Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 01/14/2026 $11.71 +$0.00 (+0.00%) Morningstar | Style Box L M E H M L Growth of $10,000 (Hypothetical) Since Inception 06/30/2009 to 12/31/2025 = $17,695.60 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 current income, exempt from federal income tax, and capital preservation by primarily investing in a portfolio of high-quality municipal bonds. Why Consider Provides investors with exposure to an actively managed portfolio of primarily intermediate-term municipal bonds Investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings The Fund focuses on the intermediate area of the yield curve to maintain flexibility and actively adjusts duration based on interest rate moves Documents Fact Sheet Commentary Summary Prospectus Prospectus SAI Q1 Holdings Q3 Holdings Distributions All Holdings Annual Report - Class N Semi-Annual Report - Class N Annual Report - Class I Semi-Annual Report - Class I Annual Financial Statements and Other Information Semi-Annual Financial Statements and Other Information View All Documents Investment Style AMG GW&K Municipal Bond 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 Bond Fund is categorized as Medium-Extensive. It combines medium credit quality with extensive interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 12/31/2025 Overall Rating (of 253) 3 Years (of 253) 5 Years (of 232) 10 Years (of 176) Category Muni National Interm 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: 0.46% Net Expense Ratio: 0.39% 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 Dec 16, 2025 $0.029100 $0.029100 — — Nov 25, 2025 $0.027800 $0.027800 — — Oct 29, 2025 $0.028800 $0.028800 — — Sep 26, 2025 $0.027800 $0.027800 — — Aug 27, 2025 $0.028500 $0.028500 — — Jul 29, 2025 $0.028400 $0.028400 — — Jun 26, 2025 $0.027300 $0.027300 — — May 28, 2025 $0.027900 $0.027900 — — Apr 28, 2025 $0.027500 $0.027500 — — Mar 27, 2025 $0.026900 $0.026900 — — Feb 26, 2025 $0.024700 $0.024700 — — Jan 29, 2025 $0.026300 $0.026300 — — Dec 16, 2024 $0.026500 $0.026500 — — Nov 26, 2024 $0.025300 $0.025300 — — Oct 29, 2024 $0.026000 $0.026000 — — Sep 26, 2024 $0.025400 $0.025400 — — Aug 28, 2024 $0.025300 $0.025300 — — Jul 29, 2024 $0.024900 $0.024900 — — Jun 26, 2024 $0.023900 $0.023900 — — May 29, 2024 $0.024400 $0.024400 — — Apr 26, 2024 $0.023500 $0.023500 — — Mar 26, 2024 $0.025800 $0.025800 — — Feb 27, 2024 $0.019000 $0.019000 — — Jan 29, 2024 $0.023000 $0.023000 — — Dec 14, 2023 $0.022400 $0.022400 — — Nov 28, 2023 $0.021900 $0.021900 — — Oct 27, 2023 $0.022100 $0.022100 — — Sep 27, 2023 $0.021000 $0.021000 — — Aug 29, 2023 $0.021700 $0.021700 — — Jul 27, 2023 $0.020600 $0.020600 — — Jun 28, 2023 $0.020300 $0.020300 — — May 26, 2023 $0.019300 $0.019300 — — Apr 26, 2023 $0.018800 $0.018800 — — Mar 29, 2023 $0.019600 $0.019600 — — Feb 24, 2023 $0.017500 $0.017500 — — Jan 27, 2023 $0.019000 $0.019000 — — Dec 15, 2022 $0.038800 $0.020300 $0.000900 $0.017600 Nov 28, 2022 $0.017700 $0.017700 — — Oct 27, 2022 $0.018300 $0.018300 — — Sep 28, 2022 $0.016700 $0.016700 — — Aug 29, 2022 $0.016600 $0.016600 — — Jul 27, 2022 $0.016300 $0.016300 — — Jun 28, 2022 $0.015900 $0.015900 — — May 26, 2022 $0.015800 $0.015800 — — Apr 27, 2022 $0.014800 $0.014800 — — Mar 29, 2022 $0.014200 $0.014200 — — Feb 24, 2022 $0.012100 $0.012100 — — Jan 27, 2022 $0.013600 $0.013600 — — Dec 15, 2021 $0.110300 $0.013800 $0.007400 $0.089100 Nov 26, 2021 $0.013200 $0.013200 — — Oct 27, 2021 $0.013500 $0.013500 — — Sep 28, 2021 $0.013000 $0.013000 — — Aug 27, 2021 $0.013900 $0.013900 — — Jul 28, 2021 $0.014400 $0.014400 — — Jun 28, 2021 $0.013800 $0.013800 — — May 26, 2021 $0.014300 $0.014300 — — Apr 28, 2021 $0.013500 $0.013500 — — Mar 29, 2021 $0.014300 $0.014300 — — Feb 24, 2021 $0.013300 $0.013300 — — Jan 27, 2021 $0.015000 $0.015000 — — Dec 16, 2020 $0.049600 $0.014900 $0.000900 $0.033800 Nov 25, 2020 $0.014300 $0.014300 — — Oct 28, 2020 $0.015600 $0.015600 — — Sep 28, 2020 $0.014800 $0.014800 — — Aug 27, 2020 $0.015700 $0.015700 — — Jul 29, 2020 $0.015700 $0.015700 — — Jun 26, 2020 $0.015500 $0.015500 — — May 27, 2020 $0.016200 $0.016200 — — Apr 28, 2020 $0.016900 $0.016900 — — Mar 27, 2020 $0.018600 $0.018600 — — Feb 26, 2020 $0.016900 $0.016900 — — Jan 29, 2020 $0.018400 $0.018400 — — Dec 16, 2019 $0.018500 $0.018500 — — Nov 26, 2019 $0.018000 $0.018000 — — Oct 29, 2019 $0.019000 $0.019000 — — Sep 26, 2019 $0.018800 $0.018800 — — Aug 28, 2019 $0.019300 $0.019300 — — Jul 29, 2019 $0.019500 $0.019500 — — Jun 26, 2019 $0.019700 $0.019700 — — May 29, 2019 $0.019700 $0.019700 — — Apr 26, 2019 $0.019300 $0.019300 — — Mar 27, 2019 $0.019700 $0.019700 — — Feb 26, 2019 $0.017900 $0.017900 — — Jan 29, 2019 $0.019600 $0.019600 — — Dec 27, 2018 $0.023900 $0.020200 — $0.003700 Nov 28, 2018 $0.018900 $0.018900 — — Oct 29, 2018 $0.018800 $0.018800 — — Sep 26, 2018 $0.017800 $0.017800 — — Aug 29, 2018 $0.018000 $0.018000 — — Jul 27, 2018 $0.017800 $0.017800 — — Jun 27, 2018 $0.017100 $0.017100 — — May 29, 2018 $0.017700 $0.017700 — — Apr 26, 2018 $0.017100 $0.017100 — — Mar 27, 2018 $0.017400 $0.017400 — — Feb 26, 2018 $0.015400 $0.015400 — — Jan 29, 2018 $0.016500 $0.016500 — — Dec 27, 2017 $0.028500 $0.017000 — $0.011500 Nov 27, 2017 $0.015800 $0.015800 — — Oct 26, 2017 $0.016100 $0.016100 — — Sep 26, 2017 $0.015600 $0.015600 — — Aug 28, 2017 $0.016300 $0.016300 — — Jul 26, 2017 $0.016100 $0.016100 — — Jun 27, 2017 $0.016000 $0.016000 — — May 25, 2017 $0.015800 $0.015800 — — Apr 25, 2017 $0.015500 $0.015500 — — Mar 28, 2017 $0.016200 $0.016200 — — Feb 23, 2017 $0.014600 $0.014600 — — Jan 26, 2017 $0.015800 $0.015800 — — Dec 27, 2016 $0.224100 $0.015900 $0.133000 $0.075200 Nov 25, 2016 $0.015200 $0.015200 — — Oct 26, 2016 $0.014900 $0.014900 — — Sep 27, 2016 $0.014000 $0.014000 — — Aug 26, 2016 $0.013500 $0.013500 — — Jul 26, 2016 $0.014300 $0.014300 — — Jun 27, 2016 $0.014500 $0.014500 — — May 25, 2016 $0.014900 $0.014900 — — Apr 26, 2016 $0.013400 $0.013400 — — Mar 28, 2016 $0.014200 $0.014200 — — Feb 24, 2016 $0.012900 $0.012900 — — Jan 26, 2016 $0.015900 $0.015900 — — Dec 28, 2015 $0.167800 $0.017300 $0.040100 $0.110400 Nov 24, 2015 $0.017800 $0.017800 — — Oct 27, 2015 $0.017700 $0.017700 — — Sep 25, 2015 $0.016700 $0.016700 — — Aug 26, 2015 $0.018100 $0.018100 — — Jul 28, 2015 $0.017300 $0.017300 — — Jun 25, 2015 $0.017100 $0.017100 — — May 26, 2015 $0.017500 $0.017500 — — Apr 27, 2015 $0.016400 $0.016400 — — Mar 26, 2015 $0.015200 $0.015200 — — Feb 24, 2015 $0.015200 $0.015200 — — Jan 27, 2015 $0.018000 $0.018000 — — Dec 26, 2014 $0.059700 $0.019800 $0.015300 $0.024600 Nov 24, 2014 $0.018000 $0.018000 — — Oct 28, 2014 $0.019500 $0.019500 — — Sep 25, 2014 $0.019500 $0.019500 — — Aug 26, 2014 $0.019800 $0.019800 — — Jul 28, 2014 $0.019000 $0.019000 — — Jun 25, 2014 $0.019000 $0.019000 — — May 27, 2014 $0.019000 $0.019000 — — Apr 25, 2014 $0.018500 $0.018500 — — Mar 26, 2014 $0.018500 $0.018500 — — Feb 25, 2014 $0.017500 $0.017500 — — Jan 28, 2014 $0.020000 $0.020000 — — Dec 26, 2013 $0.063500 $0.020000 $0.023400 $0.020100 Nov 25, 2013 $0.018000 $0.018000 — — Oct 28, 2013 $0.018000 $0.018000 — — Sep 25, 2013 $0.016000 $0.016000 — — Aug 27, 2013 $0.021500 $0.021500 — — Jul 26, 2013 $0.020000 $0.020000 — — Jun 25, 2013 $0.018500 $0.018500 — — May 28, 2013 $0.020000 $0.020000 — — Apr 25, 2013 $0.019500 $0.019500 — — Mar 25, 2013 $0.018500 $0.018500 — — Feb 26, 2013 — — — — Feb 25, 2013 $0.016000 $0.016000 — — Jan 28, 2013 $0.018000 $0.018000 — — Dec 26, 2012 $0.102500 $0.021000 $0.030700 $0.050800 Nov 27, 2012 $0.020000 $0.020000 — — Oct 26, 2012 $0.020000 $0.020000 — — Sep 25, 2012 $0.020000 $0.020000 — — Aug 28, 2012 $0.021500 $0.021500 — — Jul 26, 2012 $0.020000 $0.020000 — — Jun 26, 2012 $0.018500 $0.018500 — — May 25, 2012 $0.021000 $0.021000 — — Apr 25, 2012 $0.021000 $0.021000 — — Mar 27, 2012 $0.021500 $0.021500 — — Feb 24, 2012 $0.018500 $0.018500 — — Jan 26, 2012 $0.023000 $0.023000 — — Dec 27, 2011 $0.070600 $0.024600 $0.030000 $0.016000 Nov 25, 2011 $0.023500 $0.023500 — — Oct 26, 2011 $0.025500 $0.025500 — — Sep 27, 2011 $0.022000 $0.022000 — — Aug 26, 2011 $0.026500 $0.026500 — — Jul 26, 2011 $0.027000 $0.027000 — — Jun 27, 2011 $0.022400 $0.022400 — — May 25, 2011 $0.027500 $0.027500 — — Apr 26, 2011 $0.029600 $0.029600 — — Mar 28, 2011 $0.030000 $0.030000 — — Feb 23, 2011 $0.027600 $0.027600 — — Jan 26, 2011 $0.028600 $0.028600 — — Dec 28, 2010 $0.101500 $0.031400 $0.022100 $0.048000 Nov 24, 2010 $0.028000 $0.028000 — — Oct 26, 2010 $0.027500 $0.027500 — — Sep 27, 2010 $0.026000 $0.026000 — — Aug 26, 2010 $0.030000 $0.030000 — — Jul 27, 2010 $0.031000 $0.031000 — — Jun 25, 2010 $0.030000 $0.030000 — — May 25, 2010 $0.031000 $0.031000 — — Apr 27, 2010 $0.031000 $0.031000 — — Mar 26, 2010 $0.031500 $0.031500 — — Feb 23, 2010 $0.027500 $0.027500 — — Jan 26, 2010 $0.025100 $0.025100 — — Dec 28, 2009 $0.089200 $0.034100 $0.055100 — Nov 24, 2009 $0.040100 $0.040100 — — Oct 27, 2009 $0.030000 $0.030000 — — Sep 25, 2009 $0.025000 $0.025000 — — Aug 26, 2009 $0.020000 $0.020000 — — Jul 28, 2009 $0.015000 $0.015000 — — From: To: Risk & Return Statistics As of: 12/31/2025 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. 0.20 -0.03 -0.43 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. 5.97 6.39 5.36 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. -0.18 -0.39 -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. 105.60 104.68 98.71 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. 107.85 108.74 105.98 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. 