Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Z N I Z NAV | as of 11/08/2024 $19.47 +$0.12 (+0.62%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 542 Small Growth funds as of 10/31/2024 View Morningstar Details Morningstar Medalist Rating as of 08/31/2024 Analyst-Driven:55% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 08/31/2021 to 10/31/2024 = $10,245.33 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. 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 The Fund seeks to provide long-term capital appreciation by investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. Why Consider Provides investors with exposure to a portfolio of small and mid cap growth companies 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 Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K Small/Mid Cap Growth 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 Growth Fund is categorized as Small-Growth. It invests in small-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2024 Overall Rating (of 542) 3 Years (of 542) 5 Years — 10 Years — Category Small Growth 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. Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Joe serves as a portfolio manager for GW&K’s Small Cap Growth Strategy and is a member of the firm’s Investment Committee. He is also a research analyst focused on our Small Cap Core and Small/Mid Cap Core Strategies. Joe is a seasoned investor with expertise in a number of industries including extensive experience in Information Technology. Prior to joining GW&K in 2008, Joe held research analyst positions at Citizens Funds and Needham & Company, and was a research associate at Tucker Anthony. Joe received an AB in Economics from Harvard College. He has earned the CFA® designation 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. 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 shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.05% Net Expense Ratio: 0.82% Expense Cap Expiration Date: 03/01/2025 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 $0.268400 — — $0.268400 From: To: Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2024 Manhattan Associates Inc 2.82% CyberArk Software Ltd 2.56% Tyler Technologies Inc 2.03% Texas Roadhouse Inc, Class A 2.03% ITT Inc 2.02% Entegris Inc 1.99% Burlington Stores Inc 1.98% Houlihan Lokey Inc, Class A 1.85% MACOM Technology Solutions Holdings Inc 1.74% Globant SA 1.73% % in Top 10 Holdings 20.76% View Holding Details Holding Details GW&K Small/Mid Cap Growth Fund (ACWZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2024 Manhattan Associates Inc 2.82% CyberArk Software Ltd 2.56% Tyler Technologies Inc 2.03% Texas Roadhouse Inc, Class A 2.03% ITT Inc 2.02% Entegris Inc 1.99% Burlington Stores Inc 1.98% Houlihan Lokey Inc, Class A 1.85% MACOM Technology Solutions Holdings Inc 1.74% Globant SA 1.73% % in Top 10 Holdings 20.76% As of: 09/30/2024 Download All Holdings (PDF) As of: 09/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MANH Manhattan Associates Inc Information Technology S US USD 4,248 281.38 $1,195,302 2.82% CYBR CyberArk Software Ltd Information Technology S IL USD 3,721 291.61 $1,085,081 2.56% TYL Tyler Technologies Inc Information Technology S US USD 1,479 583.72 $863,322 2.03% TXRH Texas Roadhouse Inc, Class A Consumer Discretionary S US USD 4,885 176.60 $862,691 2.03% ITT ITT Inc Industrials S US USD 5,741 149.51 $858,337 2.02% ENTG Entegris Inc Information Technology S US USD 7,512 112.53 $845,325 1.99% BURL Burlington Stores Inc Consumer Discretionary S US USD 3,195 263.48 $841,819 1.98% HLI Houlihan Lokey Inc, Class A Financials S US USD 4,955 158.02 $782,989 1.85% MTSI MACOM Technology Solutions Holdings Inc Information Technology S US USD 6,651 111.26 $739,990 1.74% GLOB Globant SA Information Technology S AR USD 3,705 198.14 $734,109 