Fund Overview Fund Overview Share Class I N I NAV | as of 02/02/2023 $20.78 +$0.19 (+0.92%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 03/12/2021 to 12/31/2022 = $9,680.09 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 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 The Fund seeks high income Why Consider May be appropriate for investors seeking a short term high income investment Employs a research intensive investment process combining quantitative screening tools with in-depth security specific research Manages risk by limiting duration and focusing on the highest quality of non-investment grade corporate bonds Documents Fact Sheet Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER See Our Approach Read Bio Stephen J. Repoff, CFA PRINCIPAL, PORTFOLIO MANAGER See Our Approach Read Bio Investment Style GW&K High Income Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K High Income Fund is categorized as Low-Limited. It combines low credit quality with limited interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 12/31/2022 Overall Rating — 3 Years — 5 Years — 10 Years — Category High Yield Bond Read Important Investment Disclosures Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Mary is a partner of the firm and responsible for the implementation and execution of all GW&K taxable fixed income portfolios. She has a long-tenured and successful career in building taxable fixed income portfolios and mutual funds that serve a wide range of clients. Mary is a proven leader and manages all aspects of GW&K’s taxable bond portfolio management, research, and trading. She is a member of the firm's Investment, ESG, and Global Allocation Committees. Prior to joining GW&K, Mary was a managing director and portfolio manager with Fortis Investments where she was responsible for all of the firm's U.S. dollar-denominated taxable bond mutual funds. Previously she was a vice president at Invesco, where she served as a senior high-yield credit analyst and managed various institutional fixed-income mandates. She began her investment career as a fixed income trader and credit analyst at Gardner and Preston Moss. Mary graduated cum laude from Wheaton College where she earned an AB in Economics, and received her MBA from Boston University's Questrom School of Business. She is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Stephen J. Repoff, CFA PRINCIPAL, PORTFOLIO MANAGER Stephen is a principal and a portfolio manager for all of GW&K's taxable fixed income strategies. In this capacity he oversees risk management, portfolio construction and analysis, and taxable bond trading. Stephen also specializes in analyzing and managing GW&K’s preferred stock holdings. He is a member of the firm's Investment Committee. Prior to joining GW&K in 2013, Stephen worked for Fidelity Investments as a research analyst covering the E&P, Energy Services, and Midstream sectors for the firm’s high yield mutual funds. At Fidelity, Stephen also worked on the high yield trading desk where he focused on levered loans. Prior to that, he was responsible for overseeing the construction, warehousing, and ongoing compliance of Fidelity’s Collateralized Loan Obligations. Stephen graduated magna cum laude from Boston University where he received a BA in Philosophy and a BS in English Education. He received his MSF from Boston College. He is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Quarterly Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 