1.09 1.09 1.04 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. 98.65 98.90 98.56 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. 0.86 0.84 0.68 View All Characteristics & Statistics All Characteristics & Statistics AMG GW&K Municipal Bond Fund (GWMIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg 10-Year Municipal Bond Index Fund Assets (Mil.$) $972 Number of Holdings 232 Average Effective Duration (years) 7.48 5.87 Average Modified Duration (years) 8.37 Convexity 0.5 -0.29 Average Maturity (years) 7.48 9.9 Yield to Maturity 3.77% Yield to Worst 3.49% 3.23% Current Yield 4.46% 4.33% SEC 30-Day Yield (%) 3.03% SEC 30-Day Yield (%) w/o fee 3.00% Average Coupon 4.87% 4.62% Average Price 108.77 106.8 Average Credit Quality AA- AA2/AA3 % Callable 75.42% Adjustable Coupon 0.64% 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. 0.20 -0.03 -0.43 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. 5.97 6.39 5.36 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. -0.18 -0.39 -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. 105.60 104.68 98.71 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. 107.85 108.74 105.98 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. 1.09 1.09 1.04 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. 98.65 98.90 98.56 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. 0.86 0.84 0.68 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. 0.09 -0.30 -0.62 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. -1.02 -2.33 -0.17 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. -5.52 -12.79 -12.79 As of: 12/31/2025 Maturity Fund Less Than 2 Years 1.59% 2 to 5 Years 11.69% 5 to 10 Years 79.13% 10 to 15 Years 7.33% More Than 15 Years 0.26% NA 0.00% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 12/31/2025 Metropolitan Transportation Authority Fixed 1.73% Utility Debt Securitization Authority Fixed 1.44% Southeast Energy Authority A Cooperative District Fixed 1.31% Louisiana Stadium & Exposition District Fixed 1.26% University of California Fixed 1.23% State of Illinois Fixed 1.13% Los Angeles Department of Water & Power Fixed 1.12% New York Transportation Development Corp Fixed 1.10% State Board of Administration Finance Corp Fixed 1.08% Utility Debt Securitization Authority Fixed 1.08% % in Top 10 Holdings 12.47% View Holding Details Holding Details AMG GW&K Municipal Bond Fund (GWMIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets Metropolitan Transportation Authority Fixed 5% Nov 2031 1.73% Utility Debt Securitization Authority Fixed 5% Dec 2037 1.44% Southeast Energy Authority A Cooperative District Fixed 5% Oct 2030 1.31% Louisiana Stadium & Exposition District Fixed 5% Jul 2042 1.26% University of California Fixed 5% May 2036 1.23% State of Illinois Fixed 5% May 2034 1.13% Los Angeles Department of Water & Power Fixed 5% Jul 2030 1.12% New York Transportation Development Corp Fixed 5% Dec 2036 1.10% State Board of Administration Finance Corp Fixed 5.53% Jul 2034 1.08% Utility Debt Securitization Authority Fixed 5% Jun 2037 1.08% % in Top 10 Holdings 12.47% As of: 12/31/2025 Download All Holdings (PDF) As of: 12/31/2025 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund Metropolitan Transportation Authority Fixed 5.00% Nov 2031 Municipal Bond B US USD 15,000,000 111.91 $16,785,852 1.73% Utility Debt Securitization Authority Fixed 5.00% Dec 2037 Municipal Bond B US USD 12,000,000 116.84 $14,020,261 1.44% Southeast Energy Authority A Cooperative District Fixed 5.00% Oct 2030 Municipal Bond B US USD 11,850,000 107.43 $12,730,986 1.31% Louisiana Stadium & Exposition District Fixed 5.00% Jul 2042 Municipal Bond B US USD 11,500,000 106.41 $12,236,656 1.26% University of California Fixed 5.00% May 2036 Municipal Bond B US USD 10,000,000 119.53 $11,953,127 1.23% State of Illinois Fixed 5.00% May 2034 Municipal Bond B US USD 10,000,000 110.01 $11,000,729 1.13% Los Angeles Department of Water & Power Fixed 5.00% Jul 2030 Municipal Bond B US USD 10,000,000 108.82 $10,882,339 1.12% New York Transportation Development Corp Fixed 5.00% Dec 2036 Municipal Bond B US USD 10,000,000 106.74 $10,673,770 1.10% State Board of Administration Finance Corp Fixed 5.53% Jul 2034 Municipal Bond B US USD 10,000,000 105.14 $10,514,426 1.08% Utility Debt Securitization Authority Fixed 5.00% Jun 2037 Municipal Bond B US USD 9,000,000 116.61 $10,495,117 1.08% Great Lakes Water Auth Sewage Disposal System Revenue Fixed 5.00% Jul 2034 Municipal Bond B US USD 9,000,000 116.39 $10,475,008 1.08% Chicago O'Hare International Airport Fixed 5.00% Jan 2036 Municipal Bond B US USD 10,050,000 104.00 $10,452,036 1.07% Florida Development Finance Corp Fixed 4.00% Nov 2033 Municipal Bond B US USD 10,000,000 103.28 $10,328,130 1.06% Illinois State Toll Highway Authority Fixed 5.00% Dec 2031 Municipal Bond B US USD 9,735,000 100.19 $9,753,920 1.00% Kentucky State Property & Building Commission Fixed 5.00% Apr 2041 Municipal Bond B US USD 8,500,000 109.66 $9,321,228 0.96% Great Lakes Water Auth Sewage Disposal System Revenue Fixed 5.00% Jul 2035 Municipal Bond B US USD 8,000,000 116.38 $9,310,244 0.96% Utility Debt Securitization Authority Fixed 5.00% Dec 2036 Municipal Bond B US USD 8,000,000 116.33 $9,306,749 0.96% State of Illinois Fixed 5.25% Mar 2037 Municipal Bond B US USD 8,500,000 109.33 $9,293,273 0.96% North Carolina Turnpike Authority Fixed 5.00% Jan 2058 Municipal Bond B US USD 9,000,000 102.13 $9,191,353 0.95% Lamar Consolidated Independent School District Fixed 5.00% Feb 2034 Municipal Bond B US USD 7,965,000 113.25 $9,020,229 0.93% Kentucky State Property & Building Commission Fixed 5.00% Apr 2040 Municipal Bond B US USD 7,750,000 110.94 $8,597,726 0.88% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2039 Municipal Bond B US USD 7,500,000 113.75 $8,530,918 0.88% Metropolitan Transportation Authority Fixed 5.00% Nov 2037 Municipal Bond B US USD 7,460,000 112.32 $8,378,957 0.86% Commonwealth Financing Authority Fixed 5.00% Jun 2032 Municipal Bond B US USD 7,910,000 104.80 $8,289,827 0.85% State of Illinois Fixed 5.00% Feb 2033 Municipal Bond B US USD 7,255,000 111.92 $8,119,740 0.83% Richland County School District No 2 Fixed 2.00% Mar 2039 Municipal Bond B US USD 10,080,000 78.45 $7,907,292 0.81% New York State Dormitory Authority Fixed 5.00% Mar 2041 Municipal Bond B US USD 7,090,000 109.39 $7,756,013 0.80% New Jersey Economic Development Authority Fixed 5.25% Nov 2040 Municipal Bond B US USD 7,000,000 109.69 $7,678,549 0.79% Private Colleges & Universities Authority Fixed 5.00% Sep 2032 Municipal Bond B US USD 6,500,000 114.39 $7,435,298 0.76% Kentucky State Property & Building Commission Fixed 5.00% Apr 2034 Municipal Bond B US USD 6,310,000 115.54 $7,290,486 0.75% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2039 Municipal Bond B US USD 6,455,000 112.61 $7,269,026 0.75% City of New York NY Fixed 5.00% Apr 2033 Municipal Bond B US USD 6,500,000 110.65 $7,192,523 0.74% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2036 Municipal Bond B US USD 6,000,000 116.84 $7,010,414 0.72% City of Chattanooga TN Electric Revenue Fixed 2.00% Sep 2039 Municipal Bond B US USD 8,925,000 77.34 $6,902,409 0.71% City of Salt Lake City UT Airport Revenue Fixed 5.00% Jul 2030 Municipal Bond B US USD 6,585,000 104.66 $6,891,730 0.71% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2031 Municipal Bond B US USD 6,205,000 108.69 $6,744,253 0.69% State of Illinois Sales Tax Revenue Fixed 5.00% Jun 2037 Municipal Bond B US USD 6,000,000 111.38 $6,682,573 0.69% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2033 Municipal Bond B US USD 6,000,000 110.74 $6,644,417 0.68% Pennsylvania Housing Finance Agency Fixed 4.50% Oct 2044 Municipal Bond B US USD 6,500,000 100.42 $6,527,050 0.67% Kentucky State Property & Building Commission Fixed 5.00% Apr 2035 Municipal Bond B US USD 5,595,000 116.55 $6,521,049 0.67% Kentucky State Property & Building Commission Fixed 5.00% Oct 2037 Municipal Bond B US USD 5,650,000 113.52 $6,413,692 0.66% Pennsylvania Economic Development Financing Authority Fixed 5.75% Jun 2048 Municipal Bond B US USD 6,000,000 104.63 $6,277,791 0.65% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2034 Municipal Bond B US USD 5,460,000 114.56 $6,255,239 0.64% Escambia County Health Facilities Authority Fixed 5.00% Aug 2037 Municipal Bond B US USD 6,000,000 103.71 $6,222,771 0.64% San Francisco City & County Airport Fixed 5.00% May 2035 Municipal Bond B US USD 5,800,000 105.35 $6,110,060 0.63% County of Jefferson AL Sewer Revenue Fixed 5.25% Oct 2049 Municipal Bond B US USD 5,810,000 103.28 $6,000,412 0.62% Illinois Finance Authority Fixed 4.00% Aug 2037 Municipal Bond B US USD 5,910,000 100.38 $5,932,688 0.61% University of California Fixed 5.50% May 2040 Municipal Bond B US USD 5,000,000 118.60 $5,930,052 0.61% Ohio State University Fixed 5.00% Jun 2035 Municipal Bond B US USD 5,000,000 117.46 $5,872,781 0.60% Miami-Dade County Educational Facilities Authority Fixed 5.25% Apr 2036 Municipal Bond B US USD 5,000,000 116.97 $5,848,625 0.60% Intermountain Power Agency Fixed 5.00% Jul 2034 Municipal Bond B US USD 5,250,000 110.65 $5,809,121 0.60% NY City Transitional Finance Auth Building Aid Rev Fixed 5.00% Jul 2037 Municipal Bond B US USD 5,000,000 115.76 $5,787,788 0.60% Private Colleges & Universities Authority Fixed 5.00% Sep 2033 Municipal Bond B US USD 5,000,000 115.73 $5,786,445 0.60% Alabama Highway Authority Fixed 5.00% Sep 2038 Municipal Bond B US USD 5,000,000 115.07 $5,753,353 