Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class N N I Z NAV | as of 02/27/2026 $9.24 +$0.01 (+0.11%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 05/08/2015 to 01/31/2026 = $11,536.93 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks to generate income and capital appreciation by primarily investing in a diversified portfolio of fixed income securities. Why Consider Provides investors with exposure to primarily high-quality intermediate-term bonds Invest in companies that GW&K believes are leaders in effectively addressing exposure to ESG risks through robust business practices, policies and programs or companies that have more limited exposure to ESG risks The Fund employs a multi-sector approach designed to take advantage of the relative valuations among distinct bond sectors, and provide greater opportunities to generate income and capital appreciation Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI Q1 Holdings Q3 Holdings All Holdings Annual Report - Class N Semi-Annual Report - Class N Annual Report - Class I Semi-Annual Report - Class I Annual Report - Class Z Semi-Annual Report - Class Z Annual Financial Statements and Other Information Semi-Annual Financial Statements and Other Information Distributions View All Documents Investment Style AMG GW&K Core Bond ESG Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective AMG GW&K Core Bond ESG Fund is categorized as Medium-Moderate. It combines medium credit quality with moderate interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 01/31/2026 Overall Rating (of 418) 3 Years (of 418) 5 Years (of 375) 10 Years (of 278) Category Intermediate Core Bond Read Important Investment Disclosures Mary F. Kane, CFA PARTNER, 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. Brett Kozlowski, CFA PRINCIPAL, PORTFOLIO MANAGER Brett is a member of GW&K’s Taxable Bond Team responsible for opportunistic and strategic portfolio positioning, performance, and risk management for all of the firm’s Taxable Bond Strategies. He brings to the team broad fixed income research and management knowledge, with a particular focus on the structured credit universe. His experience is well aligned with GW&K’s long-standing philosophy of applying an active total return approach supported by in-depth independent research. He is a member of the firm’s Investment Committee. Prior to joining GW&K, Brett was co-head of Structured Credit at Franklin Templeton, where he managed multi-asset fixed-income funds and structured credit-specific mandates. He led the creation of a Collateralized Loan Obligation (CLO) investment strategy, developed a credit model and OAS framework, and oversaw over $1 billion in new investments across accounts. Previously, he was a lead portfolio manager at Putnam Investments, responsible for investment allocations, research, analysis, and trading across structured products, managing over $12 billion in assets. Prior to Putnam, Brett held roles in portfolio management, research, and trading, beginning his investment career at Fidelity Investments. Brett graduated with a Bachelor of Science degree in Economics with a minor in Mathematics from Massachusetts Institute of Technology. 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. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Returns for periods shorter than one year are not annualized. Expense Ratios Gross Expense Ratio: 1.02% Net Expense Ratio: 0.88% Expense Cap Expiration Date: 03/01/2026 The Fund’s Investment Manager has contractually agreed, through 03/01/2026, to limit fund operating expenses. The net expense ratio reflects this limitation, while the gross expense ratio does not. The Fund has no up-front sales charges or deferred sales charges. Please refer to the Fund’s Prospectus for additional information on the Fund’s expenses. Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Feb 25, 2026 $0.025200 $0.025200 — — Jan 28, 2026 $0.025700 $0.025700 — — Dec 16, 2025 $0.027000 $0.027000 — — Nov 25, 2025 $0.024400 $0.024400 — — Oct 29, 2025 $0.027800 $0.027800 — — Sep 26, 2025 $0.025100 $0.025100 — — Aug 27, 2025 $0.025800 $0.025800 — — Jul 29, 2025 $0.025500 $0.025500 — — Jun 26, 2025 $0.025100 $0.025100 — — May 28, 2025 $0.025700 $0.025700 — — Apr 28, 2025 $0.025400 $0.025400 — — Mar 27, 2025 $0.024600 $0.024600 — — Feb 26, 2025 $0.024000 $0.024000 — — Jan 29, 2025 $0.025400 $0.025400 — — Dec 16, 2024 $0.024000 $0.024000 — — Nov 26, 2024 $0.024100 $0.024100 — — Oct 29, 2024 $0.024200 $0.024200 — — Sep 26, 2024 $0.023800 $0.023800 — — Aug 28, 2024 $0.023900 $0.023900 — — Jul 29, 2024 $0.023900 $0.023900 — — Jun 26, 2024 $0.022800 $0.022800 — — May 29, 2024 $0.024000 $0.024000 — — Apr 26, 2024 $0.023500 $0.023500 — — Mar 26, 2024 $0.022800 $0.022800 — — Feb 27, 2024 $0.021200 $0.021200 — — Jan 29, 2024 $0.020900 $0.020900 — — Dec 14, 2023 $0.023300 $0.023300 — — Nov 28, 2023 $0.021900 $0.021900 — — Oct 27, 2023 $0.021500 $0.021500 — — Sep 27, 2023 $0.020000 $0.020000 — — Aug 29, 2023 $0.020200 $0.020200 — — Jul 27, 2023 $0.019500 $0.019500 — — Jun 28, 2023 $0.019100 $0.019100 — — May 26, 2023 $0.018800 $0.018800 — — Apr 26, 2023 $0.018000 $0.018000 — — Mar 29, 2023 $0.019100 $0.019100 — — Feb 24, 2023 $0.017300 $0.017300 — — Jan 27, 2023 $0.016800 $0.016800 — — Dec 15, 2022 $0.020200 $0.020200 — — Nov 28, 2022 $0.017200 $0.017200 — — Oct 27, 2022 $0.017200 $0.017200 — — Sep 28, 2022 $0.015700 $0.015700 — — Aug 29, 2022 $0.015300 $0.015300 — — Jul 27, 2022 $0.014400 $0.014400 — — Jun 28, 2022 $0.013400 $0.013400 — — May 26, 2022 $0.012900 $0.012900 — — Apr 27, 2022 $0.011100 $0.011100 — — Mar 29, 2022 $0.010700 $0.010700 — — Feb 24, 2022 $0.009100 $0.009100 — — Jan 27, 2022 $0.003000 $0.003000 — — Dec 15, 2021 $0.266100 $0.013300 $0.026200 $0.226600 Nov 26, 2021 $0.009100 $0.009100 — — Oct 27, 2021 $0.008100 $0.008100 — — Sep 28, 2021 $0.008900 $0.008900 — — Aug 27, 2021 $0.009300 $0.009300 — — Jul 28, 2021 $0.009100 $0.009100 — — Jun 28, 2021 $0.010000 $0.010000 — — May 26, 2021 $0.008100 $0.008100 — — Apr 28, 2021 $0.007300 $0.007300 — — Mar 29, 2021 $0.011600 $0.011600 — — Feb 24, 2021 $0.011700 $0.011700 — — Jan 27, 2021 $0.013500 $0.013500 — — Dec 16, 2020 $0.011600 $0.011600 — — Nov 25, 2020 $0.012200 $0.012200 — — Oct 28, 2020 $0.013400 $0.013400 — — Sep 28, 2020 $0.013000 $0.013000 — — Aug 27, 2020 $0.012500 $0.012500 — — Jul 29, 2020 $0.012900 $0.012900 — — Jun 26, 2020 $0.013500 $0.013500 — — May 27, 2020 $0.015000 $0.015000 — — Apr 28, 2020 $0.015100 $0.015100 — — Mar 27, 2020 $0.016500 $0.016500 — — Feb 26, 2020 $0.017400 $0.017400 — — Jan 29, 2020 $0.015000 $0.015000 — — Dec 16, 2019 $0.021300 $0.021300 — — Nov 26, 2019 $0.019100 $0.019100 — — Oct 29, 2019 $0.018000 $0.018000 — — Sep 26, 2019 $0.017000 $0.017000 — — Aug 28, 2019 $0.018800 $0.018800 — — Jul 29, 2019 $0.017600 $0.017600 — — Jun 26, 2019 $0.018000 $0.018000 — — May 29, 2019 $0.019100 $0.019100 — — Apr 26, 2019 $0.017700 $0.017700 — — Mar 27, 2019 $0.019500 $0.019500 — — Feb 26, 2019 $0.017500 $0.017500 — — Jan 29, 2019 $0.016900 $0.016900 — — Dec 27, 2018 $0.015000 $0.015000 — — Nov 28, 2018 $0.018300 $0.018300 — — Oct 29, 2018 $0.016200 $0.016200 — — Sep 26, 2018 $0.016800 $0.016800 — — Aug 29, 2018 $0.017000 $0.017000 — — Jul 27, 2018 $0.016300 $0.016300 — — Jun 27, 2018 $0.015500 $0.015500 — — May 29, 2018 $0.016200 $0.016200 — — Apr 26, 2018 $0.014100 $0.014100 — — Mar 27, 2018 $0.015600 $0.015600 — — Feb 26, 2018 $0.015500 $0.015500 — — Jan 29, 2018 $0.013600 $0.013600 — — Dec 27, 2017 $0.017800 $0.017800 — — Nov 27, 2017 $0.014900 $0.014900 — — Oct 26, 2017 $0.014600 $0.014600 — — Sep 26, 2017 $0.014600 $0.014600 — — Aug 28, 2017 $0.014500 $0.014500 — — Jul 26, 2017 $0.014700 $0.014700 — — Jun 27, 2017 $0.014700 $0.014700 — — May 25, 2017 $0.014400 $0.014400 — — Apr 25, 2017 $0.014200 $0.014200 — — Mar 28, 2017 $0.016200 $0.016200 — — Feb 23, 2017 $0.014900 $0.014900 — — Jan 26, 2017 $0.013500 $0.013500 — — Dec 27, 2016 $0.014400 $0.014400 — — Nov 25, 2016 $0.014500 $0.014500 — — Oct 26, 2016 $0.014500 $0.014500 — — Sep 27, 2016 $0.014100 $0.014100 — — Aug 26, 2016 $0.014500 $0.014500 — — Jul 26, 2016 $0.015500 $0.015500 — — Jun 27, 2016 $0.014900 $0.014900 — — May 25, 2016 $0.014500 $0.014500 — — Apr 26, 2016 $0.014600 $0.014600 — — Mar 28, 2016 $0.014700 $0.014700 — — Feb 24, 2016 $0.012800 $0.012800 — — Jan 26, 2016 $0.012600 $0.012600 — — Dec 28, 2015 $0.251900 $0.012900 — $0.239000 Nov 24, 2015 $0.014900 $0.014900 — — Oct 27, 2015 $0.015500 $0.015500 — — Sep 25, 2015 $0.015600 $0.015600 — — Aug 26, 2015 $0.012500 $0.012500 — — Jul 28, 2015 $0.012700 $0.012700 — — Jun 25, 2015 $0.011600 $0.011600 — — May 26, 2015 $0.012600 $0.012600 — — From: To: Risk & Return Statistics As of: 01/31/2026 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. -0.40 -0.30 -0.36 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. 6.14 6.77 5.52 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. -0.28 -0.60 -0.15 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. 100.43 101.54 104.21 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. 108.57 108.08 113.07 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. 1.06 1.07 1.08 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. 99.44 99.12 95.81 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. 0.59 0.77 1.20 View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Core Bond ESG Fund (MBGVX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Aggregate Bond Index Fund Assets (Mil.$) $108 Number of Holdings 147 Average Effective Duration (years) 6.17 5.98 Average Modified Duration (years) 6.11 Convexity 0.71 0.43 Average Maturity (years) 8.02 8.2 Yield to Maturity 4.74% 4.32% Yield to Worst 4.65% 4.32% Current Yield 4.37% 3.88% SEC 30-Day Yield (%) 3.64% SEC 30-Day Yield (%) w/o fee 3.49% Average Coupon 4.28% 3.65% Average Price 95.93 94.07 Average Credit Quality AA- AA2/AA3 Trailing 12-Months Portfolio Turnover 28.93% % Callable 56.78% % Non-US 4.84% Adjustable Coupon 22.48% Step Coupon 0.00% Zero Coupon 0.00% As of: 12/31/2025 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. -0.40 -0.30 -0.36 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. 6.14 6.77 5.52 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. -0.28 -0.60 -0.15 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. 100.43 101.54 104.21 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. 108.57 108.08 113.07 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. 1.06 1.07 1.08 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. 99.44 99.12 95.81 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. 0.59 0.77 1.20 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. -0.83 -0.74 -0.35 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. -1.63 -3.83 -0.78 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. -7.00 -18.40 -18.82 As of: 01/31/2026 Maturity Fund Less Than 2 Years 6.09% 2 to 5 Years 29.91% 5 to 10 Years 43.54% 10 to 15 Years 5.16% More Than 15 Years 15.26% NA 0.04% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 12/31/2025 United States Treasury Note/Bond Fixed 4.30% United States Treasury Note/Bond Fixed 3.86% Freddie Mac Pool ZS9495 Fixed 2.41% Fannie Mae Pool FA0866 Fixed 1.98% United States Treasury Note/Bond Fixed 1.70% State Of California Fixed 1.64% Fannie Mae Pool AL0395 Fixed 1.63% Freddie Mac Pool SB0097 Fixed 1.49% JobsOhio Beverage System Fixed 1.28% Fannie Mae Pool 930921 Fixed 1.26% % in Top 10 Holdings 21.55% View Holding Details Holding Details AMG GW&K Core Bond ESG Fund (MBGVX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets United States Treasury Note/Bond Fixed 2.25% May 2041 4.30% United States Treasury Note/Bond Fixed 3.13% May 2048 3.86% Freddie Mac Pool ZS9495 Fixed 3.5% Oct 2045 2.41% Fannie Mae Pool FA0866 Fixed 5.5% Feb 2055 1.98% United States Treasury Note/Bond Fixed 3.63% Feb 2053 1.70% State Of California Fixed 7.55% Apr 2039 1.64% Fannie Mae Pool AL0395 Fixed 4.5% Jun 2041 1.63% Freddie Mac Pool SB0097 Fixed 2.5% Oct 2034 1.49% JobsOhio Beverage System Fixed 4.53% Jan 2035 1.28% Fannie Mae Pool 930921 Fixed 4.5% Apr 2039 1.26% % in Top 10 Holdings 21.55% As of: 12/31/2025 Download All Holdings (PDF) As of: 01/31/2026 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund United States Treasury Note/Bond Fixed 2.25% May 2041 U.S. Government B US USD 6,297,000 73.31 $4,616,488 4.34% United States Treasury Note/Bond Fixed 3.13% May 2048 U.S. Government B US USD 5,484,000 75.68 $4,150,488 3.90% Freddie Mac Pool ZS9495 Fixed 3.50% Oct 2045 Mortgage-Backed Security B US USD 2,708,034 95.06 $2,574,128 2.42% Fannie Mae Pool FA0866 Fixed 5.50% Feb 2055 Mortgage-Backed Security B US USD 2,063,371 102.61 $2,117,132 1.99% United States Treasury Note/Bond Fixed 3.63% Feb 2053 U.S. Government B US USD 2,267,000 80.57 $1,826,440 1.72% State Of California Fixed 7.55% Apr 2039 Municipal Bond B US USD 1,460,000 120.22 $1,755,225 1.65% Fannie Mae Pool AL0395 Fixed 4.50% Jun 2041 Mortgage-Backed Security B US USD 1,741,663 100.41 $1,748,743 1.64% Freddie Mac Pool SB0097 Fixed 2.50% Oct 2034 Mortgage-Backed Security B US USD 1,661,159 95.33 $1,583,535 1.49% JobsOhio Beverage System Fixed 4.53% Jan 2035 Municipal Bond B US USD 1,375,000 100.35 $1,379,819 1.30% Fannie Mae Pool 930921 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 1,332,185 100.53 $1,339,234 1.26% Fannie Mae Pool 930922 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 1,324,334 100.53 $1,331,342 1.25% Fannie Mae Pool CA1354 Fixed 3.50% Mar 2048 Mortgage-Backed Security B US USD 1,395,815 94.20 $1,314,900 1.24% Fannie Mae Pool AS6752 Fixed 3.50% Feb 2046 Mortgage-Backed Security B US USD 1,232,578 94.79 $1,168,315 1.10% Ford Foundation Fixed 2.42% Jun 2050 Corporate B US USD 1,807,000 60.04 $1,084,834 1.02% Aircastle Ltd Fixed 5.75% Oct 2031 144A Corporate B US USD 1,025,000 104.25 $1,068,604 1.00% Microsoft Corp Fixed 2.52% Jun 2050 Corporate B US USD 1,740,000 60.61 $1,054,539 0.99% CommonSpirit Health Fixed 3.35% Oct 2029 Corporate B US USD 1,087,000 96.76 $1,051,751 0.99% PNC Financial Services Group Inc Floating Jan 2034 Corporate B US USD 1,026,000 101.90 $1,045,534 0.98% Jacobs Engineering Group Inc Fixed 5.90% Mar 2033 Corporate B US USD 991,000 105.05 $1,041,056 0.98% CVS Health Corp Fixed 5.45% Sep 2035 Corporate B US USD 1,010,000 101.75 $1,027,649 0.97% Royal Caribbean Cruises Ltd Fixed 5.38% Jan 2036 Corporate B US USD 1,025,000 100.21 $1,027,142 0.97% Dell International LLC Fixed 6.20% Jul 2030 Corporate B US USD 962,000 106.74 $1,026,823 0.97% Bank of America Corp Floating Mar 2050 Corporate B US USD 1,200,000 83.99 $1,007,862 0.95% United States Treasury Note/Bond Fixed 1.88% Feb 2051 U.S. Government B US USD 1,808,000 55.70 $1,007,113 0.95% Fannie Mae Pool FM5768 Fixed 4.00% Nov 2044 Mortgage-Backed Security B US USD 1,026,283 98.08 $1,006,544 0.95% United States Treasury Note/Bond Fixed 3.50% Feb 2039 U.S. Government B US USD 1,110,000 90.65 $1,006,241 0.95% Freddie Mac REMICS Fixed 2.00% Mar 2041 Mortgage-Backed Security B US USD 1,043,536 94.98 $991,146 0.93% Bank of New York Mellon Corp Floating Perpetual Corporate B US USD 985,000 99.80 $983,044 0.92% Compass Datacenters Issuer II LLC Fixed 5.25% Feb 2049 144A Asset-Backed Security B US USD 950,000 100.53 $955,011 0.90% Mattel Inc Fixed 3.75% Apr 2029 144A Corporate B US USD 975,000 97.94 $954,934 0.90% HCA Inc Fixed 4.13% Jun 2029 Corporate B US USD 950,000 99.78 $947,895 0.89% Comcast Corp Fixed 4.65% Feb 2033 Corporate B US USD 915,000 99.91 $914,222 0.86% Smith & Nephew PLC Fixed 2.03% Oct 2030 Corporate B GB USD 1,010,000 90.00 $909,019 0.85% Fannie Mae Pool FS7160 Fixed 6.50% Feb 2054 Mortgage-Backed Security B US USD 846,235 104.94 $888,004 0.83% Goldman Sachs Group Inc Floating Oct 2034 Corporate B US USD 800,000 110.73 $885,845 0.83% Magna International Inc Fixed 5.88% Jun 2035 Corporate B CA USD 830,000 105.48 $875,474 0.82% Fannie Mae Pool AV7104 Fixed 4.00% Mar 2044 Mortgage-Backed Security B US USD 893,678 97.74 $873,444 0.82% Citigroup Inc Floating Mar 2030 Corporate B US USD 877,000 99.26 $870,484 0.82% Capital One Financial Corp Floating Nov 2034 Corporate B US USD 733,000 116.88 $856,735 0.81% Morgan Stanley Floating Jan 2030 Corporate B US USD 849,000 100.66 $854,567 0.80% Verizon Communications Inc Fixed 3.88% Feb 2029 Corporate B US USD 853,000 99.67 $850,204 0.80% American Tower Corp Fixed 3.60% Jan 2028 Corporate B US USD 855,000 99.13 $847,579 0.80% Charter Communications Operating LLC Fixed 4.40% Apr 2033 Corporate B US USD 885,000 94.07 $832,540 0.78% Wells Fargo & Co Floating Apr 2051 Corporate B US USD 886,000 91.36 $809,487 0.76% Citizens Financial Group Inc Floating Jul 2032 Corporate B US USD 750,000 104.74 $785,520 0.74% Freddie Mac Pool ZS4051 Fixed 5.00% Jul 2044 Mortgage-Backed Security B US USD 763,554 102.53 $782,853 0.74% National Rural Utilities Cooperative Finance Corp Fixed 1.35% Mar 2031 Corporate B US USD 899,000 86.27 $775,581 0.73% Crown Castle Inc Fixed 4.00% Mar 2027 Corporate B US USD 775,000 99.98 $774,846 0.73% Exelon Corp Floating Mar 2055 Corporate B US USD 738,000 103.81 $766,119 0.72% Duke Energy Corp Floating Sep 2054 Corporate B US USD 726,000 104.62 $759,566 0.71% Dominion Energy Inc Floating Jun 2054 Corporate B US USD 698,000 108.14 $754,791 0.71% Sysco Corp Fixed 2.40% Feb 2030 Corporate B US USD 809,000 93.21 $754,048 0.71% Fannie Mae Pool 930920 Fixed 4.50% Apr 2039 Mortgage-Backed Security B US USD 742,221 100.53 $746,148 0.70% California Health Facilities Financing Authority Fixed 4.19% Jun 2037 Municipal Bond B US USD 775,000 96.00 $743,973 0.70% Fannie Mae Pool FM7323 Fixed 5.00% Jul 2047 Mortgage-Backed Security B US USD 722,853 102.51 $741,010 0.70% SK Hynix Inc Fixed 2.38% Jan 2031 144A Corporate B KR USD 800,000 91.26 $730,044 0.69% Boston Properties LP Fixed 2.55% Apr 2032 Corporate B US USD 808,000 87.43 $706,406 0.66% Broadcom Inc Fixed 4.15% Nov 2030 Corporate B US USD 707,000 99.45 $703,143 0.66% AT&T Inc Fixed 4.30% Feb 2030 Corporate B US USD 700,000 100.10 $700,702 0.66% AutoNation Inc Fixed 3.85% Mar 2032 Corporate B US USD 720,000 94.33 $679,146 0.64% Packaging Corp of America Fixed 5.70% Dec 2033 Corporate B US USD 640,000 105.38 $674,432 0.63% Freddie Mac Pool QA8185 Fixed 3.00% Mar 2050 Mortgage-Backed Security B US USD 723,215 90.93 $657,588 0.62% Fannie Mae Pool BM5508 Fixed 5.00% Feb 2049 Mortgage-Backed Security B US USD 640,271 101.95 $652,730 0.61% American Homes 4 Rent LP Fixed 3.63% Apr 2032 Corporate B US USD 685,000 93.92 $643,374 0.60% US Bancorp Floating Jun 2029 Corporate B US USD 615,000 103.81 $638,445 0.60% Equinix Inc Fixed 3.20% Nov 2029 Corporate B US USD 663,000 96.27 $638,282 0.60% Fannie Mae Pool BM5603 Fixed 4.00% Nov 2048 Mortgage-Backed Security B US USD 649,753 97.25 $631,908 0.59% Kyndryl Holdings Inc Fixed 3.15% Oct 2031 Corporate B US USD 691,000 91.12 $629,634 0.59% Hyatt Hotels Corp Fixed 5.25% Jun 2029 Corporate B US USD 610,000 103.10 $628,925 0.59% PulteGroup Inc Fixed 6.38% May 2033 Corporate B US USD 573,000 109.57 $627,852 0.59% GS Mortgage-Backed Securities Corp Trust 2021-PJ4 Floating Sep 2051 144A Mortgage-Backed Security B US USD 657,597 94.41 $620,863 0.58% Roper Technologies Inc Fixed 4.75% Feb 2032 Corporate B US USD 612,000 100.62 $615,768 0.58% DATA 2023-CNTR Mortgage Trust Floating Aug 2043 144A Mortgage-Backed Security B US USD 600,000 102.32 $613,947 0.58% Wells Fargo & Co Floating Perpetual Corporate B US USD 576,000 106.50 $613,465 0.58% Fannie Mae Pool CA8645 Fixed 4.00% Jan 2051 Mortgage-Backed Security B US USD 634,930 96.18 $610,660 0.57% Fannie Mae Pool AL8818 Fixed 3.50% Feb 2045 Mortgage-Backed Security B US USD 636,872 94.76 $603,487 0.57% Huntington Bancshares Inc Floating Feb 2035 Corporate B US USD 576,000 104.06 $599,396 0.56% Ford Credit Auto Owner Trust 2024-D Fixed 4.61% Aug 2029 Asset-Backed Security B US USD 592,000 101.12 $598,607 0.56% Amgen Inc Fixed 5.60% Mar 2043 Corporate B US USD 576,000 100.75 $580,300 0.55% Ally Financial Inc Floating Jan 2031 Corporate B US USD 565,000 102.38 $578,465 0.54% United Airlines 2024-1 Class AA Pass Through Trust Fixed 5.45% Feb 2037 Corporate B US USD 564,830 102.36 $578,137 0.54% Campbell's Company Fixed 2.38% Apr 2030 Corporate B US USD 628,000 91.96 $577,480 0.54% JPMorgan Chase & Co Floating Oct 2034 Corporate B US USD 528,000 109.11 $576,105 0.54% Duke Energy Corp Fixed 2.55% Jun 2031 Corporate B US USD 632,000 91.11 $575,846 0.54% Dominion Energy Inc Fixed 5.38% Nov 2032 Corporate B US USD 550,000 103.99 $571,944 0.54% State Street Corp Floating Perpetual Corporate B US USD 545,000 104.62 $570,193 0.54% Exelon Corp Fixed 5.30% Mar 2033 Corporate B US USD 550,000 103.59 $569,750 0.54% Regal Rexnord Corp Fixed 6.30% Feb 2030 Corporate B US USD 535,000 106.03 $567,243 0.53% Charles Schwab Corp Floating Perpetual Corporate B US USD 565,000 100.16 $565,881 0.53% Oracle Corp Fixed 4.80% Sep 2032 Corporate B US USD 580,000 96.81 $561,511 0.53% Owens Corning Fixed 7.00% Dec 2036 Corporate B US USD 490,000 113.82 $557,711 0.52% Kraft Heinz Foods Co Fixed 4.63% Oct 2039 Corporate B US USD 615,000 90.32 $555,460 0.52% CDW LLC Fixed 5.55% Aug 2034 Corporate B US USD 542,000 101.59 $550,608 0.52% LKQ Corp Fixed 6.25% Jun 2033 Corporate B US USD 525,000 104.65 $549,417 0.52% Air Products and Chemicals Inc Fixed 4.80% Mar 2033 Corporate B US USD 530,000 101.68 $538,889 0.51% Elmwood CLO II Ltd Floating Oct 2037 144A Asset-Backed Security B KY USD 535,000 100.18 $535,947 0.50% Fannie Mae Pool BM1778 Fixed 4.00% Feb 2047 Mortgage-Backed Security B US USD 496,395 97.84 $485,651 0.46% Voya CLO 2021-2 Ltd Floating Apr 2038 144A Asset-Backed Security B KY USD 475,000 100.10 $475,475 0.45% Freddie Mac REMICS Fixed 5.00% Dec 2052 Mortgage-Backed Security B US USD 466,249 101.91 $475,153 0.45% GS Mortgage-Backed Securities Trust 2021-PJ8 Floating Jan 2052 144A Mortgage-Backed Security B US USD 563,515 84.00 $473,352 0.44% Steel Dynamics Inc Fixed 5.38% Aug 2034 Corporate B US USD 460,000 102.66 $472,251 0.44% Fannie Mae Pool FM6147 Fixed 2.00% Feb 2036 Mortgage-Backed Security B US USD 503,157 92.41 $464,977 0.44% Freddie Mac Pool RA3586 Fixed 4.00% Sep 2050 Mortgage-Backed Security B US USD 475,630 96.44 $458,700 0.43% Freddie Mac Multifamily Structured Pass Through Cert Floating Jan 2032 Mortgage-Backed Security B US USD 500,000 91.66 $458,308 0.43% JP Morgan Mortgage Trust 2021-7 Floating Nov 2051 144A Mortgage-Backed Security B US USD 475,951 94.28 $448,706 0.42% Fannie Mae Pool AL6729 Fixed 3.50% May 2044 Mortgage-Backed Security B US USD 449,287 94.92 $426,454 0.40% Fannie Mae Pool FS0833 Fixed 3.00% Jun 2038 Mortgage-Backed Security B US USD 438,750 97.12 $426,131 0.40% Fannie Mae Pool FS1125 Fixed 3.50% Jul 2050 Mortgage-Backed Security B US USD 438,995 94.49 $414,787 0.39% GS Mortgage-Backed Securities Trust 2021-PJ9 Floating Feb 2052 144A Mortgage-Backed Security B US USD 424,286 90.30 $383,121 0.36% Freddie Mac Gold Pool G16207 Fixed 3.50% Jul 2032 Mortgage-Backed Security B US USD 383,434 99.05 $379,784 0.36% Fannie Mae Pool AL6632 Fixed 3.50% Mar 2030 Mortgage-Backed Security B US USD 365,257 99.00 $361,617 0.34% AGL CLO 39 Ltd Floating Apr 2038 144A Asset-Backed Security B KY USD 350,000 100.10 $350,333 0.33% Fannie Mae Pool AS8683 Fixed 3.50% Jan 2047 Mortgage-Backed Security B US USD 365,320 94.32 $344,556 0.32% Ford Credit Auto Owner Trust 2022-B Fixed 3.93% Aug 2027 Asset-Backed Security B US USD 342,767 100.01 $342,799 0.32% Freddie Mac Gold Pool G07849 Fixed 3.50% May 2044 Mortgage-Backed Security B US USD 352,445 94.99 $334,804 0.31% Fannie Mae Pool FM1577 Fixed 3.50% Sep 2034 Mortgage-Backed Security B US USD 328,951 98.51 $324,041 0.30% AT&T Inc Fixed 1.65% Feb 2028 Corporate B US USD 331,000 95.60 $316,451 0.30% Palmer Square CLO 2018-2 Ltd Floating Apr 2037 144A Asset-Backed Security B KY USD 310,000 100.37 $311,157 0.29% Truist Financial Corp Floating Jan 2029 Corporate B US USD 300,000 101.57 $304,698 0.29% Truist Financial Corp Floating Perpetual Corporate B US USD 300,000 100.65 $301,949 0.28% AGL Core CLO 38 Ltd Floating Jan 2038 144A Asset-Backed Security B KY USD 300,000 100.14 $300,415 0.28% Magnetite XXXVI Ltd Floating Jul 2038 144A Asset-Backed Security B KY USD 285,000 100.25 $285,708 0.27% Freddie Mac STACR REMIC Trust 2024-DNA1 Floating Feb 2044 144A Mortgage-Backed Security B US USD 277,099 100.25 $277,784 0.26% GS Mortgage Securities Trust 2020-GC47 Fixed 2.38% May 2053 Mortgage-Backed Security B US USD 300,000 92.33 $276,987 0.26% Magnetite XXXIV Ltd Floating Jan 2038 144A Asset-Backed Security B KY USD 275,000 100.10 $275,275 0.26% Citigroup Mortgage Loan Trust 2022-J1 Floating Feb 2052 144A Mortgage-Backed Security B US USD 290,517 93.59 $271,901 0.26% Freddie Mac STACR REMIC Trust 2023-HQA3 Floating Nov 2043 144A Mortgage-Backed Security B US USD 267,946 100.81 $270,118 0.25% Connecticut Avenue Securities Trust 2024-R01 Floating Jan 2044 144A Mortgage-Backed Security B US USD 246,634 100.11 $246,895 0.23% Freddie Mac Stacr Remic Trust 2025-Dna3 Floating Sep 2045 144A Mortgage-Backed Security B US USD 238,000 100.12 $238,293 0.22% GS Mortgage-Backed Securities Corp Trust 2021-PJ5 Floating Oct 2051 144A Mortgage-Backed Security B US USD 243,606 94.19 $229,462 0.22% Fannie Mae Pool FM1258 Fixed 4.00% Jul 2049 Mortgage-Backed Security B US USD 228,440 97.14 $221,918 0.21% JP Morgan Mortgage Trust 2022-2 Floating Aug 2052 144A Mortgage-Backed Security B US USD 232,019 94.76 $219,861 0.21% Fannie Mae Pool FM9362 Fixed 3.00% Jun 2038 Mortgage-Backed Security B US USD 219,503 96.62 $212,086 0.20% J.P. Morgan Mortgage Trust 2022-4 Floating Oct 2052 144A Mortgage-Backed Security B US USD 237,281 87.58 $207,807 0.20% GS Mortgage-Backed Securities Trust 2022-PJ3 Floating Aug 2052 144A Mortgage-Backed Security B US USD 238,628 84.00 $200,448 0.19% American Express Cred Acct Master Trust Series 2025-5 Fixed 4.51% Jul 2032 Asset-Backed Security B US USD 196,000 102.00 $199,914 0.19% Connecticut Avenue Securities Trust 2024-R06 Floating Sep 2044 144A Mortgage-Backed Security B US USD 199,135 100.25 $199,631 0.19% JP Morgan Mortgage Trust 2021-1 Floating Jun 2051 144A Mortgage-Backed Security B US USD 241,127 80.38 $193,821 0.18% Chase Home Lending Mortgage Trust Series 2024-1 Floating Jan 2055 144A Mortgage-Backed Security B US USD 189,737 100.95 $191,539 0.18% Palmer Square CLO 2021-1 Ltd Floating Apr 2038 144A Asset-Backed Security B KY USD 178,000 100.08 $178,134 0.17% Connecticut Avenue Securities Trust 2024-R02 Floating Feb 2044 144A Mortgage-Backed Security B US USD 164,488 100.12 $164,683 0.15% GS Mortgage-Backed Securities Trust 2022-PJ3 Floating Aug 2052 144A Mortgage-Backed Security B US USD 169,954 95.45 $162,221 0.15% MetLife Inc Floating Perpetual Corporate B US USD 125,000 101.73 $127,165 0.12% GS Mortgage-Backed Securities Trust 2021-GR3 Floating Apr 2052 144A Mortgage-Backed Security B US USD 118,469 90.48 $107,192 0.10% Fannie Mae Pool FM1420 Fixed 3.50% Dec 2047 Mortgage-Backed Security B US USD 112,444 95.06 $106,889 0.10% Fannie Mae Pool AL7689 Fixed 3.50% Nov 2030 Mortgage-Backed Security B US USD 50,563 99.25 $50,183 0.05% Santander Drive Auto Receivables Trust 2022-7 Fixed 5.95% Jan 2028 Asset-Backed Security B US USD 25,970 100.08 $25,991 0.02% Cash & Equivalents Cash C US USD - - $1,585,081 1.49% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 12/31/2025 View Allocation Details Allocation Details AMG GW&K Core Bond ESG Fund (MBGVX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund Bloomberg US Aggregate Bond Index U.S. Agency 10 0.00% 0.57% U.S. Treasury 20 11.91% 45.86% Sovereign Debt 30 0.00% 3.67% Corporate 60 46.50% 23.85% Investment Grade 70 46.50% 23.85% Non-Investment Grade & Not Rated 100 0.00% 0.00% Mortgage-Backed Security 130 32.21% 25.62% Asset-Backed Security 170 4.59% 0.44% Municipal Bond 180 3.61% 0.00% Other Bonds 190 0.00% 0.00% Interest Rate Futures 200 0.00% 0.00% Equity Futures 210 0.00% 0.00% Swaps, Caps, and Floors 220 0.00% 0.00% Preferred Stock 230 0.00% 0.00% Options 240 0.00% 0.00% Other Sectors 250 0.00% 0.00% Cash 270 1.17% As of: 12/31/2025 Credit 12/31/2025 Treasury 12.05% Agency 27.31% AAA 9.94% AA 6.22% A 12.58% BBB 31.02% BB 0.00% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.90% As of: 12/31/2025 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Mary F. Kane, CFA PARTNER, PORTFOLIO MANAGER Read full bio Brett Kozlowski, CFA PRINCIPAL, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG GW&K Core Bond ESG Fund GW&K believes that a multi-sector approach takes advantage of the relative valuations among distinct bond sectors and provides greater opportunities to generate income and capital appreciation, while helping to manage risk in changing economic environments. The Fund invests in a diversified portfolio of fixed income securities. When deciding which securities to buy or sell, typically, GW&K: Incorporates ESG factors among many other fundamental, technical and valuation factors Seeks companies that maintain sustainable competitive advantages and expect to benefit from emerging cyclical or secular drivers Seeks to identify companies that are undervalued due to temporary or discrete events Identifies companies that it believes are leaders in effectively addressing exposure to ESG risks through robust business practices, policies and programs or companies that have more limited exposure to ESG risks Uses top-down research that focuses on managing: duration, yield curve, credit quality, volatility and liquidity Uses bottom-up research that focuses on: fundamental analysis, valuation analysis and technical analysis Related products Other Products From GW&K Investment Management MGFIX AMG GW&K ESG Bond Fund View Fund Details MECAX AMG GW&K International Small Cap Fund View Fund Details GWMTX AMG GW&K Municipal Bond Fund View Fund Details MESHX AMG GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX AMG GW&K Municipal Enhanced Yield Fund View Fund Details GWSBX AMG GW&K Securitized Bond SMA Shares View Fund Details GWETX AMG GW&K Small Cap Core Fund View Fund Details MCGFX AMG GW&K Small Cap Growth Fund View Fund Details SKSEX AMG GW&K Small Cap Value Fund View Fund Details GWGVX AMG GW&K Small/Mid Cap Core Fund View Fund Details ACWDX AMG GW&K Small/Mid Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. 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