Fund Overview Fund Overview Share Class N N I Z NAV | as of 03/31/2023 $11.88 +$0.03 (+0.25%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 742 Diversified Emerging Mkts funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/19/2015 to 02/28/2023 = $13,331.39 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 emerging market companies and developed market companies that have emerging markets revenue exposure. 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, or developed market companies with revenue exposure to emerging markets Input and constant interaction of experienced global sectors analysts help build the Fund’s portfolio Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Thomas Masi, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Nuno Fernandes, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K Emerging Wealth 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 Wealth Equity Fund is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 742) 3 Years (of 742) 5 Years (of 657) 10 Years — Category Diversified Emerging Mkts Read Important Investment Disclosures Thomas Masi, CFA PARTNER AND PORTFOLIO MANAGER Tom is a partner of the firm and is responsible for the management of GW&K’s Emerging Wealth Equity Strategy. With over three decades of experience investing through many market cycles, multiple recessions, elevated and receding oil prices, gulf wars, the technology bubble and implosion, declining inflation, and declining interest rates, Tom has developed a deep appreciation for good businesses and an assessment of what it means to be a best-in-class company. He is a member of the firm's Investment Committee. Tom joined GW&K from Trilogy Global Advisors, where he launched the Emerging Wealth Equity Strategy and served as partner and co-portfolio manager since the strategy’s inception. Trilogy became part of GW&K in 2019. Throughout his investment career, Tom has evaluated and invested in stocks across every sector. Previously, he was a partner at Dominick and Dominick Advisors, a managing director and senior portfolio manager at SG Cowen Asset Management, and a senior vice president and senior portfolio manager at Kidder Peabody Asset Management. Tom credits each and every work experience throughout his life as valuable learning lessons in understanding and identifying successful businesses. Tom earned a BA in economics from Rutgers University and an MBA in finance from the Rutgers Graduate School of Management. Tom is a CFA® charterholder and a member of the CFA Institute and the CFA Society New York. Nuno Fernandes, CFA PARTNER AND PORTFOLIO MANAGER Nuno is a partner of the firm as well as a portfolio manager for GW&K’s Emerging Wealth Equity Strategy and contributes to the research effort in support of all of the firm’s emerging markets strategies. He has a passion for meeting with company managements, employees, and consumers to uncover emerging market investment opportunities. Learning and appreciating history, and discovering local art and culinary specialties, give him unique insights into finding best in class businesses. Nuno is a member of the firm's Investment and Diversity Committees. Nuno has been a member of the emerging markets team since 2007. Prior to the team formally joining GW&K in 2019, Nuno had been an analyst and portfolio manager at Trilogy Global Advisors, where he helped to launch the Emerging Wealth Equity Strategy in 2010. Trilogy became part of GW&K in 2019. Prior to Trilogy, Nuno spent nine years as a portfolio manager at Goldman Sachs Asset Management and also spent time working on the sell side analyzing Latin American Financial stocks. Nuno received a BS in Economics from the School of Economics at the University of Porto, Portugal. Nuno is a CFA® charterholder and a member of the CFA Society New York. He is fluent in Portuguese and Spanish. 