0.59% County of Harris TX Toll Road Revenue Fixed 5.00% Aug 2034 Municipal Bond B US USD 5,000,000 114.63 $5,731,502 0.59% City of New York NY Fixed 5.00% Aug 2036 Municipal Bond B US USD 5,000,000 114.57 $5,728,610 0.59% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Nov 2032 Municipal Bond B US USD 5,000,000 114.13 $5,706,474 0.59% West Virginia Hospital Finance Authority Fixed 6.00% Sep 2048 Municipal Bond B US USD 5,250,000 108.67 $5,705,325 0.59% City of New York NY Fixed 5.00% Aug 2034 Municipal Bond B US USD 5,000,000 113.99 $5,699,666 0.59% North Texas Tollway Authority Fixed 5.00% Jan 2033 Municipal Bond B US USD 5,000,000 113.89 $5,694,723 0.59% Chicago O'Hare International Airport Fixed 5.00% Jan 2038 Municipal Bond B US USD 5,500,000 103.25 $5,678,567 0.58% City of Austin TX Electric Utility Revenue Fixed 5.00% Nov 2035 Municipal Bond B US USD 5,000,000 113.48 $5,673,891 0.58% Indiana Finance Authority Fixed 5.00% Feb 2032 Municipal Bond B US USD 5,000,000 111.46 $5,573,206 0.57% West Virginia Parkways Authority Fixed 5.00% Jun 2039 Municipal Bond B US USD 5,150,000 108.03 $5,563,722 0.57% County of Miami-Dade FL Aviation Revenue Fixed 5.00% Oct 2035 Municipal Bond B US USD 5,000,000 111.10 $5,554,984 0.57% Pennsylvania Economic Development Financing Authority Fixed 5.25% Jun 2035 Municipal Bond B US USD 5,015,000 110.07 $5,519,983 0.57% City of New York NY Fixed 5.00% Sep 2040 Municipal Bond B US USD 5,000,000 109.55 $5,477,349 0.56% NY Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Feb 2037 Municipal Bond B US USD 5,000,000 108.18 $5,409,235 0.56% Port Authority of New York & New Jersey Fixed 5.00% Jul 2032 Municipal Bond B US USD 5,000,000 107.44 $5,372,028 0.55% Southeast Energy Authority A Cooperative District Fixed 5.00% Nov 2035 Municipal Bond B US USD 5,000,000 107.27 $5,363,599 0.55% Illinois Finance Authority Fixed 5.00% Apr 2034 Municipal Bond B US USD 4,640,000 115.31 $5,350,314 0.55% New York State Dormitory Authority Fixed 5.00% Mar 2034 Municipal Bond B US USD 4,585,000 116.60 $5,346,234 0.55% San Francisco City & County Airport Fixed 5.00% May 2034 Municipal Bond B US USD 5,010,000 105.62 $5,291,518 0.54% NY City Transitional Finance Auth Building Aid Rev Fixed 5.00% Jul 2036 Municipal Bond B US USD 4,500,000 116.80 $5,255,997 0.54% Rhode Island Health and Educational Building Corp Fixed 5.25% May 2049 Municipal Bond B US USD 5,175,000 101.44 $5,249,451 0.54% New York Transportation Development Corp Fixed 5.25% Jun 2049 Municipal Bond B US USD 5,000,000 100.65 $5,032,681 0.52% Texas Private Activity Bond Surface Transportation Co Fixed 4.00% Dec 2037 Municipal Bond B US USD 5,000,000 100.43 $5,021,341 0.52% Florida Housing Finance Corp Fixed 4.50% Jul 2044 Municipal Bond B US USD 4,975,000 100.65 $5,007,322 0.51% Richland County School District No 2 Fixed 2.00% Mar 2038 Municipal Bond B US USD 6,190,000 80.56 $4,986,959 0.51% New Jersey Turnpike Authority Fixed 5.00% Jan 2028 Municipal Bond B US USD 4,500,000 102.20 $4,599,085 0.47% New York Transportation Development Corp Fixed 5.50% Dec 2054 Municipal Bond B US USD 4,500,000 102.01 $4,590,444 0.47% County of Harris TX Toll Road Revenue Fixed 5.00% Aug 2036 Municipal Bond B US USD 4,000,000 114.46 $4,578,572 0.47% Colorado Health Facilities Authority Fixed 5.00% Aug 2033 Municipal Bond B US USD 4,260,000 106.03 $4,516,849 0.46% New York City Transitional Finance Authority Fixed 5.00% Nov 2039 Municipal Bond B US USD 4,000,000 111.54 $4,461,740 0.46% New York State Dormitory Authority Fixed 5.00% Mar 2040 Municipal Bond B US USD 4,000,000 110.62 $4,424,952 0.46% Prosper Independent School District Fixed 1.75% Feb 2035 Municipal Bond B US USD 5,155,000 83.71 $4,315,316 0.44% Massachusetts Development Finance Agency Fixed 5.25% Jul 2048 Municipal Bond B US USD 4,250,000 101.35 $4,307,515 0.44% City of New York NY Fixed 5.00% Aug 2032 Municipal Bond B US USD 3,750,000 113.42 $4,253,247 0.44% New York State Dormitory Authority Fixed 5.00% Mar 2035 Municipal Bond B US USD 3,500,000 117.58 $4,115,292 0.42% Metropolitan Transportation Authority Fixed 5.00% Nov 2033 Municipal Bond B US USD 3,490,000 114.21 $3,985,884 0.41% South Carolina Public Service Authority Fixed 5.00% Dec 2043 Municipal Bond B US USD 3,725,000 106.30 $3,959,747 0.41% Intermountain Power Agency Fixed 5.00% Jul 2033 Municipal Bond B US USD 3,500,000 112.85 $3,949,724 0.41% Los Angeles Department of Water & Power Fixed 5.00% Jul 2032 Municipal Bond B US USD 3,480,000 113.12 $3,936,460 0.40% Intermountain Power Agency Fixed 5.00% Jul 2034 Municipal Bond B US USD 3,500,000 112.35 $3,932,252 0.40% Maryland Stadium Auth Sports Entmt Facilities Rev Fixed 5.00% Jun 2037 Municipal Bond B US USD 3,320,000 113.16 $3,756,881 0.39% Texas Private Activity Bond Surface Transportation Co Fixed 4.00% Dec 2038 Municipal Bond B US USD 3,735,000 100.13 $3,739,675 0.38% County of Union NC Enterprise System Revenue Fixed 1.85% Jun 2036 Municipal Bond B US USD 4,315,000 82.75 $3,570,878 0.37% County of Union NC Enterprise System Revenue Fixed 1.75% Jun 2035 Municipal Bond B US USD 4,225,000 84.06 $3,551,593 0.37% City of New York NY Fixed 5.00% Aug 2034 Municipal Bond B US USD 3,250,000 108.82 $3,536,651 0.36% Illinois State Toll Highway Authority Fixed 5.00% Jan 2036 Municipal Bond B US USD 3,000,000 114.83 $3,444,802 0.35% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2035 Municipal Bond B US USD 3,000,000 114.00 $3,420,075 0.35% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2033 Municipal Bond B US USD 2,960,000 114.94 $3,402,372 0.35% Washington Health Care Facilities Authority Fixed 5.00% Aug 2038 Municipal Bond B US USD 3,270,000 104.01 $3,401,025 0.35% Illinois Finance Authority Fixed 5.00% Apr 2035 Municipal Bond B US USD 2,970,000 114.37 $3,396,693 0.35% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2034 Municipal Bond B US USD 3,100,000 108.83 $3,373,657 0.35% New Hampshire Business Finance Authority Fixed 5.00% Dec 2035 Municipal Bond B US USD 3,000,000 112.18 $3,365,410 0.35% Tarrant County Cultural Education Facilities Finance Corp Floating Nov 2051 Municipal Bond B US USD 3,000,000 111.54 $3,346,073 0.34% Indiana Finance Authority Fixed 5.00% Nov 2040 Municipal Bond B US USD 3,000,000 110.68 $3,320,350 0.34% North Texas Tollway Authority Fixed 5.25% Jan 2038 Municipal Bond B US USD 3,000,000 110.68 $3,320,283 0.34% Lee County Industrial Development Authority Fixed 5.00% Apr 2034 Municipal Bond B US USD 3,145,000 105.41 $3,315,039 0.34% Public Finance Authority Fixed 6.50% Jun 2060 Municipal Bond B US USD 3,000,000 109.82 $3,294,680 0.34% San Francisco City & County Airport Fixed 5.00% May 2032 Municipal Bond B US USD 3,000,000 109.54 $3,286,184 0.34% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2037 Municipal Bond B US USD 3,010,000 107.93 $3,248,747 0.33% City of San Antonio TX Electric & Gas Systems Revenue Fixed 5.00% Feb 2038 Municipal Bond B US USD 2,985,000 107.35 $3,204,367 0.33% Los Angeles Department of Water & Power Fixed 5.00% Jul 2033 Municipal Bond B US USD 2,800,000 114.13 $3,195,764 0.33% Chicago Transit Authority Sales Tax Receipts Fund Fixed 5.00% Dec 2043 Municipal Bond B US USD 3,000,000 106.39 $3,191,680 0.33% New Jersey Economic Development Authority Fixed 5.25% Jun 2036 Municipal Bond B US USD 2,750,000 116.01 $3,190,270 0.33% New York Transportation Development Corp Fixed 6.00% Jun 2054 Municipal Bond B US USD 3,000,000 103.36 $3,100,821 0.32% North Texas Tollway Authority Fixed 5.00% Jan 2039 Municipal Bond B US USD 2,750,000 112.58 $3,096,084 0.32% Public Finance Authority Fixed 5.75% Jun 2060 Municipal Bond B US USD 3,000,000 103.19 $3,095,791 0.32% City of Houston TX Airport System Revenue Fixed 5.00% Jul 2034 Municipal Bond B US USD 2,835,000 108.39 $3,072,723 0.32% North Dakota Housing Finance Agency Fixed 4.94% Jul 2045 Municipal Bond B US USD 3,000,000 102.06 $3,061,893 0.31% New Jersey Transportation Trust Fund Authority Fixed 4.00% Jun 2037 Municipal Bond B US USD 3,000,000 101.97 $3,058,979 0.31% Prosper Independent School District Fixed 1.75% Feb 2034 Municipal Bond B US USD 3,565,000 85.47 $3,046,851 0.31% Michigan State Housing Development Authority Fixed 4.85% Dec 2045 Municipal Bond B US USD 3,000,000 101.14 $3,034,073 0.31% Connecticut State Health & Educational Facilities Auth Fixed 5.00% Jul 2033 Municipal Bond B US USD 2,750,000 109.31 $3,005,984 0.31% Virginia Small Business Financing Authority Fixed 4.00% Jan 2037 Municipal Bond B US USD 3,000,000 99.74 $2,992,090 0.31% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2041 Municipal Bond B US USD 2,750,000 108.50 $2,983,653 0.31% Virginia Small Business Financing Authority Fixed 4.00% Jan 2038 Municipal Bond B US USD 3,000,000 99.31 $2,979,154 0.31% Louisiana Stadium & Exposition District Fixed 5.00% Jul 2040 Municipal Bond B US USD 2,750,000 108.29 $2,977,884 0.31% New Jersey Transportation Trust Fund Authority Fixed 5.25% Jun 2041 Municipal Bond B US USD 2,700,000 109.69 $2,961,752 0.30% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Nov 2036 Municipal Bond B US USD 2,500,000 116.86 $2,921,575 0.30% Great Lakes Water Auth Water Supply System Revenue Fixed 5.00% Jul 2035 Municipal Bond B US USD 2,500,000 116.72 $2,918,065 0.30% Ohio Housing Finance Agency Fixed 4.35% Sep 2044 Municipal Bond B US USD 2,880,000 100.55 $2,895,881 0.30% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% Nov 2037 Municipal Bond B US USD 2,500,000 115.57 $2,889,337 0.30% Tarrant County Cultural Education Facilities Finance Corp Floating Nov 2051 Municipal Bond B US USD 2,500,000 113.91 $2,847,823 0.29% County of Union NC Enterprise System Revenue Fixed 1.75% Jun 2034 Municipal Bond B US USD 3,300,000 85.90 $2,834,840 0.29% Columbus Regional Airport Authority Fixed 5.00% Jan 2036 Municipal Bond B US USD 2,500,000 111.16 $2,779,047 0.29% Central Texas Turnpike System Fixed 5.00% Aug 2039 Municipal Bond B US USD 2,500,000 110.99 $2,774,714 0.29% South Jersey Transportation Authority Fixed 5.00% Nov 2041 Municipal Bond B US USD 2,615,000 106.03 $2,772,737 0.29% Maryland Stadium Authority Fixed 5.00% Jun 2040 Municipal Bond B US USD 2,500,000 110.31 $2,757,739 0.28% NYC Transitional Finance Auth Future Tax Secured Rev Fixed 5.00% May 2040 Municipal Bond B US USD 2,500,000 109.09 $2,727,352 0.28% City of Houston TX Fixed 5.00% Mar 2041 Municipal Bond B US USD 2,500,000 108.38 $2,709,585 0.28% State of Connecticut Special Tax Revenue Fixed 5.00% Jul 2037 Municipal Bond B US USD 2,300,000 116.36 $2,676,235 0.28% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2032 Municipal Bond B US USD 2,350,000 111.15 $2,612,095 0.27% County of Union NC Enterprise System Revenue Fixed 2.13% Jun 2040 Municipal Bond B US USD 3,350,000 77.67 $2,601,990 0.27% Lower Colorado River Authority Fixed 5.00% May 2031 Municipal Bond B US USD 2,300,000 111.40 $2,562,139 0.26% Hospitals & Higher Education Facilities Auth of PA Fixed 4.00% Jul 2038 Municipal Bond B US USD 2,500,000 100.43 $2,510,818 0.26% Los Angeles Department of Water & Power Fixed 5.00% Jul 2031 Municipal Bond B US USD 2,205,000 111.63 $2,461,482 0.25% New Jersey Transportation Trust Fund Authority Fixed 5.25% Jun 2042 Municipal Bond B US USD 2,250,000 108.72 $2,446,163 0.25% South Carolina Public Service Authority Fixed 5.00% Dec 2041 Municipal Bond B US USD 2,250,000 108.50 $2,441,229 0.25% City of Houston TX Fixed 5.00% Mar 2042 Municipal Bond B US USD 2,245,000 107.56 $2,414,649 0.25% Allegheny County Airport Authority Fixed 5.00% Jan 2032 Municipal Bond B US USD 2,215,000 107.91 $2,390,207 0.25% Oklahoma Turnpike Authority Fixed 5.00% Jan 2040 Municipal Bond B US USD 2,115,000 112.85 $2,386,731 0.25% City of Philadelphia PA Fixed 5.00% Aug 2035 Municipal Bond B US USD 2,000,000 117.10 $2,341,988 0.24% Commonwealth of Massachusetts Trans Fund Revenue Fixed 5.00% Jun 2038 Municipal Bond B US USD 2,000,000 116.04 $2,320,724 0.24% Maricopa County Industrial Development Authority Fixed 5.00% Dec 2040 Municipal Bond B US USD 2,150,000 107.83 $2,318,397 0.24% State of Connecticut Special Tax Revenue Fixed 5.00% Jul 2038 Municipal Bond B US USD 2,000,000 115.35 $2,307,068 0.24% Commonwealth of Massachusetts Trans Fund Revenue Fixed 5.00% Jun 2039 Municipal Bond B US USD 2,000,000 115.15 $2,302,910 0.24% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2037 Municipal Bond B US USD 2,000,000 114.93 $2,298,653 0.24% Commonwealth of Massachusetts Fixed 5.00% Dec 2039 Municipal Bond B US USD 2,000,000 114.37 $2,287,454 0.24% Volusia County Educational Facility Authority Fixed 5.00% Oct 2033 Municipal Bond B US USD 2,000,000 114.37 $2,287,323 0.24% City of New York NY Fixed 5.00% Apr 2032 Municipal Bond B US USD 2,000,000 112.95 $2,259,007 0.23% Lower Colorado River Authority Fixed 5.00% May 2032 Municipal Bond B US USD 2,000,000 112.80 $2,256,011 0.23% Massachusetts Development Finance Agency Fixed 5.00% Jul 2041 Municipal Bond B US USD 2,095,000 106.66 $2,234,446 0.23% New York State Dormitory Authority Fixed 5.00% Mar 2041 Municipal Bond B US USD 2,000,000 111.18 $2,223,504 0.23% Harris County-Houston Sports Authority Fixed 5.00% Nov 2044 Municipal Bond B US USD 2,115,000 104.61 $2,212,400 0.23% Port of Seattle WA Fixed 5.00% Aug 2031 Municipal Bond B US USD 2,000,000 110.19 $2,203,851 0.23% Chicago Midway International Airport Fixed 5.00% Jan 2033 Municipal Bond B US USD 2,000,000 109.71 $2,194,178 0.23% City of Houston TX Fixed 5.00% Mar 2040 Municipal Bond B US USD 2,000,000 109.15 $2,183,079 0.22% West Virginia Parkways Authority Fixed 5.00% Jun 2038 Municipal Bond B US USD 2,000,000 108.52 $2,170,448 0.22% Chicago O'Hare International Airport Fixed 5.25% Jan 2041 Municipal Bond B US USD 2,000,000 107.96 $2,159,297 0.22% State of Illinois Fixed 5.25% May 2042 Municipal Bond B US USD 2,000,000 107.23 $2,144,627 0.22% New York Transportation Development Corp Fixed 6.00% Jun 2050 Municipal Bond B US USD 2,000,000 106.31 $2,126,266 0.22% State of Illinois Fixed 5.25% May 2045 Municipal Bond B US USD 2,000,000 104.43 $2,088,680 0.21% Massachusetts School Building Authority Fixed 5.00% Feb 2037 Municipal Bond B US USD 1,750,000 116.24 $2,034,129 0.21% New York Transportation Development Corp Fixed 5.00% Jun 2049 Municipal Bond B US USD 2,010,000 100.36 $2,017,295 0.21% Massachusetts