Fund Overview Fund Overview Share Class Z N I Z NAV | as of 12/06/2023 $7.93 -$0.01 (-0.13%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 721 Diversified Emerging Mkts funds as of 10/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/01/2011 to 11/30/2023 = $10,515.24 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. Performance shown for periods prior to January 31, 2019 reflects the performance of the Fund’s previous subadviser, Trilogy Global Advisors, L.P. As of January 31, 2019, the Fund’s subadviser was changed to GW&K Investment Management, LLC. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. View Performance Read Important Investment Disclosures Objective Seeks to provide long-term capital appreciation by investing in companies located in emerging market countries. Why Consider May be appropriate for investors looking to gain exposure to emerging market equity investments Employs a bottom-up, growth-oriented, fundamental investment approach, targeting both early stage and traditional growth companies within emerging market countries Input and constant interaction of experienced global sectors analysts help build the Fund’s portfolio Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Pablo Salas PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio William Sterling, Ph.D. GLOBAL STRATEGIST | GW&K INVESTMENT MANAGEMENT See Our Approach Read Bio Investment Style GW&K Emerging Markets Equity Fund has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective GW&K Emerging Markets Equity Fund is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 721) 3 Years (of 721) 5 Years (of 651) 10 Years (of 393) Category Diversified Emerging Mkts Read Important Investment Disclosures Pablo Salas PARTNER AND PORTFOLIO MANAGER Pablo is a partner of the firm and is responsible for the management of GW&K’s Emerging Markets Equity Strategy. Pablo has been managing this strategy since its inception in 1997. With over 30 years of experience analyzing emerging market companies through numerous market cycles, Pablo has a valuable perspective and a passion for identifying under-researched and underappreciated businesses that are capable of becoming industry leaders. He is a member of the firm’s Investment Committee. Prior to formally joining GW&K in 2019, Pablo managed the Emerging Markets Equity Strategy at Trilogy Global Advisors, where he was also a partner. Trilogy was formed in 2005, the result of a merger with BPI Global Asset Management, where Pablo was a co-founder. Trilogy became part of GW&K in 2019. Earlier, Pablo was a portfolio manager at STI Capital Management/SunTrust and at Lazard Freres Asset Management. Pablo earned a BS in Business Administration from Indiana University and an MBA from the University of Wisconsin with a major in Finance. He is fluent in Spanish. William Sterling, Ph.D. GLOBAL STRATEGIST | GW&K INVESTMENT MANAGEMENT As global strategist, Bill works closely with GW&K analysts and portfolio managers to provide insights and guidance on the global economy and strategy allocations, with a special emphasis on emerging markets. His work focuses on monitoring relative value opportunities across and within global asset classes and seeks to identify anomalies that create opportunities. Bill is a member of our Investment Committee and heads the firm’s Asset Allocation Committee. Before joining GW&K in 2019, Bill was with Trilogy Global