 0.14 0.24 - 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. 95.28 106.67 - 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. 91.87 99.41 - 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. 0.93 1.01 - 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. 94.99 94.47 - 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. 4.77 6.06 - View All Characteristics & Statistics All Characteristics & Statistics GW&K Small Cap Value Fund (SKSIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund Russell 2000® Value Index Fund Assets (Mil.$) $258 Number of Holdings 77 1,430 Weighted Avg. Market Cap (Mil.$) $3,491 $2,762 Median Market Cap (Mil.$) $2,876 $845 Weighted Avg. P/E (1-yr Forward EPS) 14.72 12.44 Weighted Avg. P/E (Trailing EPS) 15.69 12.24 PEG Ratio 1.61 1.39 Weighted Avg. P/B 1.81 1.34 EPS Growth (Trailing 3-yr %) 14.90% 14.70% EPS Growth (Trailing 5-yr %) 13.73% 11.81% Forward EPS Growth (1-yr %) -10.51% -13.12% Forward EPS Growth (Long Term %) 7.28% 6.49% Revenue Growth (Trailing 5-yr %) 11.99% 8.15% Return on Equity 15.04% 8.63% Weighted Avg. Dividend Yield 1.77% 2.16% Debt to Equity 68.87 77.45 Trailing 12-Months Portfolio Turnover 14.44% As of: 12/31/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. 2.94 1.77 - 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. 20.32 25.72 - 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. 0.14 0.24 - 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. 95.28 106.67 - 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. 91.87 99.41 - 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. 0.93 1.01 - 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. 94.99 94.47 - 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. 4.77 6.06 - 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. 0.60 0.27 - 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. 3.02 6.19 - 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. -21.67 -39.05 - As of: 02/29/2024 Market Cap Fund Russell 2000® Value Index Market Cap ($mm) 0 - 1,000 2.94% 19.21% Market Cap ($mm) 1,000 - 1,500 10.66% 10.75% Market Cap ($mm) 1,500 - 2,500 24.43% 22.23% Market Cap ($mm) 2,500 - 5,000 45.51% 36.44% Market Cap ($mm) 5,000 - 10,000 16.47% 11.37% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2023 Valuation Characteristics Fund Russell 2000® Value Index P/E 0-10 19.60% 25.36% P/E 10-15 19.17% 18.97% P/E 15-20 12.69% 8.69% P/E 20-25 8.86% 6.28% P/E 25-Above 34.52% 20.63% P/E – NA 5.17% 20.07% As of: 12/31/2023 Growth Characteristics Fund Russell 2000® Value Index EPS Growth (Trailing 3-yr %) - Negative 20.74% 18.40% EPS Growth (Trailing 3-yr %) 0 - 5 11.33% 4.47% EPS Growth (Trailing 3-yr %) 5 - 10 9.62% 5.62% EPS Growth (Trailing 3-yr %) 10 - 15 4.66% 5.21% EPS Growth (Trailing 3-yr %) 15 - 20 1.91% 4.99% EPS Growth (Trailing 3-yr %) Above 20 36.83% 29.07% EPS Growth (Trailing 3-yr %) - NA 14.91% 32.24% As of: 12/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2023 Group 1 Automotive Inc 2.36% Federal Agricultural Mortgage Corp 2.28% Selective Insurance Group Inc 2.26% Comfort Systems USA Inc 2.22% CBIZ Inc 2.16% Walker & Dunlop Inc 2.10% Piper Sandler Cos 2.07% Orion SA 2.01% Central Garden & Pet Co 1.97% PJT Partners Inc, Class A 1.85% % in Top 10 Holdings 21.27% View