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: 1.17% Net Expense Ratio: 0.64% Expense Cap Expiration Date: 05/01/2023 Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 12/31/2022 Ford Motor Co Fixed 1.79% Matador Resources Co Fixed 1.58% SM Energy Co Fixed 1.57% Southwestern Energy Co Fixed 1.55% Aircastle Ltd Fixed 1.51% Ball Corp Fixed 1.50% NuStar Logistics LP Fixed 1.49% Western Midstream Operating LP Fixed 1.48% DCP Midstream Operating LP Fixed 1.43% Starwood Property Trust Inc Fixed 1.38% % in Top 10 Holdings 15.29% View Holding Details Holding Details GW&K High Income Fund (GWHIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets Ford Motor Co Fixed 4.35% Dec 2026 1.79% Matador Resources Co Fixed 5.88% Sep 2026 1.58% SM Energy Co Fixed 5.63% Jun 2025 1.57% Southwestern Energy Co Fixed 8.38% Sep 2028 1.55% Aircastle Ltd Fixed 4.25% Jun 2026 1.51% Ball Corp Fixed 5.25% Jul 2025 1.50% NuStar Logistics LP Fixed 5.63% Apr 2027 1.49% Western Midstream Operating LP Fixed 4.65% Jul 2026 1.48% DCP Midstream Operating LP Fixed 5.38% Jul 2025 1.43% Starwood Property Trust Inc Fixed 4.75% Mar 2025 1.38% % in Top 10 Holdings 15.29% As of: 12/31/2022 Download All Holdings (PDF) As of: 12/31/2022 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund Ford Motor Co Fixed 4.35% Dec 2026 Corporate B US USD 326,000 94.83 $309,159 1.79% Matador Resources Co Fixed 5.88% Sep 2026 Corporate B US USD 283,000 96.15 $272,093 1.58% SM Energy Co Fixed 5.63% Jun 2025 Corporate B US USD 283,000 96.00 $271,677 1.57% Southwestern Energy Co Fixed 8.38% Sep 2028 Corporate B US USD 260,000 103.09 $268,045 1.55% Aircastle Ltd Fixed 4.25% Jun 2026 Corporate B US USD 278,000 94.04 $261,440 1.51% Ball Corp Fixed 5.25% Jul 2025 Corporate B US USD 262,000 98.69 $258,580 1.50% NuStar Logistics LP Fixed 5.63% Apr 2027 Corporate B US USD 276,000 93.51 $258,076 1.49% Western Midstream Operating LP Fixed 4.65% Jul 2026 Corporate B US USD 269,000 94.91 $255,297 1.48% DCP Midstream Operating LP Fixed 5.38% Jul 2025 Corporate B US USD 249,000 99.07 $246,684 1.43% Starwood Property Trust Inc Fixed 4.75% Mar 2025 Corporate B US USD 250,000 95.42 $238,562 1.38% SLM Corp Fixed 4.20% Oct 2025 Corporate B US USD 259,000 91.50 $236,974 1.37% Goodyear Tire & Rubber Co Fixed 4.88% Mar 2027 Corporate B US USD 258,000 91.47 $236,000 1.37% Citigroup Inc Floating Perpetual Corporate B US USD 276,000 85.25 $235,290 1.36% Delta Air Lines Inc Fixed 7.38% Jan 2026 Corporate B US USD 225,000 102.17 $229,892 1.33% Clearwater Paper Corp Fixed 5.38% Feb 2025 144A Corporate B US USD 230,000 97.16 $223,478 1.29% Sprint LLC Fixed 7.13% Jun 2024 Corporate B US USD 213,000 101.95 $217,162 1.26% Centene Corp Fixed 4.25% Dec 2027 Corporate B US USD 231,000 93.79 $216,646 1.25% Prime Security Services Borrower LLC Fixed 5.75% Apr 2026 144A Corporate B US USD 225,000 96.25 $216,563 1.25% PTC Inc Fixed 3.63% Feb 2025 144A Corporate B US USD 218,000 95.24 $207,630 1.20% MGM Resorts International Fixed 5.75% Jun 2025 Corporate B US USD 210,000 97.19 $204,094 1.18% SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 225,000 90.35 $203,291 1.18% American Airlines Inc Fixed 5.50% Apr 2026 144A Corporate B US USD 211,000 96.16 $202,907 1.18% Mattel Inc Fixed 3.38% Apr 2026 144A Corporate B US USD 218,000 91.94 $200,430 1.16% Alcoa Nederland Holding BV Fixed 6.13% May 2028 144A Corporate B NL USD 200,000 98.51 $197,024 1.14% Owens-Brockway Glass Container Inc Fixed 6.38% Aug 2025 144A Corporate B US USD 198,000 97.99 $194,018 1.12% Olin Corp Fixed 5.13% Sep 2027 Corporate B US USD 204,000 94.50 $192,780 1.12% American Axle & Manufacturing Inc Fixed 6.25% Mar 2026 Corporate B US USD 206,000 93.38 $192,355 1.11% Embraer Netherlands Finance BV Fixed 5.05% Jun 2025 Corporate B NL USD 198,000 97.05 $192,161 1.11% Crown Cork & Seal Co Inc Fixed 7.38% Dec 2026 Corporate B US USD 185,000 102.95 $190,459 1.10% Morgan Stanley Floating Perpetual Corporate B US USD 194,000 97.75 $189,631 1.10% EQT Corp Fixed 5.70% Apr 2028 Corporate B US USD 183,000 99.46 $182,017 1.05% Sealed Air Corp Fixed 5.50% Sep 2025 144A Corporate B US USD 182,000 98.56 $179,386 1.04% Trinity Industries Inc Fixed 4.55% Oct 2024 Corporate B US USD 182,000 97.03 $176,602 1.02% Navient Corp Fixed 6.13% Mar 2024 Corporate B US USD 180,000 97.96 $176,331 1.02% Teva Pharmaceutical Finance Netherlands III BV Fixed 3.15% Oct 2026 Corporate B NL USD 201,000 87.45 $175,775 1.02% Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 180,000 97.10 $174,782 1.01% Energy Transfer LP Fixed 5.25% Apr 2029 Corporate B US USD 180,000 96.70 $174,052 1.01% United Rentals North America Inc Fixed 4.88% Jan 2028 Corporate B US USD 183,000 94.77 $173,420 1.00% CCO Holdings LLC Fixed 5.50% May 2026 144A Corporate B US USD 179,000 96.81 $173,290 1.00% Permian Resources Operating LLC Fixed 5.38% Jan 2026 144A Corporate B US USD 190,000 91.03 $172,954 1.00% Toll Brothers Finance Corp Fixed 4.35% Feb 2028 Corporate B US USD 190,000 90.86 $172,627 1.00% Callon Petroleum Co Fixed 6.38% Jul 2026 Corporate B US USD 185,000 93.20 $172,428 1.00% Chord Energy Corp Fixed 6.38% Jun 2026 144A Corporate B US USD 177,000 97.39 $172,386 1.00% NRG Energy Inc Fixed 5.25% Jun 2029 144A Corporate B US USD 195,000 88.27 $172,134 1.00% Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 188,000 90.84 $170,787 0.99% Newell Brands Inc Fixed 4.45% Apr 2026 Corporate B US USD 181,000 94.08 $170,284 0.99% Methanex Corp Fixed 5.13% Oct 2027 Corporate B CA USD 183,000 92.75 $169,733 0.98% TransDigm Inc Fixed 6.25% Mar 2026 144A Corporate B US USD 172,000 98.62 $169,625 0.98% Novelis Corp Fixed 3.25% Nov 2026 144A Corporate B US USD 189,000 89.65 $169,440 0.98% Fortress Transportation and Infrastructure Investors LLC Fixed 6.50% Oct 2025 144A Corporate B US USD 179,000 94.02 $168,296 0.97% Tenet Healthcare Corp Fixed 4.88% Jan 2026 144A Corporate B US USD 177,000 94.56 $167,379 0.97% General Motors Co Fixed 6.80% Oct 2027 Corporate B US USD 161,000 103.80 $167,115 0.97% Occidental Petroleum Corp Fixed 7.88% Sep 2031 Corporate B US USD 151,000 110.40 $166,704 0.97% Cleveland-Cliffs Inc Fixed 5.88% Jun 2027 Corporate B US USD 174,000 95.53 $166,226 0.96% Caesars Entertainment Inc Fixed 6.25% Jul 2025 144A Corporate B US USD 170,000 97.17 $165,185 0.96% MEG Energy Corp Fixed 5.88% Feb 2029 144A Corporate B CA USD 175,000 94.30 $165,029 0.96% Murphy Oil Corp Fixed 6.38% Jul 2028 Corporate B US USD 170,000 96.25 $163,633 0.95% AECOM Fixed 5.13% Mar 2027 Corporate B US USD 169,000 96.25 $162,663 0.94% Encompass Health Corp Fixed 4.50% Feb 2028 Corporate B US USD 178,000 90.84 $161,695 0.94% Penske Automotive Group Inc Fixed 3.50% Sep 2025 Corporate B US USD 174,000 92.81 $161,482 0.94% Wynn Las Vegas LLC Fixed 5.50% Mar 2025 144A Corporate B US USD 170,000 94.93 $161,389 0.93% Mueller Water Products Inc Fixed 4.00% Jun 2029 144A Corporate B US USD 183,000 87.88 $160,811 0.93% Lamar Media Corp Fixed 4.88% Jan 2029 Corporate B US USD 175,000 91.82 $160,681 0.93% United Airlines Holdings Inc Fixed 5.00% Feb 2024 Corporate B US USD 157,000 98.25 $154,253 0.89% VICI Properties LP Fixed 4.25% Dec 2026 144A Corporate B US USD 165,000 93.29 $153,932 0.89% American Express Co Floating Perpetual Corporate B US USD 186,000 82.15 $152,799 0.88% Meritage Homes Corp Fixed 6.00% Jun 2025 Corporate B US USD 148,000 99.52 $147,288 0.85% Penn Entertainment Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 183,000 79.00 $144,571 0.84% Hanesbrands Inc Fixed 4.88% May 2026 144A Corporate B US USD 157,000 89.36 $140,291 0.81% Cheniere Energy Partners LP Fixed 4.50% Oct 2029 Corporate B US USD 155,000 89.92 $139,379 0.81% HCA Inc Fixed 5.38% Feb 2025 Corporate B US USD 139,000 99.88 $138,832 0.80% CDW LLC Fixed 5.50% Dec 2024 Corporate B US USD 133,000 99.99 $132,992 0.77% Avient Corp Fixed 5.75% May 2025 144A Corporate B US USD 135,000 97.50 $131,625 0.76% Wabash National Corp Fixed 4.50% Oct 2028 144A Corporate B US USD 153,000 85.16 $130,293 0.75% HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 146,000 88.50 $129,210 0.75% United States Steel Corp Fixed 6.88% Mar 2029 Corporate B US USD 133,000 97.06 $129,096 0.75% Western Digital Corp Fixed 4.75% Feb 2026 Corporate B US USD 137,000 94.17 $129,016 0.75% Aramark Services Inc Fixed 5.00% Feb 2028 144A Corporate B US USD 138,000 93.29 $128,745 0.75% Silgan Holdings Inc Fixed 4.13% Feb 2028 Corporate B US USD 137,000 92.52 $126,747 0.73% Goldman Sachs Group Inc Floating Perpetual Corporate B US USD 155,000 80.75 $125,163 0.72% Ally Financial Inc Floating Perpetual Corporate B US USD 187,000 66.88 $125,056 0.72% ATI Inc Fixed 4.88% Oct 2029 Corporate B US USD 139,000 88.37 $122,838 0.71% Bath & Body Works Inc Fixed 6.69% Jan 2027 Corporate B US USD 123,000 99.28 $122,116 0.71% Hillenbrand Inc Fixed 5.00% Sep 2026 Corporate B US USD 126,000 96.53 $121,628 0.70% Elanco Animal Health Inc Fixed 6.40% Aug 2028 Corporate B US USD 126,000 95.15 $119,890 0.69% WESCO Distribution Inc Fixed 7.25% Jun 2028 144A Corporate B US USD 118,000 101.30 $119,531 0.69% Howmet Aerospace Inc Fixed 6.88% May 2025 Corporate B US USD 114,000 102.62 $116,983 0.68% Charles Schwab Corp Floating Perpetual Corporate B US USD 131,000 86.75 $113,643 0.66% Dana Inc Fixed 5.63% Jun 2028 Corporate B US USD 123,000 90.97 $111,889 0.65% United Airlines Holdings Inc Fixed 4.88% Jan 2025 Corporate B US USD 110,000 95.50 $105,050 0.61% Travel + Leisure Co Fixed 5.65% Apr 2024 Corporate B US USD 97,000 98.50 $95,540 0.55% MetLife Inc Floating Perpetual Corporate B US USD 101,000 92.88 $93,804 0.54% Hudbay Minerals Inc Fixed 4.50% Apr 2026 144A Corporate B CA USD 97,000 90.83 $88,109 0.51% JPMorgan Chase & Co Floating Perpetual Corporate B US USD 99,000 88.13 $87,244 0.51% FMG Resources August 2006 Pty Ltd Fixed 4.50% Sep 2027 144A Corporate B AU USD 94,000 92.25 $86,715 0.50% Howmet Aerospace Inc Fixed 5.90% Feb 2027 Corporate B US USD 80,000 99.44 $79,550 0.46% Travel + Leisure Co Fixed 6.60% Oct 2025 Corporate B US USD 75,000 98.26 $73,691 0.43% KB Home Fixed 4.00% Jun 2031 Corporate B US USD 85,000 80.39 $68,327 0.40% Westlake Corp Fixed 0.88% Aug 2024 Corporate B US USD 73,000 92.85 $67,782 0.39% Kraft Heinz Foods Co Fixed 4.38% Jun 2046 Corporate B US USD 76,000 81.26 $61,758 0.36% Ford Motor Co Fixed 5.29% Dec 2046 Corporate B US USD 77,000 76.20 $58,675 0.34% VICI Properties LP Fixed 3.50% Feb 2025 