Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I Z NAV | as of 02/27/2026 $8.87 +$0.02 (+0.23%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 12/30/2005 to 01/31/2026 = $21,091.33 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 provide a high level of current income that is exempt from federal income taxes by primarily investing in municipal bonds. Why Consider Provides investors with exposure to an actively managed portfolio of municipal bonds with a goal to produce high after-tax income The active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings Ideally suited for investors seeking to capitalize on the strong yield and return characteristics of municipal bonds Documents Fact Sheet Summary Prospectus Prospectus SAI Q1 Holdings Q3 Holdings Distributions Shareholder Distribution Notice 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 View All Documents Investment Style AMG GW&K Municipal Enhanced Yield 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 Municipal Enhanced Yield Fund is categorized as Medium-Extensive. It combines medium credit quality with extensive interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 01/31/2026 Overall Rating (of 168) 3 Years (of 168) 5 Years (of 164) 10 Years (of 122) Category High Yield Muni Read Important Investment Disclosures John B. Fox, CFA PARTNER, DIRECTOR OF FIXED INCOME John joined GW&K as a member of our municipal bond team in 1990 after graduating from college and was promoted to portfolio manager in 1995. In addition to managing our municipal bond strategies, John serves as director of fixed income, responsible for overseeing all aspects of our fixed income operations, including portfolio management, research, and trading. He is a partner in the firm and is also a member of the firm’s Management and Investment Committees. John received a BA in Economics from Boston College and an MBA from Boston University. He is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Martin R. Tourigny, CFA PARTNER, PORTFOLIO MANAGER Marty is a partner and senior member of GW&K’s municipal bond team responsible for portfolio management. He sits on the trading desk and is uniquely positioned to identify and take advantage of opportunities in the inefficient muni-bond market that match clients’ investment needs. Marty is a member of the firm’s Investment and Management Committees. Prior to joining GW&K in 1994, Marty was employed by Mutual Fund Services Company as a senior fund accountant. Marty received his BA in Economics from Boston College in 1991, and Masters in International Economics from Suffolk University in 2002. He is a CFA® charterholder and a member of the CFA Institute, the CFA Society Boston, the Boston Security Analysts Society, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts. Brian T. Moreland, CFA PARTNER, PORTFOLIO MANAGER Brian is a partner of the firm and has been a portfolio manager on the municipal bond team since 2008. He has primary responsibility for GW&K’s Municipal Enhanced Yield, 2-8 Year Municipal Bond, and Short-Term Municipal Bond Strategies, and he trades bonds across the credit spectrum from AAA to BBB. Brian is a member of the firm's Investment Committee. Brian joined GW&K in 1998 soon after graduating college. He started as an operations specialist and shortly thereafter transitioned to the municipal bond team to support the research and trading efforts for the firm’s growing municipal bond strategies. Through the years he developed expertise in researching municipal credits across the quality spectrum and gained a deep understanding of the vast and complex municipal bond market. Brian received his BS in