Advisors, a global equities firm which he founded in 1999. Bill served as CIO and CEO, and was the chair of Trilogy’s management committee. Trilogy became part of GW&K in 2019. Prior to Trilogy, he was an executive director and global head of equities at Credit Suisse Asset Management (CSAM). Previously, he was a managing director and head of international equities at BEA Associates before the firm was acquired by CSAM. Bill was also head of economic research in Tokyo and later chief international economist at Merrill Lynch. Bill graduated magna cum laude from Carleton College with distinction in economics. He earned a Ph.D. in economics from Harvard University. In graduate school he also became a Fulbright Scholar and spent a year as a visiting scholar at Tokyo University, where he became fluent in Japanese. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns Performance shown for periods prior to January 31, 2019 reflects the performance of the Fund’s previous subadviser, Trilogy Global Advisors, L.P. As of January 31, 2019, the Fund’s subadviser was changed to GW&K Investment Management, LLC. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 1.06% Net Expense Ratio: 0.89% Expense Cap Expiration Date: 03/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 15, 2022 $0.377700 $0.377700 — — Dec 15, 2021 $0.115300 $0.078500 — $0.036800 Dec 16, 2020 $0.497900 $0.154500 — $0.343400 Dec 16, 2019 $0.530300 $0.090100 $0.440200 — Sep 03, 2019 $0.199600 $0.098700 $0.076700 $0.024200 Dec 27, 2018 $0.134200 $0.134200 — — Dec 27, 2017 $0.122500 $0.122500 — — Dec 27, 2016 $0.093700 $0.093700 — — Dec 28, 2015 $0.084800 $0.084800 — — Dec 26, 2014 $0.132200 $0.132200 — — Dec 26, 2013 $0.066300 $0.066300 — — Dec 26, 2012 $0.055800 $0.055800 — — Dec 27, 2011 $0.012100 $0.012100 — — 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. -0.58 -0.27 -0.16 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. 20.13 21.28 18.32 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. -0.36 - 0.04 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. 109.01 113.20 107.08 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. 106.70 104.45 101.04 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. 1.09 1.08 1.04 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. 90.59 93.62 93.67 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. 6.38 5.61 4.65 View All Characteristics & Stats All Characteristics & Stats GW&K Emerging Markets Equity Fund (TLEIX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI Emerging Markets Index Fund Assets (Mil.$) $21 Number of Holdings 75 1,437 Weighted Avg. Market Cap (Mil.$) $107,419 $101,066 Median Market Cap (Mil.$) $14,395 $6,480 Weighted Avg. P/E (1-yr Forward EPS) 17.18 12.37 Weighted Avg. P/E (Trailing EPS) 17.67 12.28 PEG Ratio 0.94 1.01 Weighted Avg. P/B 2.48 1.60 EPS Growth (Trailing 3-yr %) 12.51% 17.98% EPS Growth (Trailing 5-yr %) 9.75% 12.31% Forward EPS Growth (1-yr %) 3.80% 0.67% Forward EPS Growth (Long Term %) 15.59% 11.76% Revenue Growth (Trailing 5-yr %) 9.49% 10.98% Return on Equity 16.32% 17.21% Weighted Avg. Dividend Yield 1.61% 3.04% Debt to Equity 65.55 77.88 Trailing 12-Months Portfolio Turnover 34.64% 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. -0.58 -0.27 -0.16 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. 20.13 21.28 18.32 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. -0.36 - 0.04 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. 