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: 1.31% Net Expense Ratio: 1.30% 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, 2021 $0.152800 — — $0.152800 Dec 16, 2019 $0.335900 $0.063400 — $0.272500 Dec 27, 2018 $0.502700 $0.063400 — $0.439300 Dec 27, 2017 $0.739100 $0.049100 — $0.690000 Dec 27, 2016 $0.042700 $0.042700 — — From: To: Risk & Return Stats As of: 02/28/2023 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. -0.77 1.54 - 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. 25.07 22.26 - 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. -0.05 -0.11 - 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. 102.85 112.42 - 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. 104.74 101.53 - 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. 1.08 1.06 - 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. 80.15 79.70 - 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. 11.31 10.10 - View All Characteristics & Stats All Characteristics & Stats GW&K Emerging Wealth Equity Fund (TYWVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Growth Characteristics Fund Holdings Fund MSCI Emerging Markets Index Fund Assets (Mil.$) $81 Number of Holdings 50 1,377 Weighted Avg. Market Cap (Mil.$) $97,677 $95,021 Median Market Cap (Mil.$) $27,368 $6,730 Weighted Avg. P/E (1-yr Forward EPS) 21.96 11.25 Weighted Avg. P/E (Trailing EPS) 22.26 11.30 PEG Ratio 1.20 0.95 Weighted Avg. P/B 3.12 1.57 EPS Growth (Trailing 3-yr %) 19.21% 17.77% EPS Growth (Trailing 5-yr %) 14.73% 12.77% Forward EPS Growth (1-yr %) 0.20% 3.28% Forward EPS Growth (Long Term %) 17.09% 11.44% Revenue Growth (Trailing 5-yr %) 12.38% 11.56% Return on Equity 15.55% 16.29% Weighted Avg. Dividend Yield 0.91% 3.39% Debt to Equity 60.05 80.23 Trailing 12-Months Portfolio Turnover 63.24% As of: 12/31/2022 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. -0.77 1.54 - 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. 25.07 22.26 - 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. -0.05 -0.11 - 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. 102.85 112.42 - 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. 104.74 101.53 - 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. 1.08 1.06 - 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. 80.15 79.70 - 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. 11.31 10.10 - 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. -0.13 0.08 - 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. -1.22 -2.25 - 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. -44.93 -44.93 - As of: 02/28/2023 Market Cap Fund MSCI Emerging Markets Index Market Cap ($mm) 0 - 1,000 0.10% 0.02% Market Cap ($mm) 1,000 - 1,500 0.00% 0.08% Market Cap ($mm) 1,500 - 2,500 1.66% 1.01% Market Cap ($mm) 2,500 - 5,000 3.26% 8.84% Market Cap ($mm) 5,000 - 10,000 3.96% 15.55% Market Cap ($mm) 10,000 - 25,000 28.60% 22.42% Market Cap ($mm) 25,000 - 50,000 19.83% 15.54% Market Cap ($mm) 50,000 - 100,000 6.75% 11.38% Market Cap ($mm) 100,000 - 200,000 19.04% 6.21% Market Cap ($mm) 200,000 - 16.80% 18.95% Market Cap – NA 0.00% 0.00% As of: 12/31/2022 Valuation Characteristics Fund MSCI Emerging Markets Index P/E 0-10 8.10% 29.70% P/E 10-15 6.68% 18.40% P/E 15-20 8.10% 12.33% P/E 20-25 7.00% 7.97% P/E 25-Above 48.89% 25.71% P/E – NA 21.22% 5.89% As of: 12/31/2022 Growth Characteristics Fund MSCI Emerging Markets Index EPS Growth (Trailing 3-yr %) - Negative 11.26% 16.80% EPS Growth (Trailing 3-yr %) 0 - 5 8.88% 7.33% EPS Growth (Trailing 3-yr %) 5 - 10 2.49% 10.22% EPS Growth (Trailing 3-yr %) 10 - 15 11.57% 10.62% EPS Growth (Trailing 3-yr %) 15 - 20 9.54% 8.74% EPS Growth (Trailing 3-yr %) Above 20 35.79% 38.47% EPS Growth (Trailing 3-yr %) - NA 20.46% 7.81% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Sands China Ltd 6.37% Trip.com Group Ltd ADR 4.80% AIA Group Ltd 4.63% Taiwan Semiconductor Manufacturing Co Ltd 4.62% HDFC Bank Ltd ADR 4.41% Yum China Holdings Inc 4.28% Tencent Holdings Ltd 4.27% Kotak Mahindra Bank Ltd 4.12% H World Group Ltd ADR 3.95% Alibaba Group Holding Ltd 3.82% % in Top 10 Holdings 45.28% View Holding Details Holding Details GW&K Emerging Wealth Equity Fund (TYWVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Sands China Ltd 6.37% Trip.com Group Ltd ADR 