Finance from Boston College in 1997. He is a CFA® charterholder, and is a member of the Boston Municipal Analysts Forum, the National Federation of Municipal Analysts, the CFA Institute, and the CFA Society Boston. Kara M. South, CFA PARTNER, PORTFOLIO MANAGER Kara is partner of the firm and a portfolio manager for all of the firm’s municipal bond strategies. She is a member of GW&K’s Investment Committee and ESG Committee. As a seasoned fixed income manager with deep knowledge of the market, including experience managing taxable municipal bonds and ESG strategies, she is able to draw on her extensive research and management expertise in the evaluation of market risks, opportunities and strategic portfolio positioning. Kara joins GW&K from Income Research + Management (IR+M), where she was a senior portfolio manager and co-director of credit research and a member of the Investment Committee.  Prior to IR+M, she was a securities valuation analyst at John Hancock Financial.  She began her career at Wachovia Corporation (now Wells Fargo) as an interest rate derivative analyst. Kara earned a Bachelor of Arts in Economics and Psychology from Cornell University.  She is a CFA® charterholder and is a member of the CFA Institute, the CFA Society Boston, the Boston Municipal Analysts Forum, and the National Federation of Municipal Analysts.  In addition, she holds the Fundamentals of Sustainability Accounting (FSA) certificate. 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: 0.74% Net Expense Ratio: 0.64% Expense Cap Expiration Date: 05/01/2026 The Fund’s Investment Manager has contractually agreed, through 05/01/2026, 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 $0.025700 $0.025700 — — Jan 28, 2026 $0.027600 $0.027600 — — Dec 16, 2025 $0.028000 $0.028000 — — Nov 25, 2025 $0.026800 $0.026800 — — Oct 29, 2025 $0.027700 $0.027700 — — Sep 26, 2025 $0.027200 $0.027200 — — Aug 27, 2025 $0.028100 $0.028100 — — Jul 29, 2025 $0.027000 $0.027000 — — Jun 26, 2025 $0.026500 $0.026500 — — May 28, 2025 $0.026700 $0.026700 — — Apr 28, 2025 $0.025900 $0.025900 — — Mar 27, 2025 $0.026500 $0.026500 — — Feb 26, 2025 $0.023800 $0.023800 — — Jan 29, 2025 $0.026200 $0.026200 — — Dec 16, 2024 $0.026300 $0.026300 — — Nov 26, 2024 $0.025400 $0.025400 — — Oct 29, 2024 $0.025000 $0.025000 — — Sep 26, 2024 $0.024500 $0.024500 — — Aug 28, 2024 $0.025400 $0.025400 — — Jul 29, 2024 $0.024900 $0.024900 — — Jun 26, 2024 $0.024400 $0.024400 — — May 29, 2024 $0.025100 $0.025100 — — Apr 26, 2024 $0.024700 $0.024700 — — Mar 26, 2024 $0.027600 $0.027600 — — Feb 27, 2024 $0.020300 $0.020300 — — Jan 29, 2024 $0.025100 $0.025100 — — Dec 14, 2023 $0.024100 $0.024100 — — Nov 28, 2023 $0.023600 $0.023600 — — Oct 27, 2023 $0.023200 $0.023200 — — Sep 27, 2023 $0.024000 $0.024000 — — Aug 29, 2023 $0.022700 $0.022700 — — Jul 27, 2023 $0.022400 $0.022400 — — Jun 28, 2023 $0.022500 $0.022500 — — May 26, 2023 $0.022500 $0.022500 — — Apr 26, 2023 $0.021300 $0.021300 — — Mar 29, 2023 $0.027000 $0.027000 — — Feb 24, 2023 $0.020400 $0.020400 — — Jan 27, 2023 $0.022400 $0.022400 — — Dec 15, 2022 $0.054000 $0.024000 $0.003800 $0.026200 Nov 28, 2022 $0.021200 $0.021200 — — Oct 27, 2022 $0.021500 $0.021500 — — Sep 28, 2022 $0.021100 $0.021100 — — Aug 29, 2022 $0.021100 $0.021100 — — Jul 27, 2022 $0.021000 $0.021000 — — Jun 28, 2022 $0.020400 $0.020400 — — May 26, 2022 $0.021400 $0.021400 — — Apr 27, 2022 $0.019500 $0.019500 — — Mar 29, 2022 $0.019500 $0.019500 — — Feb 24, 2022 $0.016500 $0.016500 — — Jan 27, 2022 $0.019300 $0.019300 — — Dec 15, 2021 $0.164000 $0.020400 $0.041400 $0.102200 Nov 26, 2021 $0.018200 $0.018200 — — Oct 27, 2021 $0.019200 $0.019200 — — Sep 