Holding Details Holding Details GW&K Small Cap Value Fund (SKSIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2023 Group 1 Automotive Inc 2.36% Federal Agricultural Mortgage Corp 2.28% Selective Insurance Group Inc 2.26% Comfort Systems USA Inc 2.22% CBIZ Inc 2.16% Walker & Dunlop Inc 2.10% Piper Sandler Cos 2.07% Orion SA 2.01% Central Garden & Pet Co 1.97% PJT Partners Inc, Class A 1.85% % in Top 10 Holdings 21.27% As of: 12/31/2023 Download All Holdings (PDF) As of: 02/29/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund FIX Comfort Systems USA Inc Industrials S US USD 20,197 305.73 $6,174,829 2.47% SIGI Selective Insurance Group Inc Financials S US USD 56,888 104.48 $5,943,658 2.38% FWRG First Watch Restaurant Group Inc Consumer Discretionary S US USD 227,751 25.05 $5,705,163 2.29% PIPR Piper Sandler Cos Financials S US USD 29,782 188.27 $5,607,057 2.25% BOOT Boot Barn Holdings Inc Consumer Discretionary S US USD 58,991 92.50 $5,456,668 2.19% AGM Federal Agricultural Mortgage Corp Financials S US USD 29,897 178.87 $5,347,676 2.14% GPI Group 1 Automotive Inc Consumer Discretionary S US USD 19,372 270.65 $5,243,032 2.10% CBZ CBIZ Inc Industrials S US USD 66,178 75.53 $4,998,424 2.00% ITGR Integer Holdings Corp Health Care S US USD 44,972 110.29 $4,959,962 1.99% PR Permian Resources Corp, Class A Energy S US USD 316,918 15.56 $4,931,244 1.98% PJT PJT Partners Inc, Class A Financials S US USD 45,638 105.40 $4,810,245 1.93% WD Walker & Dunlop Inc Financials S US USD 47,407 95.38 $4,521,680 1.81% ATKR Atkore Inc Industrials S US USD 26,459 169.40 $4,482,155 1.80% CENT Central Garden & Pet Co Consumer Staples S US USD 98,765 43.87 $4,332,821 1.74% ASO Academy Sports & Outdoors Inc Consumer Discretionary S US USD 57,980 74.72 $4,332,266 1.74% PRIM Primoris Services Corp Industrials S US USD 107,575 39.51 $4,250,288 1.70% UFPI UFP Industries Inc Industrials S US USD 36,173 114.63 $4,146,511 1.66% IRT Independence Realty Trust Inc Real Estate S US USD 282,572 14.64 $4,136,854 1.66% OEC Orion SA Materials S US USD 182,201 22.54 $4,106,811 1.65% SF Stifel Financial Corp Financials S US USD 53,951 75.86 $4,092,723 1.64% HRI Herc Holdings Inc Industrials S US USD 24,245 158.68 $3,847,197 1.54% IBOC International Bancshares Corp Financials S US USD 73,073 51.89 $3,791,758 1.52% HI Hillenbrand Inc Industrials S US USD 79,471 47.55 $3,778,846 1.51% AUB Atlantic Union Bankshares Corp Financials S US USD 113,574 33.26 $3,777,471 1.51% CMCO Columbus McKinnon Corp Industrials S US USD 89,027 41.77 $3,718,658 1.49% CHRD Chord Energy Corp Energy S US USD 22,425 162.45 $3,642,941 1.46% ABCB Ameris Bancorp Financials S US USD 78,119 46.33 $3,619,253 1.45% MTDR Matador Resources Co, Class A Energy S US USD 56,186 63.15 $3,548,146 1.42% SLAB Silicon Laboratories Inc Information Technology S US USD 25,054 137.54 $3,445,927 1.38% CHCO City Holding Co Financials S US USD 32,441 100.48 $3,259,672 1.31% NEO NeoGenomics Inc Health Care S US USD 206,408 15.60 $3,219,965 1.29% FCPT Four Corners Property Trust Inc Real Estate S US USD 131,543 24.18 $3,180,710 1.27% STAG STAG Industrial Inc Real Estate S US USD 82,575 37.14 $3,066,836 1.23% FNA Paragon 28 Inc Health Care S US USD 241,967 12.48 $3,019,748 1.21% MGY Magnolia Oil & Gas