4.80% AIA Group Ltd 4.63% Taiwan Semiconductor Manufacturing Co Ltd 4.62% HDFC Bank Ltd ADR 4.41% Yum China Holdings Inc 4.28% Tencent Holdings Ltd 4.27% Kotak Mahindra Bank Ltd 4.12% H World Group Ltd ADR 3.95% Alibaba Group Holding Ltd 3.82% % in Top 10 Holdings 45.28% As of: 12/31/2022 Download All Holdings (PDF) As of: 02/28/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 1928 Sands China Ltd Consumer Discretionary S MO HKD 1,625,690 3.47 $5,642,141 6.53% 2330 Taiwan Semiconductor Manufacturing Co Ltd Information Technology S TW TWD 256,500 16.54 $4,243,509 4.91% TCOM Trip.com Group Ltd ADR Consumer Discretionary S CN USD 108,942 35.55 $3,872,888 4.48% 1299 AIA Group Ltd Financials S HK HKD 351,930 10.63 $3,740,318 4.33% 700 Tencent Holdings Ltd Communication Services S CN HKD 84,340 43.93 $3,704,922 4.29% HDB HDFC Bank Ltd ADR Financials S IN USD 53,973 67.64 $3,650,734 4.23% IFX Infineon Technologies AG Information Technology S DE EUR 101,195 35.38 $3,579,917 4.14% YUMC Yum China Holdings Inc Consumer Discretionary S CN USD 60,578 58.73 $3,557,746 4.12% QCOM QUALCOMM Inc Information Technology S US USD 28,524 123.53 $3,523,570 4.08% 3908 China International Capital Corp Ltd 144A Financials S CN HKD 1,628,100 2.15 $3,505,420 4.06% HTHT H World Group Ltd ADR Consumer Discretionary S CN USD 71,759 47.37 $3,399,224 3.94% 9888 Baidu Inc, Class A Communication Services S CN HKD 193,000 17.19 $3,318,312 3.84% 000858 Wuliangye Yibin Co Ltd, Class A Consumer Staples S CN CNY 111,053 29.39 $3,263,829 3.78% KMB Kotak Mahindra Bank Ltd Financials S IN INR 153,426 20.89 $3,205,667 3.71% 9988 Alibaba Group Holding Ltd Consumer Discretionary S CN HKD 291,648 10.99 $3,205,633 3.71% 2331 Li Ning Co Ltd Consumer Discretionary S CN HKD 222,500 8.53 $1,898,527 2.20% 6862 Haidilao International Holding Ltd 144A Consumer Discretionary S CN HKD 646,000 2.77 $1,789,244 2.07% 1093 CSPC Pharmaceutical Group Ltd Health Care S CN HKD 1,583,600 1.07 $1,701,260 1.97% NOVOB Novo Nordisk A/S, Class B Health Care S DK DKK 11,914 141.26 $1,682,915 1.95% 388 Hong Kong Exchanges & Clearing Ltd Financials S HK HKD 35,450 40.05 $1,419,867 1.64% MMYT MakeMyTrip Ltd Consumer Discretionary S IN USD 50,009 25.92 $1,296,233 1.50% 603288 Foshan Haitian Flavouring & Food Co Ltd Consumer Staples S CN CNY 107,710 11.85 $1,276,319 1.48% EL Estee Lauder Cos Inc, Class A Consumer Staples S US USD 5,040 243.05 $1,224,972 1.42% DIS Walt Disney Co Communication Services S US USD 11,503 99.61 $1,145,814 1.33% MA MasterCard Inc, Class A Information Technology S US USD 3,220 355.29 $1,144,034 1.32% 600298 Angel Yeast Co Ltd Consumer Staples S CN CNY 181,650 5.83 $1,058,563 1.23% HDFCLIFE HDFC Life Insurance Co Ltd 144A Financials S IN INR 176,020 5.91 $1,040,023 1.20% WALMEX* Wal-Mart de Mexico SAB de CV Consumer Staples S MX MXN 254,570 3.94 $1,003,170 1.16% 603737 Skshu Paint Co Ltd Materials S CN CNY 51,313 17.64 $905,000 1.05% 000999 China Resources Sanjiu Medical & Pharmaceutical Co Ltd, Class A Health Care S CN CNY 106,412 7.34 $780,626 0.90% 300124 Shenzhen Inovance Technology Co Ltd Industrials S CN CNY 73,000 10.55 $770,195 0.89% APNT Asian Paints Ltd Materials S IN INR 22,328 34.18 $763,191 0.88% 300146 By-health Co Ltd Consumer Staples S CN CNY 219,361 3.30 $724,921 0.84% MONC Moncler SpA Consumer Discretionary S IT EUR 11,453 60.96 $698,130 0.81% TTAN Titan Co Ltd Consumer Discretionary S IN INR 24,260 28.68 $695,812 0.81% 300750 Contemporary Amperex Technology Co Ltd Industrials S CN CNY 11,600 58.03 $673,098 0.78% 3888 Kingsoft Corp Ltd Communication Services S CN HKD 188,100 3.30 $621,034 0.72% RMS Hermes International Consumer Discretionary S FR EUR 342 1,810.13 $619,066 0.72% JUBI Jubilant Foodworks Ltd Consumer Discretionary S IN INR 103,910 5.33 $553,399 0.64% CPA Copa Holdings SA, Class A Industrials S PA USD 5,845 92.35 $539,786 0.62% MC LVMH Moet Hennessy Louis Vuitton SE Consumer Discretionary S FR EUR 648 831.33 $538,700 0.62% CIFC Cholamandalam Investment and Finance Co Ltd Financials S IN INR 43,000 9.14 $393,126 0.46% BBCA Bank Central