28, 2021 $0.018400 $0.018400 — — Aug 27, 2021 $0.018500 $0.018500 — — Jul 28, 2021 $0.018600 $0.018600 — — Jun 28, 2021 $0.018400 $0.018400 — — May 26, 2021 $0.020100 $0.020100 — — Apr 28, 2021 $0.019700 $0.019700 — — Mar 29, 2021 $0.020600 $0.020600 — — Feb 24, 2021 $0.018800 $0.018800 — — Jan 27, 2021 $0.021300 $0.021300 — — Dec 16, 2020 $0.145600 $0.021600 $0.036600 $0.087400 Nov 25, 2020 $0.020700 $0.020700 — — Oct 28, 2020 $0.021800 $0.021800 — — Sep 28, 2020 $0.020200 $0.020200 — — Aug 27, 2020 $0.021300 $0.021300 — — Jul 29, 2020 $0.021600 $0.021600 — — Jun 26, 2020 $0.020000 $0.020000 — — May 27, 2020 $0.020800 $0.020800 — — Apr 28, 2020 $0.018900 $0.018900 — — Mar 27, 2020 $0.022900 $0.022900 — — Feb 26, 2020 $0.020600 $0.020600 — — Jan 29, 2020 $0.022700 $0.022700 — — Dec 16, 2019 $0.087900 $0.023200 $0.022700 $0.042000 Nov 26, 2019 $0.023100 $0.023100 — — Oct 29, 2019 $0.023600 $0.023600 — — Sep 26, 2019 $0.023300 $0.023300 — — Aug 28, 2019 $0.023800 $0.023800 — — Jul 29, 2019 $0.024100 $0.024100 — — Jun 26, 2019 $0.023600 $0.023600 — — May 29, 2019 $0.024600 $0.024600 — — Apr 26, 2019 $0.024900 $0.024900 — — Mar 27, 2019 $0.025900 $0.025900 — — Feb 26, 2019 $0.023400 $0.023400 — — Jan 29, 2019 $0.026100 $0.026100 — — Dec 27, 2018 $0.270000 $0.270000 — — Nov 28, 2018 $0.026000 $0.026000 — — Oct 29, 2018 $0.026600 $0.026600 — — Sep 26, 2018 $0.025500 $0.025500 — — Aug 29, 2018 $0.025600 $0.025600 — — Jul 27, 2018 $0.026600 $0.026600 — — Jun 27, 2018 $0.025100 $0.025100 — — May 29, 2018 $0.026600 $0.026600 — — Apr 26, 2018 $0.025400 $0.025400 — — Mar 27, 2018 $0.024200 $0.024200 — — Feb 26, 2018 $0.022700 $0.022700 — — Jan 29, 2018 $0.025100 $0.025100 — — Dec 27, 2017 $0.025600 $0.025600 — — Nov 27, 2017 $0.023700 $0.023700 — — Oct 26, 2017 $0.024200 $0.024200 — — Sep 26, 2017 $0.024000 $0.024000 — — Aug 28, 2017 $0.025200 $0.025200 — — Jul 26, 2017 $0.024900 $0.024900 — — Jun 27, 2017 $0.024800 $0.024800 — — May 25, 2017 $0.025500 $0.025500 — — Apr 25, 2017 $0.025300 $0.025300 — — Mar 28, 2017 $0.026000 $0.026000 — — Feb 23, 2017 $0.023100 $0.023100 — — Jan 26, 2017 $0.025300 $0.025300 — — Dec 27, 2016 $0.474500 $0.026900 $0.249300 $0.198300 Nov 25, 2016 $0.024700 $0.024700 — — Oct 26, 2016 $0.024700 $0.024700 — — Sep 27, 2016 $0.022900 $0.022900 — — Aug 26, 2016 $0.024000 $0.024000 — — Jul 26, 2016 $0.024900 $0.024900 — — Jun 27, 2016 $0.024700 $0.024700 — — May 25, 2016 $0.024800 $0.024800 — — Apr 26, 2016 $0.023900 $0.023900 — — Mar 28, 2016 $0.026900 $0.026900 — — Feb 24, 2016 $0.024600 $0.024600 — — Jan 26, 2016 $0.028000 $0.028000 — — Dec 28, 2015 $0.161300 $0.028900 $0.011700 $0.120700 Nov 24, 2015 $0.027400 $0.027400 — — Oct 27, 2015 $0.029800 $0.029800 — — Sep 25, 2015 $0.028200 $0.028200 — — Aug 26, 2015 $0.030100 $0.030100 — — Jul 28, 2015 $0.029000 $0.029000 — — Jun 25, 2015 $0.029200 $0.029200 — — May 26, 2015 $0.033100 $0.033100 — — Apr 27, 2015 $0.029700 $0.029700 — — Mar 26, 2015 $0.027000 $0.027000 — — Feb 24, 2015 $0.027000 $0.027000 — — Jan 27, 2015 $0.029000 $0.029000 — — Dec 26, 2014 $0.031500 $0.031500 — — Nov 24, 2014 $0.030000 $0.030000 — — Oct 28, 2014 $0.030000 $0.030000 — — Sep 25, 2014 $0.031000 $0.031000 — — Aug 26, 2014 $0.031000 $0.031000 — — Jul 28, 2014 $0.031000 $0.031000 — — Jun 25, 2014 $0.032500 $0.032500 — — May 27, 2014 $0.032500 $0.032500 — — Apr 25, 2014 $0.032500 $0.032500 — — Mar 26, 2014 $0.030000 $0.030000 — — Feb 25, 2014 $0.030000 $0.030000 — — Jan 28, 2014 $0.032000 $0.032000 — — Dec 26, 2013 $0.103400 $0.035000 $0.000700 $0.067700 Nov 25, 2013 $0.031500 $0.031500 — — Oct 28, 2013 $0.031500 $0.031500 — — Sep 25, 2013 $0.030000 $0.030000 — — Aug 27, 2013 $0.036500 $0.036500 — — Jul 26, 2013 $0.035000 $0.035000 — — Jun 25, 2013 $0.034500 $0.034500 — — May 28, 2013 $0.034500 $0.034500 — — Apr 25, 2013 $0.033500 $0.033500 — — Mar 25, 2013 $0.032500 $0.032500 — — Feb 25, 2013 $0.030000 $0.030000 — — Jan 28, 2013 $0.032000 $0.032000 — — Dec 26, 2012 $0.276800 $0.035500 $0.178300 $0.063000 Nov 27, 2012 $0.032500 $0.032500 — — Oct 26, 2012 $0.034000 $0.034000 — — Sep 25, 2012 $0.033000 $0.033000 — — Aug 28, 2012 $0.034000 $0.034000 — — Jul 26, 2012 $0.034700 $0.034700 — — Jun 26, 2012 $0.033500 $0.033500 — — May 25, 2012 $0.034500 $0.034500 — — Apr 25, 2012 $0.031500 $0.031500 — — Mar 27, 2012 $0.035000 $0.035000 — — Feb 24, 2012 $0.027500 $0.027500 — — Jan 26, 2012 $0.032000 $0.032000 — — Dec 27, 2011 $0.055600 $0.035000 $0.019000 $0.001600 Nov 25, 2011 $0.031200 $0.031200 — — Oct 26, 2011 $0.033000 $0.033000 — — Sep 27, 2011 $0.034000 $0.034000 — — Aug 26, 2011 $0.036000 $0.036000 — — Jul 26, 2011 $0.036500 $0.036500 — — Jun 27, 2011 $0.032500 $0.032500 — — May 25, 2011 $0.036500 $0.036500 — — Apr 26, 2011 $0.035000 $0.035000 — — Mar 28, 2011 $0.036000 $0.036000 — — Feb 23, 2011 $0.035000 $0.035000 — — Jan 26, 2011 $0.036500 $0.036500 — — Dec 28, 2010 $0.036000 $0.036000 — — Nov 24, 2010 $0.035000 $0.035000 — — Oct 26, 2010 $0.034000 $0.034000 — — Sep 27, 2010 $0.034200 $0.034200 — — Aug 26, 2010 $0.036500 $0.036500 — — Jul 27, 2010 $0.035000 $0.035000 — — Jun 25, 2010 $0.038500 $0.038500 — — May 25, 2010 $0.035000 $0.035000 — — Apr 27, 2010 $0.035000 $0.035000 — — Mar 26, 2010 $0.031500 $0.031500 — — Feb 23, 2010 $0.027500 $0.027500 — — Jan 26, 2010 $0.025000 $0.025000 — — Dec 28, 2009 $0.036400 $0.036400 — — Nov 24, 2009 $0.040000 $0.040000 — — Oct 27, 2009 $0.035000 $0.035000 — — Sep 25, 2009 $0.032500 $0.032500 — — Aug 26, 2009 $0.032500 $0.032500 — — Jul 28, 2009 $0.030000 $0.030000 — — Jun 25, 2009 $0.027500 $0.027500 — — May 26, 2009 $0.027500 $0.027500 — — Apr 27, 2009 $0.025000 $0.025000 — — Mar 26, 2009 $0.025000 $0.025000 — — Feb 24, 2009 $0.025000 $0.025000 — — Jan 27, 2009 $0.037500 $0.037500 — — Dec 26, 2008 $0.051900 $0.051900 — — Nov 24, 2008 $0.022500 $0.022500 — — Nov 06, 2008 $0.021904 $0.021904 — — Oct 21, 2008 $0.035748 $0.035748 — — Sep 19, 2008 $0.035214 $0.035214 — — Aug 21, 2008 $0.035713 $0.035713 — — Jul 21, 2008 $0.033143 $0.033143 — — Jun 20, 2008 $0.035861 $0.035861 — — May 21, 2008 $0.034347 $0.034347 — — Apr 18, 2008 $0.030825 $0.030825 — — Mar 20, 2008 $0.036693 $0.036693 — — Feb 19, 2008 $0.032649 $0.032649 — — Jan 18, 2008 $0.034199 $0.034199 — — Dec 21, 2007 $0.087741 $0.038401 $0.049340 — Nov 20, 2007 $0.034886 $0.034886 — — Oct 19, 2007 $0.035591 $0.035591 — — Sep 20, 2007 $0.034363 $0.034363 — — Aug 21, 2007 $0.034175 $0.034175 — — Jul 20, 2007 $0.035957 $0.035957 — — Jun 20, 2007 $0.033852 $0.033852 — — May 21, 2007 $0.032788 $0.032788 — — Apr 20, 2007 $0.036632 $0.036632 — — Mar 21, 2007 $0.034301 $0.034301 — — Feb 16, 2007 $0.032154 $0.032154 — — Jan 19, 2007 $0.035171 $0.035171 — — Dec 21, 2006 $0.034618 $0.034618 — — Nov 20, 2006 $0.031724 $0.031724 — — Oct 20, 2006 $0.035780 $0.035780 — — Sep 20, 2006 $0.034188 $0.034188 — — Aug 21, 2006 $0.032684 $0.032684 — — Jul 21, 2006 $0.037568 $0.037568 — — Jun 20, 2006 $0.033859 $0.033859 — — May 19, 2006 $0.034158 $0.034158 — — Apr 20, 2006 $0.032084 $0.032084 — — Mar 21, 2006 $0.030059 $0.030059 — — Feb 17, 2006 $0.027208 $0.027208 — — Jan 20, 2006 $0.016661 $0.016661 — — 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. -0.56 -0.91 -0.83 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. 