Corp, Class A Energy S US USD 131,405 22.68 $2,980,265 1.19% SUPN Supernus Pharmaceuticals Inc Health Care S US USD 100,231 29.70 $2,976,861 1.19% WOR Worthington Enterprises Inc Consumer Discretionary S US USD 47,438 62.12 $2,946,849 1.18% FIBK First Interstate BancSystem Inc, Class A Financials S US USD 111,230 26.32 $2,927,574 1.17% IDA IDACORP Inc Utilities S US USD 32,624 88.11 $2,874,501 1.15% GTY Getty Realty Corp Real Estate S US USD 108,527 26.36 $2,860,772 1.15% CATY Cathay General Bancorp Financials S US USD 73,072 39.05 $2,853,462 1.14% LGND Ligand Pharmaceuticals Inc Health Care S US USD 35,833 79.35 $2,843,349 1.14% MTX Minerals Technologies Inc Materials S US USD 37,746 72.36 $2,731,301 1.09% GTLS Chart Industries Inc Industrials S US USD 19,000 142.86 $2,714,340 1.09% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 52,179 51.72 $2,698,698 1.08% HELE Helen of Troy Ltd Consumer Discretionary S US USD 21,509 125.00 $2,688,625 1.08% TPH Tri Pointe Homes Inc Consumer Discretionary S US USD 74,855 35.38 $2,648,370 1.06% FFBC First Financial Bancorp Financials S US USD 118,439 21.70 $2,570,126 1.03% TEX Terex Corp Industrials S US USD 44,175 57.35 $2,533,436 1.01% XHR Xenia Hotels & Resorts Inc Real Estate S US USD 165,021 15.34 $2,531,422 1.01% NOG Northern Oil & Gas Inc Energy S US USD 67,910 35.73 $2,426,424 0.97% SWX Southwest Gas Holdings Inc Utilities S US USD 35,532 68.15 $2,421,506 0.97% CBU Community Bank System Inc Financials S US USD 53,045 45.30 $2,402,939 0.96% ADC Agree Realty Corp Real Estate S US USD 43,097 54.95 $2,368,180 0.95% IMAX IMAX Corp Communication Services S CA USD 133,560 17.13 $2,287,883 0.92% PLYM Plymouth Industrial REIT Inc Real Estate S US USD 104,540 21.57 $2,254,928 0.90% NWE Northwestern Energy Group Inc Utilities S US USD 46,333 47.92 $2,220,277 0.89% ICFI ICF International Inc Industrials S US USD 14,132 154.85 $2,188,340 0.88% POWI Power Integrations Inc Information Technology S US USD 30,429 71.46 $2,174,456 0.87% PPBI Pacific Premier Bancorp Inc Financials S US USD 89,864 22.86 $2,054,291 0.82% GBCI Glacier Bancorp Inc Financials S US USD 54,370 37.42 $2,034,525 0.81% EFSC Enterprise Financial Services Corp Financials S US USD 50,285 39.92 $2,007,377 0.80% CRC California Resources Corp Energy S US USD 38,090 52.17 $1,987,155 0.80% AKR Acadia Realty Trust Real Estate S US USD 118,960 16.39 $1,949,754 0.78% MODG Topgolf Callaway Brands Corp Consumer Discretionary S US USD 134,499 14.24 $1,915,266 0.77% OCFC OceanFirst Financial Corp Financials S US USD 125,253 15.20 $1,903,846 0.76% SBCF Seacoast Banking Corp of Florida Financials S US USD 77,402 24.14 $1,868,484 0.75% VIAV Viavi Solutions Inc Information Technology S US USD 195,300 9.55 $1,865,115 0.75% BJRI BJ's Restaurants Inc Consumer Discretionary S US USD 53,150 35.02 $1,861,313 0.75% CRGY Crescent Energy Co, Class A Energy S US USD 164,520 11.18 $1,839,334 0.74% DAVA Endava PLC ADR, Class A Information Technology S GB USD 48,880 37.17 $1,816,870 0.73% SLGN Silgan Holdings Inc Materials S US USD 41,200 43.91 $1,809,092 0.72% WSBC WesBanco Inc Financials S US USD 60,898 28.98 $1,764,824 0.71% SOI Solaris Oilfield Infrastructure Inc, Class A Energy S US USD 190,140 8.47 $1,610,486 0.65% ZD Ziff Davis Inc Communication