1.73% CACI CACI International Inc, Class A Industrials S US USD 1,433 504.56 $723,034 1.70% SITE SiteOne Landscape Supply Inc Industrials S US USD 4,788 150.91 $722,557 1.70% EVR Evercore Inc, Class A Financials S US USD 2,814 253.34 $712,899 1.68% NTRA Natera Inc Health Care S US USD 5,601 126.95 $711,047 1.68% RBC RBC Bearings Inc Industrials S US USD 2,364 299.38 $707,734 1.67% LOPE Grand Canyon Education Inc Consumer Discretionary S US USD 4,799 141.85 $680,738 1.60% CGNX Cognex Corp Information Technology S US USD 16,590 40.50 $671,895 1.58% APG API Group Corp 144A Industrials S US USD 20,096 33.02 $663,570 1.56% RARE Ultragenyx Pharmaceutical Inc Health Care S US USD 11,764 55.55 $653,490 1.54% MTDR Matador Resources Co, Class A Energy S US USD 13,110 49.42 $647,896 1.53% CHDN Churchill Downs Inc Consumer Discretionary S US USD 4,714 135.21 $637,380 1.50% CRNX Crinetics Pharmaceuticals Inc Health Care S US USD 12,455 51.10 $636,451 1.50% INSM Insmed Inc Health Care S US USD 8,630 73.00 $629,990 1.48% IEX IDEX Corp Industrials S US USD 2,914 214.50 $625,053 1.47% GMED Globus Medical Inc, Class A Health Care S US USD 8,673 71.54 $620,466 1.46% ACHC Acadia Healthcare Co Inc Health Care S US USD 9,695 63.41 $614,760 1.45% PCTY Paylocity Holding Corp Industrials S US USD 3,704 164.97 $611,049 1.44% PHAT Phathom Pharmaceuticals Inc Health Care S US USD 33,153 18.08 $599,406 1.41% BAH Booz Allen Hamilton Holding Corp, Class A Industrials S US USD 3,666 162.76 $596,678 1.41% CCCS CCC Intelligent Solutions Holdings Inc Information Technology S US USD 53,565 11.05 $591,893 1.40% PFGC Performance Food Group Co Consumer Staples S US USD 7,434 78.37 $582,603 1.37% AZTA Azenta Inc Health Care S US USD 11,992 48.44 $580,892 1.37% HQY HealthEquity Inc Health Care S US USD 7,036 81.85 $575,897 1.36% ZBRA Zebra Technologies Corp, Class A Information Technology S US USD 1,520 370.32 $562,886 1.33% VCYT Veracyte Inc Health Care S US USD 16,515 34.04 $562,171 1.33% ITCI Intra-Cellular Therapies Inc Health Care S US USD 7,643 73.17 $559,238 1.32% HALO Halozyme Therapeutics Inc Health Care S US USD 9,735 57.24 $557,231 1.31% RPM RPM International Inc Materials S US USD 4,575 121.00 $553,575 1.30% AGIO Agios Pharmaceuticals Inc Health Care S US USD 12,454 44.43 $553,331 1.30% DSGX Descartes Systems Group Inc Information Technology S CA USD 5,177 102.96 $533,024 1.26% EGP EastGroup Properties Inc Real Estate S US USD 2,816 186.82 $526,085 1.24% PCOR Procore Technologies Inc Information Technology S US USD 8,469 61.72 $522,707 1.23% GTLS Chart Industries Inc Industrials S US USD 4,085 124.14 $507,112 1.20% PNFP Pinnacle Financial Partners Inc Financials S US USD 5,099 97.97 $499,549 1.18% POOL Pool Corp Consumer Discretionary S US USD 1,324 376.80 $498,883 1.18% EXP Eagle Materials Inc Materials S US USD 1,710 287.65 $491,882 1.16% NBIX Neurocrine Biosciences Inc Health Care S US USD 4,233 115.22 $487,726 1.15% MEDP Medpace Holdings Inc Health Care S US USD 1,439 333.80 $480,338 1.13% AVNT Avient Corp Materials S US USD 9,499 50.32 $477,990 1.13% ATR AptarGroup Inc Materials S US USD 2,975 160.19 $476,565 1.12% STRL Sterling Infrastructure Inc Industrials S US USD 3,217 145.02 $466,529 1.10% GGG Graco Inc Industrials S US USD 5,081 87.51 $444,638 1.05% ABG Asbury Automotive Group Inc Consumer Discretionary S US USD 1,841 238.59 $439,244 1.04% SWTX SpringWorks Therapeutics Inc Health Care S US USD 13,310 32.04 $426,452 1.01% TREX Trex Co Inc Industrials S US USD 6,288 66.58 $418,655 0.99% LKQ LKQ Corp Consumer Discretionary S US USD 10,159 39.92 $405,547 0.96% NDSN Nordson Corp Industrials S US USD 1,542 262.63 $404,975 0.95% RLI RLI Corp Financials S US USD 2,600 154.98 $402,948 0.95% TTC Toro Co Industrials S US USD 4,627 86.73 $401,300 0.95% CHE Chemed Corp Health Care S US USD 654 600.97 $393,034 0.93% MKTX MarketAxess Holdings