8.37 10.03 8.73 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. -0.16 -0.36 0.03 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 109.40 118.81 116.09 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. 127.31 140.42 133.24 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. 1.22 1.33 1.25 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. 96.74 97.17 96.12 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. 2.16 2.98 2.44 View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Municipal Enhanced Yield Fund (GWMEX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US Municipal Bond BAA Index Fund Assets (Mil.$) $159 Number of Holdings 78 Average Effective Duration (years) 11.85 7.58 Average Modified Duration (years) 12.34 Convexity 1.61 -0.47 Average Maturity (years) 15.8 17.41 Yield to Maturity 5.07% Yield to Worst 4.96% 4.48% Current Yield 4.98% 4.83% SEC 30-Day Yield (%) 4.29% SEC 30-Day Yield (%) w/o fee 4.21% Average Coupon 4.91% 4.66% Average Price 97.68 96.52 Average Credit Quality BBB+ BAA1/BAA2 Trailing 12-Months Portfolio Turnover 35.71% % Callable 90.32% 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. -0.56 -0.91 -0.83 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. 8.37 10.03 8.73 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. -0.16 -0.36 0.03 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 109.40 118.81 116.09 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. 127.31 140.42 133.24 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. 1.22 1.33 1.25 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. 96.74 97.17 96.12 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. 2.16 2.98 2.44 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. -0.35 -0.57 -0.28 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. -1.12 -2.75 0.19 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. -8.54 -23.96 -23.96 As of: 01/31/2026 Maturity Fund Less Than 2 Years 0.00% 2 to 5 Years 2.00% 5 to 10 Years 42.59% 10 to 15 Years 12.17% More Than 15 Years 43.24% NA 0.00% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 12/31/2025 Texas Private Activity Bond Surface Transportation Co Fixed 4.22% Public Authority for Colorado Energy Fixed 4.09% Richland County School District No 2 Fixed 3.58% Pennsylvania Economic Development Financing Authority Fixed 3.19% New York Transportation Development Corp Fixed 3.08% Central Plains Energy Project Fixed 2.80% Rhode Island Health and Educational Building Corp Fixed 2.69% Escambia County Health Facilities Authority Fixed 2.68% New York Transportation Development Corp Fixed 2.63% Public Finance Authority Fixed 2.58% % in Top 10 Holdings 31.56% View Holding Details Holding Details AMG GW&K Municipal Enhanced Yield Fund (GWMEX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets Texas Private Activity Bond Surface Transportation Co Fixed 5% Jun 2058 4.22% Public Authority for Colorado Energy Fixed 6.5% Nov 2038 4.09% Richland County School District No 2 Fixed 1.88% Mar 2038 3.58% Pennsylvania Economic Development Financing Authority Fixed 5.25% Jun 2053 3.19% New York Transportation Development Corp Fixed 4% Apr 2053 3.08% Central Plains Energy Project Fixed 5% Sep 2042 2.80% Rhode Island Health and Educational Building Corp Fixed 5.25% May 2054 2.69% Escambia County Health Facilities Authority Fixed 4% Aug 2050 2.68% New York Transportation Development Corp Fixed 5.63% Apr 2040 2.63% Public Finance Authority Fixed 5.75% Dec 2065 2.58% % in Top 10 Holdings 31.56% 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 Texas Private Activity Bond Surface Transportation Co Fixed 5.00% Jun 2058 Municipal Bond B US USD 6,900,000 97.57 $6,732,488 4.17% Public Authority for Colorado Energy Fixed 6.50% Nov 