109.01 113.20 107.08 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. 106.70 104.45 101.04 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. 1.09 1.08 1.04 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. 90.59 93.62 93.67 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. 6.38 5.61 4.65 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. -0.19 -0.07 -0.05 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. -6.72 0.09 0.64 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. -40.15 -40.15 -40.15 As of: 11/30/2023 Market Cap Fund MSCI Emerging Markets Index Market Cap ($mm) 0 - 1,000 0.00% 0.03% Market Cap ($mm) 1,000 - 1,500 0.61% 0.09% Market Cap ($mm) 1,500 - 2,500 0.98% 1.26% Market Cap ($mm) 2,500 - 5,000 9.89% 8.30% Market Cap ($mm) 5,000 - 10,000 12.67% 16.00% Market Cap ($mm) 10,000 - 25,000 23.26% 21.72% Market Cap ($mm) 25,000 - 50,000 11.02% 15.18% Market Cap ($mm) 50,000 - 100,000 9.11% 12.49% Market Cap ($mm) 100,000 - 200,000 12.54% 6.64% Market Cap ($mm) 200,000 - 19.93% 18.29% Market Cap – NA 0.00% 0.00% As of: 09/30/2023 Valuation Characteristics Fund MSCI Emerging Markets Index P/E 0-10 7.42% 20.95% P/E 10-15 27.54% 26.87% P/E 15-20 17.76% 13.94% P/E 20-25 15.43% 9.72% P/E 25-Above 24.54% 24.09% P/E – NA 7.32% 4.43% As of: 09/30/2023 Growth Characteristics Fund MSCI Emerging Markets Index EPS Growth (Trailing 3-yr %) - Negative 12.98% 16.07% EPS Growth (Trailing 3-yr %) 0 - 5 7.47% 6.23% EPS Growth (Trailing 3-yr %) 5 - 10 5.74% 10.05% EPS Growth (Trailing 3-yr %) 10 - 15 14.00% 7.98% EPS Growth (Trailing 3-yr %) 15 - 20 14.07% 11.62% EPS Growth (Trailing 3-yr %) Above 20 36.59% 42.54% EPS Growth (Trailing 3-yr %) - NA 9.15% 5.51% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Taiwan Semiconductor Manufacturing Co Ltd 8.34% HDFC Bank Ltd 6.61% Samsung Electronics Co Ltd 5.25% Tencent Holdings Ltd 3.52% Baidu Inc, Class A 3.39% Reliance Industries Ltd 2.81% Yum China Holdings Inc 2.75% Bank Mandiri Persero Tbk PT 2.71% Trip.com Group Ltd ADR 2.52% Alibaba Group Holding Ltd 2.52% % in Top 10 Holdings 40.42% View Holding Details Holding Details GW&K Emerging Markets Equity Fund (TLEIX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Taiwan Semiconductor Manufacturing Co Ltd 8.34% HDFC Bank Ltd 6.61% Samsung Electronics Co Ltd 5.25% Tencent Holdings Ltd 3.52% Baidu Inc, Class A 3.39% Reliance Industries Ltd 2.81% Yum China Holdings Inc 2.75% Bank Mandiri Persero Tbk PT 2.71% Trip.com Group Ltd ADR 2.52% Alibaba Group Holding Ltd 2.52% % in Top 10 Holdings 40.42% As of: 09/30/2023 Download All Holdings (PDF) As of: 10/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 106,632 16.33 $1,741,569 8.78% HDFCB HDFC Bank Ltd Financials S IN INR 75,879 17.74 $1,346,438 6.79% 005930 Samsung Electronics Co Ltd Information Technology S KR KRW 21,867 49.77 $1,088,427 5.49% 700 Tencent Holdings Ltd Communication Services S CN HKD 19,106 37.01 $707,089 3.57% RELIANCE Reliance Industries Ltd Energy S IN INR 20,988 27.50 $577,124 2.91% 9888 Baidu Inc, Class A Communication Services S CN HKD 42,316 13.13 $555,559 2.80% YUMC Yum China Holdings Inc Consumer Discretionary S CN USD 10,367 52.56 $544,890 2.75% BMRI Bank Mandiri Persero Tbk PT Financials S ID IDR 1,463,432 0.36 $522,814 2.64% TCOM Trip.com Group Ltd ADR Consumer Discretionary S CN USD 15,177 34.00 $516,018 2.60% 000660 SK Hynix Inc Information