Asia Tbk PT Financials S ID IDR 676,800 0.57 $388,171 0.45% 9618 JD.Com Inc, Class A Consumer Discretionary S CN HKD 13,600 22.23 $302,327 0.35% 300059 East Money Information Co Ltd Financials S CN CNY 89,774 3.01 $269,956 0.31% 688111 Beijing Kingsoft Office Software Inc Information Technology S CN CNY 5,875 41.95 $246,435 0.29% EIM Eicher Motors Ltd Consumer Discretionary S IN INR 6,210 37.53 $233,066 0.27% TIINDIA Tube Investments of India Ltd Consumer Discretionary S IN INR 6,300 33.52 $211,170 0.24% 3690 Meituan, Class B 144A Consumer Discretionary S CN HKD 8,054 17.35 $139,777 0.16% Cash & Equivalents Cash C US USD - - $2,210,181 2.56% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Sands China Ltd 1 5.29% 32.23% Infineon Technologies AG 2 3.94% 36.38% Trip.com Group Ltd ADR 3 4.71% 25.96% AIA Group Ltd 4 4.17% 33.38% H World Group Ltd ADR 5 3.61% 26.48% China International Capital Corp Ltd 144A 6 3.47% 31.22% HDFC Bank Ltd ADR 7 4.88% 17.10% Tencent Holdings Ltd 8 3.77% 26.10% Yum China Holdings Inc 9 4.67% 15.73% Novo Nordisk A/S, Class B 10 2.33% 34.19% As of: 12/31/2022 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 Baidu Inc, Class A 20 2.66% -1.54% Jubilant Foodworks Ltd 19 0.93% -19.30% MakeMyTrip Ltd 18 1.87% -10.20% DLocal Limited Class A 17 0.24% -37.72% Asian Paints Ltd 16 1.11% -9.06% KLA Corp 15 0.14% -9.19% Sea Ltd. (Singapore) Sponsored ADR Class A 14 0.21% -17.95% Eicher Motors Ltd 13 0.82% -13.55% Walt Disney Co 12 0.39% -7.90% Contemporary Amperex Technology Co Ltd 11 1.55% 1.12% As of: 12/31/2022 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 Regional Allocation As of: 12/31/2022 View Allocation Details Allocation Details GW&K Emerging Wealth Equity Fund (TYWVX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI Emerging Markets Index Consumer Discretionary 34.46% 14.08% Financials 22.46% 22.10% Information Technology 13.73% 18.63% Consumer Staples 9.86% 6.44% Communication Services 9.09% 9.91% Health Care 4.83% 4.07% Industrials 2.32% 6.06% Materials 2.06% 8.85% Cash & Other 1.20% 0.00% Energy 0.00% 4.88% Real Estate 0.00% 1.94% Utilities 0.00% 3.03% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 98.80% Bonds 0.00% Cash and Other 1.20% As of: 12/31/2022 Country Fund MSCI Emerging Markets Index China 47.36% 32.31% India 16.70% 14.44% United States 7.37% 0.00% Hong Kong 6.56% 0.00% Macau 6.37% 0.00% Taiwan 4.62% 13.81% Germany 3.74% 0.00% Denmark 1.97% 0.00% France 1.22% 0.00% Mexico 1.11% 2.29% Italy 0.74% 0.00% Panama 0.59% 0.00% Indonesia 0.47% 1.90% % in Top 13 Countries 98.82% 64.75% As of: 12/31/2022 Region Fund MSCI Emerging Markets Index Developed 21.59% 0.00% Europe & Middle East 7.67% 0.00% North America 7.37% 0.00% Pacific 6.56% 0.00% Emerging 70.25% 100.00% Asia 69.15% 78.32% Latin America 1.11% 8.48% Europe & Middle East 0.00% 9.42% Africa 0.00% 3.78% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 8.16% 0.00% As of: 12/31/2022 Industry Fund MSCI Emerging Markets Index Hotels, Restaurants & Leisure 24.22% 1.28% Semiconductors & Semiconductor Equipment 12.10% 8.25% Banks 9.00% 15.99% Insurance 7.40% 2.76% Interactive Media & Services 7.35% 5.68% Capital Markets 5.82% 1.04% Textiles, Apparel & Luxury Goods 5.18% 1.21% Pharmaceuticals 4.83% 1.33% Internet & Direct Marketing Retail 4.28% 6.79% Beverages 3.58% 1.77% % in Top 10 Industries 83.76% 46.1% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach AMG GW&K Emerging Wealth Equity Fund The Fund generally invests in emerging market companies and developed market companies that have emerging markets revenue exposure. The Fund’s portfolio will normally allocate its investments across different countries to total approximately 60 to 100 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 As population and demographics shift meaningfully within Emerging Markets, investors see the opportunity to increase their exposure within this allocation. 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 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 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