2038 Municipal Bond B US USD 5,395,000 121.89 $6,575,892 4.07% Richland County School District No 2 Fixed 1.88% Mar 2038 Municipal Bond B US USD 7,290,000 79.36 $5,785,341 3.58% Pennsylvania Economic Development Financing Authority Fixed 5.25% Jun 2053 Municipal Bond B US USD 5,025,000 101.01 $5,075,798 3.14% New York Transportation Development Corp Fixed 4.00% Apr 2053 Municipal Bond B US USD 5,790,000 84.62 $4,899,748 3.03% Central Plains Energy Project Fixed 5.00% Sep 2042 Municipal Bond B US USD 4,205,000 107.01 $4,499,618 2.79% Rhode Island Health and Educational Building Corp Fixed 5.25% May 2054 Municipal Bond B US USD 4,250,000 100.62 $4,276,140 2.65% New York Transportation Development Corp Fixed 5.63% Apr 2040 Municipal Bond B US USD 4,000,000 106.17 $4,246,696 2.63% Escambia County Health Facilities Authority Fixed 4.00% Aug 2050 Municipal Bond B US USD 5,065,000 83.73 $4,240,912 2.63% Public Finance Authority Fixed 5.75% Dec 2065 Municipal Bond B US USD 4,000,000 103.41 $4,136,429 2.56% Miami Beach Health Facilities Authority Fixed 4.00% Nov 2046 Municipal Bond B US USD 4,185,000 88.45 $3,701,723 2.29% Massachusetts Development Finance Agency Fixed 4.00% Jul 2051 Municipal Bond B US USD 4,340,000 82.39 $3,575,915 2.21% Hillsborough County Industrial Development Authority Fixed 4.00% Aug 2050 Municipal Bond B US USD 4,185,000 84.98 $3,556,295 2.20% New York Transportation Development Corp Fixed 5.50% Dec 2060 Municipal Bond B US USD 3,500,000 101.01 $3,535,270 2.19% Massachusetts Development Finance Agency Fixed 5.25% Jul 2052 Municipal Bond B US USD 3,270,000 98.09 $3,207,672 1.99% City of Chattanooga TN Electric Revenue Fixed 2.00% Sep 2040 Municipal Bond B US USD 3,710,000 76.04 $2,821,186 1.75% West Virginia Hospital Finance Authority Fixed 6.00% Sep 2053 Municipal Bond B US USD 2,625,000 107.11 $2,811,632 1.74% Tobacco Settlement Financing Corp Fixed 5.00% Jun 2040 Municipal Bond B US USD 2,755,000 100.01 $2,755,273 1.71% Tobacco Settlement Financing Corp Fixed 5.25% Jun 2046 Municipal Bond B US USD 2,755,000 99.59 $2,743,627 1.70% Virginia Small Business Financing Authority Fixed 5.00% Dec 2052 Municipal Bond B US USD 2,655,000 95.25 $2,529,005 1.57% Tobacco Settlement Financing Corp Fixed 5.00% Jun 2046 Municipal Bond B US USD 2,095,000 98.41 $2,061,740 1.28% Florida Development Finance Corp Fixed 4.00% Feb 2052 Municipal Bond B US USD 2,515,000 81.33 $2,045,549 1.27% Public Finance Authority Fixed 5.00% Jun 2041 144A Municipal Bond B US USD 2,000,000 102.09 $2,041,829 1.26% City of Houston TX Airport System Revenue Fixed 5.50% Jul 2039 Municipal Bond B US USD 1,870,000 107.93 $2,018,204 1.25% Virginia Small Business Financing Authority Fixed 5.00% Dec 2049 Municipal Bond B US USD 2,095,000 95.92 $2,009,481 1.24% Metropolitan Pier & Exposition Authority Fixed 5.00% Jun 2050 Municipal Bond B US USD 1,835,000 99.71 $1,829,613 1.13% New York Transportation Development Corp Fixed 6.00% Jun 2054 Municipal Bond B US USD 1,750,000 103.94 $1,818,958 1.13% Rhode Island Health and Educational Building Corp Fixed 5.00% Jul 2060 Municipal Bond B US USD 1,750,000 99.37 $1,738,990 1.08% Village Community Development District No 16 Fixed 5.13% May 2056 Municipal Bond B US USD 1,750,000 99.29 $1,737,545 1.08% New York Transportation Development Corp Fixed 6.00% Apr 2035 Municipal Bond B US USD 1,500,000 110.65 $1,659,726 1.03% Virginia Small Business Financing Authority Fixed 5.00% Dec 2047 Municipal Bond B US USD 1,645,000 100.08 $1,646,256 1.02% Florida Development Finance Corp Fixed 5.00% Feb 2052 Municipal Bond B US USD 1,675,000 95.04 $1,591,899 0.99% Fayette County Development Authority Fixed 5.25% Oct 