Services S US USD 21,780 68.76 $1,497,593 0.60% WS Worthington Steel Inc Materials S US USD 47,293 31.66 $1,497,296 0.60% BCRX BioCryst Pharmaceuticals Inc Health Care S US USD 240,760 5.63 $1,355,479 0.54% LXP LXP Industrial Trust Real Estate S US USD 152,849 8.66 $1,323,672 0.53% RDUS Radius Recycling Inc Materials S US USD 59,845 19.76 $1,182,537 0.47% CENTA Central Garden & Pet Co, Class A Consumer Staples S US USD 23,491 37.69 $885,376 0.35% Cash & Equivalents Cash C US USD - - $1,986,528 0.80% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Walker & Dunlop Inc 1 1.72% 50.33% Orion SA 2 1.85% 30.40% Ameris Bancorp 3 1.48% 38.46% Comfort Systems USA Inc 4 2.23% 20.80% Federal Agricultural Mortgage Corp 5 2.16% 24.45% NeoGenomics Inc 6 1.51% 31.54% PJT Partners Inc, Class A 7 1.74% 28.47% Academy Sports & Outdoors Inc 8 1.31% 39.78% Integer Holdings Corp 9 1.72% 26.33% CBIZ Inc 10 2.18% 20.60% As of: 12/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return IMAX Corp 20 1.04% -22.26% ProPetro Holding Corp. 19 0.77% -22.58% Solaris Oilfield Infrastructure Inc, Class A 18 0.77% -24.60% Boot Barn Holdings Inc 17 1.99% -5.46% BioCryst Pharmaceuticals Inc 16 0.63% -15.40% Permian Resources Corp, Class A 15 1.19% -4.49% Orthofix Medical, Inc. 14 0.07% -13.22% Northern Oil And Gas Inc 13 1.16% -7.18% Magnolia Oil & Gas Corp, Class A 12 1.30% -6.71% Selective Insurance Group Inc 11 2.62% -3.35% As of: 12/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Equity) As of: 12/31/2023 View Allocation Details Allocation Details GW&K Small Cap Value Fund (SKSIX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2000® Value Index Financials 28.61% 27.19% Industrials 15.38% 14.14% Consumer Discretionary 12.27% 10.88% Real Estate 10.02% 10.47% Energy 8.93% 9.17% Health Care 8.43% 8.82% Information Technology 4.62% 5.91% Materials 4.35% 4.75% Utilities 3.13% 3.89% Consumer Staples 1.97% 2.34% Communication Services 1.39% 2.43% Cash & Other 0.91% 0.00% As of: 12/31/2023 Investment Allocation 12/31/2023 Stocks 99.09% Bonds 0.00% Cash and Other 0.91% As of: 12/31/2023 Industry Fund Russell 2000® Value Index Banks 16.57% 17.53% Oil, Gas & Consumable Fuels 8.32% 7.13% Specialty Retail 5.69% 3.42% Capital Markets 5.41% 0.82% Financial Services 4.38% 3.26% Machinery 4.21% 2.45% Construction & Engineering 3.64% 1.00% Household Durables 3.21% 3.51% Retail REITs 3.16% 2.12% Chemicals 3.09% 1.36% % in Top 10 Industries 57.68% 42.6% As of: 12/31/2023 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management 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 About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Daniel L. Miller, CFA PARTNER AND DIRECTOR OF EQUITIES Read full bio Jeffrey O. Whitney, CFA PARTNER, PORTFOLIO MANAGER Read full bio 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 Related products Other Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MGGBX GW&K High Income Fund View Fund Details MECAX GW&K International Small Cap Fund View Fund Details GWMTX GW&K Municipal Bond Fund View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund View Fund Details GWETX GW&K Small Cap Core Fund View Fund Details GWGVX GW&K Small/Mid Cap Core Fund View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS