Fund Overview Fund Overview Share Class I N I NAV | as of 05/31/2023 $20.30 -$0.01 (-0.05%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 03/12/2021 to 04/30/2023 = $10,061.82 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 800.548.4539 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 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 Morningstar Ratings Risk-adjusted returns as of 04/30/2023 Overall Rating — 3 Years — 5 Years — 10 Years — Category Multisector 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 Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 1.14% Net Expense Ratio: 0.66% Expense Cap Expiration Date: 05/01/2024 Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 03/31/2023 Ford Motor Co Fixed 1.78% Matador Resources Co Fixed 1.56% Aircastle Ltd Fixed 1.48% NuStar Logistics LP Fixed 1.46% Western Midstream Operating LP Fixed 1.46% Ball Corp Fixed 1.38% SM Energy Co Fixed 1.37% Goodyear Tire & Rubber Co Fixed 1.36% Delta Air Lines Inc Fixed 1.31% SLM Corp Fixed 1.31% % in Top 10 Holdings 14.47% 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 1.78% Matador Resources Co Fixed 5.88% Sep 2026 1.56% Aircastle Ltd Fixed 4.25% Jun 2026 1.48% NuStar Logistics LP Fixed 5.63% Apr 2027 1.46% Western Midstream Operating LP Fixed 4.65% Jul 2026 1.46% Ball Corp Fixed 5.25% Jul 2025 1.38% SM Energy Co Fixed 5.63% Jun 2025 1.37% Goodyear Tire & Rubber Co Fixed 4.88% Mar 2027 1.36% Delta Air Lines Inc Fixed 7.38% Jan 2026 1.31% SLM Corp Fixed 4.2% Oct 2025 1.31% % in Top 10 Holdings 14.47% As of: 03/31/2023 Download All Holdings (PDF) As of: 04/30/2023 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 97.15 $316,694 1.87% NuStar Logistics LP Fixed 5.63% Apr 2027 Corporate B US USD 276,000 95.42 $263,361 1.56% Bank of America Corp Floating Apr 2027 Corporate B US USD 270,000 95.37 $257,502 1.52% SM Energy Co Fixed 5.63% Jun 2025 Corporate B US USD 253,000 97.69 $247,153 1.46% Western Midstream Operating LP Fixed 4.65% Jul 2026 Corporate B US USD 254,000 97.22 $246,939 1.46% Ball Corp Fixed 5.25% Jul 2025 Corporate B US USD 247,000 99.92 $246,802 1.46% Goodyear Tire & Rubber Co Fixed 4.88% Mar 2027 Corporate B US USD 258,000 94.45 $243,694 1.44% SLM Corp Fixed 4.20% Oct 2025 Corporate B US USD 259,000 92.38 $239,251 1.41% Delta Air Lines Inc Fixed 7.38% Jan 2026 Corporate B US USD 225,000 105.40 $237,143 1.40% Citigroup Inc Floating Perpetual Corporate B US USD 276,000 85.38 $235,635 1.39% Southwestern Energy Co Fixed 8.38% Sep 2028 Corporate B US USD 220,000 104.70 $230,345 1.36% Matador Resources Co Fixed 5.88% Sep 2026 Corporate B US USD 233,000 98.06 $228,486 1.35% Clearwater Paper Corp Fixed 5.38% Feb 2025 144A Corporate B US USD 230,000 98.00 $225,400 1.33% Prime Security Services Borrower LLC Fixed 5.75% Apr 2026 144A Corporate B US USD 225,000 99.25 $223,304 1.32% Starwood Property Trust Inc Fixed 4.75% Mar 2025 Corporate B US USD 225,000 94.50 $212,625 1.26% PTC Inc Fixed 3.63% Feb 2025 144A Corporate B US USD 218,000 96.44 $210,236 1.24% SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 225,000 93.27 $209,858 1.24% MGM Resorts International Fixed 5.75% Jun 2025 Corporate B US USD 210,000 99.74 $209,452 1.24% American Airlines Inc Fixed 5.50% Apr 2026 144A Corporate B US USD 211,000 98.20 $207,201 1.23% Mattel Inc Fixed 3.38% Apr 2026 144A Corporate B US USD 218,000 94.59 $206,205 1.22% Owens-Brockway Glass Container Inc Fixed 6.38% Aug 2025 144A Corporate B US USD 198,000 101.88 $201,713 1.19% Alcoa Nederland Holding BV Fixed 6.13% May 2028 144A Corporate B NL USD 200,000 99.73 $199,455 1.18% Olin Corp Fixed 5.13% Sep 2027 Corporate B US USD 204,000 96.75 $197,370 1.17% Sprint LLC Fixed 7.13% Jun 2024 Corporate B US USD 193,000 101.64 $196,160 1.16% Embraer Netherlands Finance BV Fixed 5.05% Jun 2025 Corporate B NL USD 198,000 98.51 $195,052 1.15% Crown Cork & Seal Co Inc Fixed 7.38% Dec 2026 Corporate B US USD 185,000 105.12 $194,463 1.15% Morgan Stanley Floating Perpetual Corporate B US USD 194,000 99.04 $192,130 1.14% EQT Corp Fixed 5.70% Apr 2028 Corporate B US USD 190,000 100.44 $190,829 1.13% Centene Corp Fixed 4.25% Dec 2027 Corporate B US USD 191,000 95.56 $182,523 1.08% Sealed Air Corp Fixed 5.50% Sep 2025 144A Corporate B US USD 182,000 100.09 $182,156 1.08% Toll Brothers Finance Corp Fixed 4.35% Feb 2028 Corporate B US USD 190,000 95.74 $181,904 1.08% Teva Pharmaceutical Finance Netherlands III BV Fixed 3.15% Oct 2026 Corporate B NL USD 201,000 90.36 $181,620 1.07% Permian Resources Operating LLC Fixed 5.38% Jan 2026 144A Corporate B US USD 190,000 95.18 $180,842 1.07% NRG Energy Inc Fixed 5.25% Jun 2029 144A Corporate B US USD 195,000 92.24 $179,870 1.06% US Bancorp Floating Jul 2028 Corporate B US USD 184,000 97.22 $178,882 1.06% Callon Petroleum Co Fixed 6.38% Jul 2026 Corporate B US USD 185,000 96.61 $178,737 1.06% Navient Corp Fixed 6.13% Mar 2024 Corporate B US USD 180,000 99.12 $178,412 1.06% Trinity Industries Inc Fixed 4.55% Oct 2024 Corporate B US USD 182,000 97.49 $177,434 1.05% Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 180,000 98.50 $177,300 1.05% Fortress Transportation and Infrastructure Investors LLC Fixed 6.50% Oct 2025 144A Corporate B US USD 179,000 98.75 $176,768 1.05% Chord Energy Corp Fixed 6.38% Jun 2026 144A Corporate B US USD 177,000 99.48 $176,086 1.04% United Rentals North America Inc Fixed 4.88% Jan 2028 Corporate B US USD 183,000 96.08 $175,827 1.04% CCO Holdings LLC Fixed 5.50% May 2026 144A Corporate B US USD 179,000 98.17 $175,724 1.04% Methanex Corp Fixed 5.13% Oct 2027 Corporate B CA USD 183,000 95.54 $174,833 1.03% Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 188,000 92.97 $174,784 1.03% Tenet Healthcare Corp Fixed 4.88% Jan 2026 Corporate B US USD 177,000 98.49 $174,320 1.03% Novelis Corp Fixed 3.25% Nov 2026 144A Corporate B US USD 189,000 91.55 $173,023 1.02% Newell Brands Inc Fixed 4.70% Apr 2026 Corporate B US USD 181,000 95.50 $172,855 1.02% Spirit AeroSystems Inc Fixed 9.38% Nov 2029 144A Corporate B US USD 160,000 107.49 $171,986 1.02% Occidental Petroleum Corp Fixed 7.88% Sep 2031 Corporate B US USD 151,000 113.32 $171,117 1.01% Cleveland-Cliffs Inc Fixed 5.88% Jun 2027 Corporate B US USD 174,000 98.18 $170,827 1.01% Caesars Entertainment Inc Fixed 6.25% Jul 2025 144A Corporate B US USD 170,000 100.12 $170,207 1.01% Murphy Oil Corp Fixed 6.38% Jul 2028 Corporate B US USD 170,000 99.63 $169,365 1.00% MEG Energy Corp Fixed 5.88% Feb 2029 144A Corporate B CA USD 175,000 96.01 $168,020 0.99% Wynn Las Vegas LLC Fixed 5.50% Mar 2025 144A Corporate B US USD 170,000 98.61 $167,642 0.99% JPMorgan Chase & Co Floating Perpetual Corporate B US USD 167,000 99.88 $166,800 0.99% Penske Automotive Group Inc Fixed 3.50% Sep 2025 Corporate B US USD 174,000 95.55 $166,250 0.98% AECOM Fixed 5.13% Mar 2027 Corporate B US USD 169,000 97.96 $165,547 0.98% Lamar Media Corp Fixed 4.88% Jan 2029 Corporate B US USD 175,000 94.54 $165,446 0.98% Mueller Water Products Inc Fixed 4.00% Jun 2029 144A Corporate B US USD 183,000 90.31 $165,265 0.98% Energy Transfer LP Fixed 5.25% Apr 2029 Corporate B US USD 160,000 100.34 $160,550 0.95% TransDigm Inc Fixed 6.25% Mar 2026 144A Corporate B US USD 157,000 100.47 $157,742 0.93% American Express Co Floating Perpetual Corporate B US USD 186,000 84.02 $156,273 0.92% General Motors Co Fixed 6.80% Oct 2027 Corporate B US USD 146,000 105.69 $154,314 0.91% Penn Entertainment Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 183,000 84.25 $154,169 0.91% Meritage Homes Corp Fixed 6.00% Jun 2025 Corporate B US USD 148,000 100.50 $148,740 0.88% Cheniere Energy Partners LP Fixed 4.50% Oct 2029 Corporate B US USD 155,000 94.08 $145,830 0.86% Commercial Metals Co Fixed 3.88% Feb 2031 Corporate B US USD 161,000 87.62 $141,075 0.83% Teleflex Inc Fixed 4.25% Jun 2028 144A Corporate B US USD 150,000 93.75 $140,618 0.83% Encompass Health Corp Fixed 4.50% Feb 2028 Corporate B US USD 148,000 94.29 $139,543 0.83% Graphic Packaging International LLC Fixed 3.50% Mar 2029 144A Corporate B US USD 155,000 88.56 $137,266 0.81% Apache Corp Fixed 4.25% Jan 2030 Corporate B US USD 150,000 91.38 $137,063 0.81% Avient Corp Fixed 5.75% May 2025 144A Corporate B US USD 135,000 99.93 $134,902 0.80% HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 146,000 91.82 $134,057 0.79% Wabash National Corp Fixed 4.50% Oct 2028 144A Corporate B US USD 153,000 87.01 $133,125 0.79% Aramark Services Inc Fixed 5.00% Feb 2028 144A Corporate B US USD 138,000 95.24 $131,431 0.78% United States Steel Corp Fixed 6.88% Mar 2029 Corporate B US USD 133,000 98.26 $130,686 0.77% Western Digital Corp Fixed 4.75% Feb 2026 Corporate B US USD 137,000 95.03 $130,195 0.77% ATI Inc Fixed 4.88% Oct 2029 Corporate B US USD 139,000 92.20 $128,151 0.76% Silgan Holdings Inc Fixed 4.13% Feb 2028 Corporate B US USD 137,000 93.50 $128,095 0.76% Goldman Sachs Group Inc Floating Perpetual Corporate B US USD 155,000 81.69 $126,616 0.75% MetLife Inc Floating Perpetual Corporate B US USD 136,000 93.00 $126,480 0.75% United Airlines Holdings Inc Fixed 4.88% Jan 2025 Corporate B US USD 125,000 98.29 $122,861 0.73% Bath & Body Works Inc Fixed 6.69% Jan 2027 Corporate B US USD 123,000 99.76 $122,709 0.73% Hillenbrand Inc Fixed 5.00% Sep 2026 Corporate B US USD 126,000 97.26 $122,546 0.72% Howmet Aerospace Inc Fixed 6.88% May 2025 Corporate B US USD 114,000 102.99 $117,409 0.69% United Airlines Holdings Inc Fixed 5.00% Feb 2024 Corporate B US USD 117,000 99.08 $115,921 0.69% Dana Inc Fixed 5.63% Jun 2028 Corporate B US USD 123,000 92.25 $113,463 0.67% Charles Schwab Corp Floating Perpetual Corporate B US USD 131,000 83.88 $109,879 0.65% WESCO Distribution Inc Fixed 7.25% Jun 2028 144A Corporate B US USD 100,000 102.65 $102,647 0.61% Hudbay Minerals Inc Fixed 4.50% Apr 2026 144A Corporate B CA USD 97,000 93.12 $90,329 0.53% FMG Resources August 2006 Pty Ltd Fixed 4.50% Sep 2027 144A Corporate B AU USD 94,000 95.02 $89,322 0.53% Howmet Aerospace Inc Fixed 5.90% Feb 2027 Corporate B US USD 80,000 102.36 $81,886 0.48% Travel + Leisure Co Fixed 6.60% Oct 2025 Corporate B US USD 75,000 100.24 $75,180 0.44% KB Home Fixed 4.00% Jun 2031 Corporate B US USD 85,000 86.52 $73,544 0.43% Kraft Heinz Foods Co Fixed 4.38% Jun 2046 Corporate B US USD 76,000 87.51 $66,508 0.39% First-Citizens Bank & Trust Co Floating Jun 2024 Corporate B US USD 50,000 98.79 $49,396 0.29% Charles Schwab Corp Floating Perpetual Corporate B US USD 39,000 79.60 $31,045 0.18% Truist Bank Floating Aug 2024 Corporate B US USD 25,000 99.42 $24,855 0.15% Fifth Third Bancorp Fixed 3.65% Jan 2024 Corporate B US USD 25,000 98.33 $24,582 0.15% Keycorp Floating May 2025 Corporate B US USD 25,000 96.63 $24,157 0.14% Huntington Bancshares Inc Fixed 2.63% Aug 2024 Corporate B US USD 25,000 95.04 $23,761 0.14% Cash & Equivalents Cash C US USD - - $414,830 2.45% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 03/31/2023 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 98.50% Investment Grade 70 30.05% Non-Investment Grade & Not Rated 100 68.44% 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 1.50% As of: 03/31/2023 Credit 03/31/2023 Treasury 0.00% Agency 0.00% AAA 0.00% AA 0.00% A 1.57% BBB 28.94% BB 60.07% B 9.42% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 03/31/2023 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 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. 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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