2049 Municipal Bond B US USD 1,500,000 103.11 $1,546,673 0.96% Fayette County Development Authority Fixed 5.25% Oct 2054 Municipal Bond B US USD 1,500,000 102.46 $1,536,926 0.95% New York Transportation Development Corp Fixed 5.50% Jun 2054 Municipal Bond B US USD 1,500,000 101.48 $1,522,239 0.94% Indiana Finance Authority Fixed 5.25% Mar 2050 Municipal Bond B US USD 1,500,000 100.64 $1,509,538 0.93% Palm Beach County Health Facilities Authority Fixed 5.00% Nov 2055 Municipal Bond B US USD 1,500,000 99.17 $1,487,547 0.92% New York State Dormitory Authority Fixed 4.00% Jul 2052 Municipal Bond B US USD 1,775,000 83.79 $1,487,297 0.92% New York State Dormitory Authority Fixed 4.00% Jul 2047 Municipal Bond B US USD 1,675,000 86.44 $1,447,941 0.90% Tobacco Settlement Financing Corp Fixed 5.00% Jun 2046 Municipal Bond B US USD 1,415,000 97.06 $1,373,408 0.85% Massachusetts Development Finance Agency Fixed 5.25% Jul 2050 Municipal Bond B US USD 1,250,000 102.31 $1,278,898 0.79% Metropolitan Pier & Exposition Authority Fixed 4.00% Jun 2052 Municipal Bond B US USD 1,500,000 84.56 $1,268,360 0.79% Massachusetts Development Finance Agency Fixed 5.25% Jul 2050 Municipal Bond B US USD 1,250,000 101.24 $1,265,560 0.78% Indiana Finance Authority Fixed 5.25% Jul 2064 Municipal Bond B US USD 1,250,000 100.34 $1,254,291 0.78% Indiana Finance Authority Fixed 5.00% Jul 2059 Municipal Bond B US USD 1,250,000 98.11 $1,226,369 0.76% Massachusetts Development Finance Agency Fixed 5.25% Jul 2055 Municipal Bond B US USD 1,250,000 97.96 $1,224,454 0.76% Massachusetts Development Finance Agency Fixed 5.00% Jul 2054 144A Municipal Bond B US USD 1,200,000 96.18 $1,154,115 0.71% Public Finance Authority Fixed 6.50% Dec 2065 Municipal Bond B US USD 1,000,000 110.40 $1,103,981 0.68% City of Houston TX Airport System Revenue Fixed 5.50% Jul 2037 Municipal Bond B US USD 1,000,000 108.95 $1,089,525 0.67% City of Houston TX Airport System Revenue Fixed 5.50% Jul 2038 Municipal Bond B US USD 1,000,000 108.35 $1,083,451 0.67% New York Transportation Development Corp Fixed 6.00% Jun 2059 Municipal Bond B US USD 1,000,000 105.56 $1,055,594 0.65% County of Jefferson AL Sewer Revenue Fixed 5.50% Oct 2053 Municipal Bond B US USD 1,000,000 104.88 $1,048,840 0.65% Public Finance Authority Fixed 5.75% Jun 2060 Municipal Bond B US USD 1,000,000 103.56 $1,035,607 0.64% New Hampshire Business Finance Authority Fixed 5.50% Jun 2055 Municipal Bond B US USD 1,000,000 103.16 $1,031,607 0.64% Texas Private Activity Bond Surface Trans Corp Fixed 5.50% Dec 2058 Municipal Bond B US USD 1,000,000 103.13 $1,031,329 0.64% Suffolk Regional Off-Track Betting Corp Fixed 5.75% Dec 2044 Municipal Bond B US USD 1,000,000 102.58 $1,025,811 0.64% Public Finance Authority Fixed 5.25% Nov 2050 Municipal Bond B US USD 1,005,000 101.80 $1,023,091 0.63% County of Hamilton OH Fixed 5.50% Aug 2051 Municipal Bond B US USD 1,000,000 102.14 $1,021,426 0.63% Colorado Health Facilities Authority Fixed 5.13% Dec 2045 Municipal Bond B US USD 1,000,000 101.77 $1,017,721 0.63% Rhode Island Health and Educational Building Corp Fixed 5.25% May 2049 Municipal Bond B US USD 1,000,000 101.30 $1,012,961 0.63% Public Finance Authority Fixed 5.25% Nov 2061 Municipal Bond B US USD 1,000,000 100.86 $1,008,613 0.62% Massachusetts Development Finance Agency Fixed 5.25% Jul 2055 Municipal Bond B US USD 1,000,000 100.74 $1,007,353 0.62% Washington State Housing Finance Commission Fixed 5.50% Jul 2049 Municipal Bond B US USD 1,000,000 100.22 $1,002,172 0.62% Rhode Island Health and Educational Building Corp Fixed 5.00% Jul 2055 Municipal Bond B US USD 1,000,000 100.08 $1,000,850 0.62% Indiana Finance Authority