144A Corporate B US USD 27,000 94.28 $25,456 0.15% Cash & Equivalents Cash C US USD - - $453,133 2.62% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 12/31/2022 View Allocation Details Allocation Details GW&K High Income Fund (GWHIX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund U.S. Agency 10 0.00% U.S. Treasury 20 0.00% Sovereign Debt 30 0.00% Corporate 60 97.38% Investment Grade 70 27.42% Non-Investment Grade & Not Rated 100 69.96% Mortgage-Backed Security 130 0.00% Asset-Backed Security 170 0.00% Municipal Bond 180 0.00% Other Bonds 190 0.00% Interest Rate Futures 200 0.00% Equity Futures 210 0.00% Swaps, Caps, and Floors 220 0.00% Preferred Stock 230 0.00% Options 240 0.00% Other Sectors 250 0.00% Cash 270 2.62% As of: 12/31/2022 Credit 12/31/2022 Treasury 0.00% Agency 0.00% AAA 0.00% AA 0.00% A 0.00% BBB 28.15% BB 61.27% B 10.57% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach GW&K High Income Fund The Fund invests in a diversified portfolio of short-term, non-investment grade corporate bonds, which have the potential to generate high income and strong total return over the long term while assuming manageable levels of risk GW&K believes the short-term segment of the high yield corporate sector provides attractive returns with lower volatility compared to the overall high yield market Under normal market conditions, the Fund invests in bonds with maturities less than five years and seeks to target bonds with an average rating of BB GW&K employs a research intensive process which seeks out relative value opportunities within the corporate bond universe based on their assessment of macro-economic conditions and sound fundamental credit research Uses bottom-up research that focuses on fundamental, valuation, technical and ESG factor analysis A strong risk management process is used to achieve portfolio diversification, manage credit risk, and set sector, quality and issuer limits 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 Funds From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details TLEVX GW&K Emerging Markets Equity Fund Seeks to provide long-term capital appreciation by investing in companies located in emerging market countries. View Fund Details TYWVX GW&K Emerging Wealth Equity Fund Seeks to provide long-term capital appreciation by investing in emerging market companies and developed market companies that have emerging markets revenue exposure. View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details MGFIX GW&K ESG Bond Fund The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. View Fund Details MBEAX GW&K Global Allocation Fund Long-term capital appreciation and moderate current income View Fund Details MECAX GW&K International Small Cap Fund Seeks long-term capital appreciation. View Fund Details GWMTX GW&K Municipal Bond Fund The Fund seeks to provide current income, exempt from federal income tax, and capital preservation by primarily investing in a portfolio of high-quality municipal bonds. View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund The Fund seeks to provide a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds. View Fund Details GWETX GW&K Small Cap Core Fund The Fund seeks to provide long-term capital appreciation by primarily investing in U.S. small cap stocks. View Fund Details SKSEX GW&K Small Cap Value Fund Seeks capital appreciation. View Fund Details GWGVX GW&K Small/Mid Cap 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