Technology S KR KRW 5,884 86.84 $510,979 2.58% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 48,928 10.30 $503,718 2.54% MMYT MakeMyTrip Ltd Consumer Discretionary S IN USD 11,748 38.73 $455,000 2.29% 1299 AIA Group Ltd Financials S HK HKD 47,368 8.68 $411,335 2.07% FEMSAUBD Fomento Economico Mexicano SAB de CV Consumer Staples S MX MXN 35,096 11.31 $396,803 2.00% BDO BDO Unibank Inc Financials S PH PHP 158,488 2.25 $356,752 1.80% 1928 Sands China Ltd Consumer Discretionary S MO HKD 128,750 2.69 $346,601 1.75% GFNORTEO Grupo Financiero Banorte SAB de CV Financials S MX MXN 41,842 8.10 $338,955 1.71% 3908 China International Capital Corp Ltd 144A Financials S CN HKD 204,800 1.59 $326,196 1.64% HDFCAMC HDFC Asset Management Co Ltd 144A Financials S IN INR 8,809 32.85 $289,351 1.46% 300750 Contemporary Amperex Technology Co Ltd Industrials S CN CNY 11,160 25.39 $283,373 1.43% BZ Kanzhun Ltd ADR Communication Services S CN USD 18,600 14.80 $275,280 1.39% GLOB Globant SA Information Technology S AR USD 1,600 170.29 $272,464 1.37% XP XP Inc, Class A Financials S BR USD 13,206 20.00 $264,120 1.33% 9910 Feng TAY Enterprise Co Ltd Consumer Discretionary S TW TWD 47,437 5.52 $261,939 1.32% WALMEX* Wal-Mart de Mexico SAB de CV Consumer Staples S MX MXN 72,973 3.58 $261,471 1.32% BBRI Bank Rakyat Indonesia Persero Tbk PT Financials S ID IDR 777,236 0.31 $243,029 1.23% BID Bid Corp Ltd Consumer Staples S ZA ZAR 10,593 21.21 $224,728 1.13% 9999 NetEase Inc Communication Services S CN HKD 10,425 21.40 $223,111 1.12% 2308 Delta Electronics Inc Information Technology S TW TWD 24,100 9.01 $217,187 1.10% TOTS3 Totvs SA Information Technology S BR BRL 42,000 5.02 $210,927 1.06% BBD Banco Bradesco SA ADR Financials S BR USD 72,583 2.79 $202,507 1.02% 3888 Kingsoft Corp Ltd Communication Services S CN HKD 55,800 3.49 $194,713 0.98% HTHT H World Group Ltd ADR Consumer Discretionary S CN USD 5,150 37.66 $193,949 0.98% 2331 Li Ning Co Ltd Consumer Discretionary S CN HKD 63,000 3.06 $193,057 0.97% CPA Copa Holdings SA, Class A Industrials S PA USD 2,350 81.65 $191,878 0.97% 1024 Kuaishou Technology, Class B 144A Communication Services S CN HKD 29,500 6.44 $189,975 0.96% ARABIAND Arabian Drilling Co Energy S SA SAR 4,000 46.75 $187,014 0.94% 388 Hong Kong Exchanges & Clearing Ltd Financials S HK HKD 5,000 34.98 $174,913 0.88% ICT International Container Terminal Services Inc Industrials S PH PHP 47,000 3.54 $166,522 0.84% ADNOCDRI ADNOC Drilling Co PJSC Energy S AE AED 163,900 0.99 $162,427 0.82% 2318 Ping An Insurance Group Co of China Ltd, Class H Financials S CN HKD 32,000 5.07 $162,319 0.82% 271560 Orion Corp Consumer Staples S KR KRW 1,735 88.51 $153,556 0.77% 603605 Proya Cosmetics Co Ltd Consumer Staples S CN CNY 10,800 14.20 $153,346 0.77% HDFCLIFE HDFC Life Insurance Co Ltd 144A Financials S IN INR 20,200 7.43 $150,059 0.76% 300146 By-health Co Ltd Consumer Staples S CN CNY 55,400 2.50 $138,705 0.70% PAYTM One 97 Communications Ltd Financials S IN INR 12,500 11.07 $138,338 0.70% NU NU Holdings Ltd, Class A Financials S BR USD 16,800 8.20 $137,760 0.69% CIFC Cholamandalam Investment and Finance Co Ltd Financials S IN INR 9,450 13.67 $129,141 0.65% FLRY3 Fleury SA Health Care S BR BRL 41,463 2.97 $123,030 0.62% 2395 Advantech Co Ltd Information Technology S TW TWD 11,898 10.27 $122,189 0.62% 6862 Haidilao International Holding Ltd 144A Consumer Discretionary S CN HKD 47,000 2.50 $117,679 0.59% TME Tencent Music Entertainment Group ADR, Class A Communication Services S CN USD 14,772 7.26 $107,245 0.54% AMRT Sumber Alfaria Trijaya Tbk Pt Consumer Staples S ID IDR 568,600 0.18 $103,447 0.52% MAPI Mitra Adiperkasa Tbk PT Consumer Discretionary S ID IDR 947,099 0.11 $103,445 0.52% 2313 Shenzhou International Group Holdings Ltd Consumer Discretionary S CN HKD 10,460 9.82 $102,743 0.52% INFY Infosys Ltd ADR Information Technology S IN USD 6,226 16.42 $102,231 0.52% 300124 Shenzhen Inovance Technology Co Ltd Industrials S CN CNY 12,300 8.27 $101,672 0.51% TCS Tata Consultancy Services Ltd Information Technology S IN INR 2,434 40.48 $98,537 0.50% 000999 China Resources Sanjiu Medical & Pharmaceutical Co Ltd, Class A Health Care S CN CNY 16,500 5.89 $97,267 0.49% AMERICAN Americana Restaurants International PLC Consumer Discretionary S AE SAR 91,300 1.01 $92,235 0.47% DNP Dino Polska SA 144A Consumer Staples S PL PLN 926 94.76 $87,743 0.44% 300003 Lepu Medical Technology Beijing Co Ltd, Class A Health Care S CN CNY 36,300 2.36 $85,516 0.43% RJHI Al Rajhi Bank Financials S SA SAR 4,350 17.90 $77,867 0.39% FPT FPT Corp Information Technology S VN VND 23,000 3.38 $77,791 0.39% CPALL CP ALL PCL [CPALL] Consumer Staples S TH THB 48,168 1.54 $74,028 0.37% B3SA3 B3 SA - Brasil Bolsa Balcao Financials S BR BRL 32,600 2.21 $72,096 0.36% 600298 Angel Yeast Co Ltd Consumer Staples S CN CNY 14,100 4.78 $67,416 0.34% 000858 Wuliangye Yibin Co Ltd, Class A Consumer Staples S CN CNY 3,100 21.32 $66,081 0.33% VNM Vietnam Dairy Products JSC Consumer Staples S VN VND 23,700 2.77 $65,640 0.33% JIOFIN Jio Financial Services Ltd Financials S IN INR 21,588 2.63 $56,784 0.29% PCO Pepco Group NV 144A Consumer Discretionary S GB PLN 13,230 4.05 $53,623 0.27% SYNG Syngene International Ltd 144A Health Care S IN INR 6,460 8.17 $52,796 0.27% MCG MultiChoice Group Communication Services S ZA ZAR 13,958 3.75 $52,282 0.26% PAGS Pagseguro Digital Ltd, Class A Financials S BR USD 4,288 7.06 $30,273 0.15% CPALL/F CP ALL PCL Consumer Staples S TH THB 4,900 1.53 $7,485 0.04% Cash & Equivalents Cash C US USD - - $340,068 1.71% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return MakeMyTrip Ltd 1 1.82% 50.19% Bank Mandiri Persero Tbk PT 2 2.48% 12.40% HDFC Asset Management Co Ltd 144A 3 1.19% 13.93% Globant SA 4 1.35% 10.09% Alibaba Group Holding Ltd 5 2.50% 5.48% Arabian Drilling Co 6 0.72% 22.09% Kuaishou Technology, Class B 144A 7 0.89% 17.44% Haidilao International Holding Ltd 144A 8 0.54% 21.88% ADNOC Drilling Co PJSC 9 0.67% 12.92% FPT Corp 10 0.37% 22.77% 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 Taiwan Semiconductor Manufacturing Co Ltd 20 8.36% -12.02% HDFC Bank Ltd 19 6.28% -11.38% Pepco Group NV 144A 18 0.88% -48.83% AIA Group Ltd 17 1.96% -18.72% Samsung Electronics Co Ltd 16 5.25% -7.11% Li Ning Co Ltd 15 1.42% -20.94% Tencent Holdings Ltd 14 3.61% -7.60% Dino Polska SA 144A 13 0.63% -30.41% Sands China Ltd 12 2.00% -10.06% Contemporary Amperex Technology Co Ltd 11 1.44% -11.39% 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 Regional Allocation As of: 09/30/2023 View Allocation Details Allocation Details GW&K Emerging Markets Equity Fund (TLEIX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI Emerging Markets Index Financials 27.03% 22.25% Information Technology 21.71% 20.22% Consumer Discretionary 18.10% 13.71% Communication Services 12.02% 9.56% Consumer Staples 7.99% 6.18% Industrials 5.07% 6.74% Energy 4.61% 5.25% Health Care 1.82% 3.77% Cash & Other 1.65% 0.00% Materials 0.00% 7.97% Real Estate 0.00% 1.73% Utilities 0.00% 2.61% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 98.35% Bonds 0.00% Cash and Other 1.65% As of: 09/30/2023 Country Fund MSCI Emerging Markets Index China 29.81% 29.99% India 16.60% 15.73% Taiwan 11.38% 14.72% South Korea 8.41% 12.17% Mexico 5.96% 2.49% Brazil 5.22% 5.41% Indonesia 5.00% 1.98% Hong Kong 2.70% 0.00% Philippines 2.70% 0.63% Macau 1.86% 0.00% Argentina 1.50% 0.00% South Africa 1.38% 3.03% United Arab Emirates 1.34% 1.41% Saudi Arabia 1.33% 4.14% Panama 1.00% 0.00% % in Top 15 Countries 96.19% 91.7% As of: 09/30/2023 Region Fund MSCI Emerging Markets Index Developed 3.31% 0.00% Europe & Middle East 0.61% 0.00% North America 0.00% 0.00% Pacific 2.70% 0.00% Emerging 89.92% 100.00% Asia 74.33% 78.47% Latin America 11.19% 8.77% Europe & Middle East 3.02% 9.63% Africa 1.38% 3.13% Frontier 0.76% 0.00% Africa 0.00% 0.00% Asia 0.76% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 6.01% 0.00% As of: 09/30/2023 Industry Fund MSCI Emerging Markets Index Banks 16.06% 16.55% Hotels, Restaurants & Leisure 11.44% 2.51% Semiconductors & Semiconductor Equipment 10.71% 8.89% Interactive Media & Services 9.36% 5.53% Technology Hardware, Storage & Peripherals 5.86% 6.02% Capital Markets 5.82% 1.06% Consumer Staples Distribution & Retail 3.72% 1.54% Broadline Retail 3.66% 5.08% Insurance 3.42% 2.84% Textiles, Apparel & Luxury Goods 3.00% 0.98% % in Top 10 Industries 73.05% 51% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach AMG GW&K Emerging Markets Equity Fund The Fund generally invests at least 80% of its net assets in common and preferred stock of companies located in emerging market countries. The Fund’s portfolio will normally allocate its investments across different countries to total approximately 60 to 120 securities. To gain exposure to foreign investments, the Fund may also invest in ADRs (American Depositary Receipts), GDRs (Global Depositary Receipts) and other depositary receipts of non-U.S. issuers. GW&K, the Fund’s subadvisor, uses a bottom-up investment process driven by fundamental research, applying the following core principles to identify investments for the portfolio: Earnings growth drives equity returns over the long term Early-stage and traditional growth companies provide the greatest opportunity Risk management, with respect to the Fund’s portfolio, should focus on avoiding losing money, rather than minimizing tracking error against the benchmark A disciplined investment process requires consistently identifying opportunities, evaluating potential returns and responding with timely buy/sell decisions Emerging Markets Read More 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 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 GWGVX GW&K Small/Mid Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in small to mid cap stocks exhibiting growth and value characteristics. View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund The Fund seeks to provide long-term capital appreciation by investing in small to mid cap stocks exhibiting consistent, sustainable earnings growth. View Fund Details Read Important Investment Disclosures Founded 1974 Headquarters Boston, MA Affiliate Since 2008 Discover how the boutique advantage helps generate alpha. Learn More About AMG