Fixed 5.00% Jul 2054 Municipal Bond B US USD 1,000,000 98.98 $989,793 0.61% Ohio Higher Educational Facility Commission Fixed 5.25% May 2049 Municipal Bond B US USD 1,000,000 97.97 $979,710 0.61% Virginia Small Business Financing Authority Fixed 4.00% Jan 2040 Municipal Bond B US USD 1,000,000 97.90 $978,968 0.61% Ohio Higher Educational Facility Commission Fixed 5.25% May 2054 Municipal Bond B US USD 1,000,000 96.27 $962,695 0.60% Shelby County Health & Educational Facilities Fixed 5.25% Jun 2056 144A Municipal Bond B US USD 1,000,000 96.23 $962,270 0.60% Village Community Development District No 15 Fixed 4.80% May 2055 144A Municipal Bond B US USD 995,000 95.41 $949,309 0.59% Massachusetts Development Finance Agency Fixed 4.50% Jul 2054 Municipal Bond B US USD 1,000,000 93.52 $935,182 0.58% Capital Trust Authority Fixed 5.00% Jun 2054 144A Municipal Bond B US USD 1,000,000 92.85 $928,516 0.57% Capital Trust Authority Fixed 5.00% Jun 2064 144A Municipal Bond B US USD 1,000,000 90.60 $906,048 0.56% New York State Dormitory Authority Fixed 4.25% Jul 2050 Municipal Bond B US USD 1,000,000 88.76 $887,598 0.55% California Municipal Finance Authority Fixed 4.00% Feb 2051 Municipal Bond B US USD 1,000,000 88.15 $881,531 0.55% Lynchburg Economic Development Authority Fixed 4.00% Jan 2055 Municipal Bond B US USD 1,000,000 83.38 $833,759 0.52% South Carolina Jobs-Economic Development Authority Fixed 5.75% Nov 2054 Municipal Bond B US USD 750,000 101.67 $762,509 0.47% Michigan State Housing Development Authority Fixed 5.05% Jun 2051 Municipal Bond B US USD 500,000 100.66 $503,289 0.31% Cash & Equivalents Cash C US USD - - $6,948,256 4.30% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Municipal) As of: 12/31/2025 View Allocation Details Allocation Details AMG GW&K Municipal Enhanced Yield Fund (GWMEX) Sector Allocation (Municipal) Credit Allocation Sector 12/31/2025 Airport 11.25% Cash & Other 3.56% Development 5.42% Education 1.11% General 15.19% Higher Education 6.70% Housing 5.90% Medical 20.50% Nursing Homes 5.20% Other Municipal Issues 5.60% School District 3.58% Single Family Housing 0.32% Transportation 13.29% Utilities 1.73% Water 0.66% As of: 12/31/2025 Credit 12/31/2025 Treasury 0.00% Agency 0.00% AAA 0.00% AA 11.87% A 20.44% BBB 57.38% BB 6.63% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 3.68% 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 John B. Fox, CFA PARTNER, DIRECTOR OF FIXED INCOME Read full bio Martin R. Tourigny, CFA PARTNER, PORTFOLIO MANAGER Read full bio Brian T. Moreland, CFA PARTNER, PORTFOLIO MANAGER Read full bio Kara M. South, CFA PARTNER, PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach AMG GW&K Municipal Enhanced Yield Fund The Fund focuses on the long end of the curve, seeking to capitalize on the yield and return characteristics of longer-term municipal bonds. The Fund uses fundamental research to attempt to uncover and exploit inefficiencies in the municipal bond market with a goal to produce high after-tax income. The Portfolio is constructed using a research-intensive approach, executing purchases and sales after conducting both structure and credit research. Additional Fund Highlight GW&K has invested in municipal bonds since the firm’s founding in 1974. Opportunities in Longer-Maturity Municipal Bonds With interest rate increases over recent years, municipal bond investors have opportunities for higher income and total return. Vehicles like the AMG GW&K Municipal Enhanced Yield Fund seek to take advantage of current market conditions to capitalize on longer-term and lower grade-rated municipal bonds. 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