Inc Financials S US USD 1,485 256.20 $380,457 0.90% SUI Sun Communities Inc Real Estate S US USD 2,792 135.15 $377,339 0.89% OVV Ovintiv Inc Energy S US USD 9,062 38.31 $347,165 0.82% BIO Bio-Rad Laboratories Inc, Class A Health Care S US USD 1,031 334.58 $344,952 0.81% RVLV Revolve Group Inc, Class A Consumer Discretionary S US USD 13,870 24.78 $343,699 0.81% PR Permian Resources Corp, Class A Energy S US USD 24,700 13.61 $336,167 0.79% SLAB Silicon Laboratories Inc Information Technology S US USD 2,819 115.57 $325,792 0.77% KNX Knight-Swift Transportation Holdings Inc, Class A Industrials S US USD 5,802 53.95 $313,018 0.74% CHX ChampionX Corp Energy S US USD 10,280 30.15 $309,942 0.73% SSNC SS&C Technologies Holdings Inc Industrials S US USD 4,094 74.21 $303,816 0.72% BFAM Bright Horizons Family Solutions Inc, Class A Consumer Discretionary S US USD 1,983 140.13 $277,878 0.65% POWI Power Integrations Inc Information Technology S US USD 4,194 64.12 $268,919 0.63% DNUT Krispy Kreme Inc Consumer Discretionary S US USD 21,510 10.74 $231,017 0.54% MTN Vail Resorts Inc Consumer Discretionary S US USD 990 174.29 $172,547 0.41% ICUI ICU Medical Inc Health Care S US USD 839 182.22 $152,883 0.36% CYRX CryoPort Inc Health Care S US USD 6,993 8.11 $56,713 0.13% Cash & Equivalents Cash C US USD - - $1,224,064 2.89% Fund Holdings Sort order Avg. Weight Total Return Phathom Pharmaceuticals Inc 1 0.89% 75.53% Veracyte Inc 2 1.12% 57.08% Ultragenyx Pharmaceutical Inc 3 1.45% 35.16% Manhattan Associates Inc 4 2.64% 14.07% SiteOne Landscape Supply Inc 5 1.60% 24.30% Revolve Group Inc, Class A 6 0.70% 55.75% Evercore Inc, Class A 7 1.62% 21.82% Paylocity Holding Corp 8 1.37% 25.12% Tyler Technologies Inc 9 2.01% 16.10% ITT Inc 10 1.79% 15.93% As of: 09/30/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Fund Holdings Sort order Avg. Weight Total Return Atkore Inc 20 0.64% -29.68% Entegris Inc 19 2.19% -16.84% Five Below Inc 18 0.23% -30.49% Medpace Holdings Inc 17 1.35% -18.95% Matador Resources Co, Class A 16 1.49% -16.88% Cognex Corp 15 1.65% -13.27% Ovintiv Inc 14 0.97% -17.82% Integra LifeSciences Holdings Corporation 13 0.31% -39.70% Chart Industries Inc 12 1.07% -13.99% Neurocrine Biosciences Inc 11 1.35% -16.31% As of: 09/30/2024 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: 09/30/2024 View Allocation Details Allocation Details GW&K Small/Mid Cap Growth Fund (ACWZX) Sector Allocation (Equity) Investment Allocation Top 10 Industries Sector Sort Order Fund Russell 2500™ Growth Index Health Care 24.03% 22.13% Information Technology 21.07% 19.96% Industrials 20.67% 20.05% Consumer Discretionary 12.71% 14.40% Financials 6.55% 9.40% Materials 4.71% 3.70% Energy 3.87% 3.71% Cash & Other 2.89% 0.00% Real Estate 2.13% 1.32% Consumer Staples 1.37% 2.96% Communication Services 0.00% 1.70% Utilities 0.00% 0.68% As of: 09/30/2024 Investment Allocation 09/30/2024 Stocks 97.11% Bonds 0.00% Cash and Other 2.89% As of: 09/30/2024 Industry Fund Russell 2500™ Growth Index Biotechnology 12.30% 12.02% Software 11.29% 12.49% Machinery 9.31% 3.36% Professional Services 5.27% 2.73% Semiconductors & Semiconductor Equipment 5.14% 2.91% Hotels, Restaurants & Leisure 4.49% 5.37% Capital Markets 4.42% 3.09% Specialty Retail 3.83% 2.78% Health Care Providers & Services 3.73% 3.07% Life Sciences Tools & Services 3.45% 0.91% % in Top 10 Industries 63.23% 48.73% As of: 09/30/2024 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 Joseph C. Craigen, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K Small/Mid Cap Growth Fund The Fund primarily invests in small and mid cap growth companies. The Fund 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 attractive valuation relative to industry, peers, and own company history 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. 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