Development Finance Agency Fixed 5.00% Jul 2040 Municipal Bond B US USD 1,870,000 107.84 $2,016,525 0.21% New Jersey Economic Development Authority Fixed 5.25% Jun 2037 Municipal Bond B US USD 1,750,000 115.16 $2,015,295 0.21% New York State Dormitory Authority Fixed 4.00% May 2039 Municipal Bond B US USD 2,000,000 100.64 $2,012,875 0.21% Hospitals & Higher Education Facilities Auth of PA Fixed 4.00% Jul 2039 Municipal Bond B US USD 2,000,000 99.42 $1,988,392 0.20% Commonwealth of Massachusetts Fixed 5.00% Dec 2040 Municipal Bond B US USD 1,750,000 113.20 $1,981,060 0.20% Oklahoma Turnpike Authority Fixed 5.00% Jan 2041 Municipal Bond B US USD 1,750,000 111.29 $1,947,490 0.20% New Jersey Transportation Trust Fund Authority Fixed 5.00% Jun 2038 Municipal Bond B US USD 1,700,000 113.84 $1,935,335 0.20% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2038 Municipal Bond B US USD 1,700,000 113.69 $1,932,793 0.20% New York City Transitional Finance Authority Fixed 5.00% Nov 2037 Municipal Bond B US USD 1,700,000 113.63 $1,931,758 0.20% North East Texas Regional Mobility Authority Fixed 5.00% Jan 2041 Municipal Bond B US USD 1,700,000 108.02 $1,836,279 0.19% Downtown Revitalization Public Infra District Fixed 5.00% Jun 2037 Municipal Bond B US USD 1,700,000 106.62 $1,812,488 0.19% Downtown Revitalization Public Infra District Fixed 5.00% Jun 2036 Municipal Bond B US USD 1,620,000 107.14 $1,735,598 0.18% Central Texas Turnpike System Fixed 5.00% Aug 2040 Municipal Bond B US USD 1,500,000 109.98 $1,649,682 0.17% City of New York NY Fixed 5.00% Aug 2033 Municipal Bond B US USD 1,500,000 109.26 $1,638,912 0.17% Central Texas Turnpike System Fixed 5.00% Aug 2041 Municipal Bond B US USD 1,500,000 109.09 $1,636,369 0.17% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2037 Municipal Bond B US USD 1,415,000 115.01 $1,627,413 0.17% Triborough Bridge & Tunnel Authority Fixed 5.00% Dec 2043 Municipal Bond B US USD 1,500,000 108.24 $1,623,543 0.17% New York Transportation Development Corp Fixed 5.00% Dec 2032 Municipal Bond B US USD 1,450,000 109.35 $1,585,620 0.16% West Virginia Parkways Authority Fixed 5.00% Jun 2037 Municipal Bond B US USD 1,450,000 109.01 $1,580,700 0.16% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2036 Municipal Bond B US USD 1,350,000 116.39 $1,571,265 0.16% Massachusetts Development Finance Agency Fixed 5.50% Jul 2045 Municipal Bond B US USD 1,490,000 103.09 $1,536,089 0.16% City of Philadelphia PA Fixed 5.00% Aug 2034 Municipal Bond B US USD 1,305,000 116.29 $1,517,549 0.16% Oklahoma Turnpike Authority Fixed 5.00% Jan 2039 Municipal Bond B US USD 1,300,000 114.88 $1,493,455 0.15% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2039 Municipal Bond B US USD 1,300,000 112.68 $1,464,817 0.15% Columbus Regional Airport Authority Fixed 5.00% Jan 2034 Municipal Bond B US USD 1,300,000 111.85 $1,454,082 0.15% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2035 Municipal Bond B US USD 1,250,000 115.86 $1,448,217 0.15% New York Transportation Development Corp Fixed 6.00% Jun 2044 Municipal Bond B US USD 1,320,000 108.97 $1,438,416 0.15% Commonwealth of Massachusetts Fixed 5.00% Dec 2041 Municipal Bond B US USD 1,250,000 111.91 $1,398,882 0.14% Columbus Regional Airport Authority Fixed 5.00% Jan 2035 Municipal Bond B US USD 1,200,000 112.51 $1,350,142 0.14% Los Angeles Department of Water & Power Fixed 5.00% Jul 2043 Municipal Bond B US USD 1,250,000 107.68 $1,346,003 0.14% New York Transportation Development Corp Fixed 4.00% Oct 2046 Municipal Bond B US USD 1,500,000 88.91 $1,333,634 0.14% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2041 Municipal Bond B US USD 1,200,000 109.51 $1,314,139 0.14% North East Texas Regional Mobility Authority Fixed 5.00% Jan 2043 Municipal Bond B US USD 1,185,000 106.12 $1,257,554 0.13% South Jersey Transportation Authority Fixed 5.00% Nov 2039 Municipal Bond B US USD 1,150,000 107.83 $1,240,081 0.13% New York Transportation Development Corp Fixed 5.00% Dec 2031 Municipal Bond B US USD 1,100,000 109.76 $1,207,310 0.12% New York Transportation Development Corp Fixed 4.00% Oct 2041 Municipal Bond B US USD 1,250,000 95.32 $1,191,523 0.12% City of Philadelphia PA Fixed 5.00% Aug 2033 Municipal Bond B US USD 1,000,000 115.16 $1,151,619 0.12% North East Texas Regional Mobility Authority Fixed 5.00% Jan 2042 Municipal Bond B US USD 1,055,000 106.94 $1,128,175 0.12% New York State Dormitory Authority Fixed 5.00% Mar 2040 Municipal Bond B US USD 1,000,000 112.61 $1,126,119 0.12% Pennsylvania Economic Development Financing Authority Fixed 5.00% Mar 2039 Municipal Bond B US USD 1,020,000 110.08 $1,122,804 0.12% City of New York NY Fixed 5.00% Aug 2031 Municipal Bond B US USD 1,000,000 111.94 $1,119,370 0.12% City of Houston TX Airport System Revenue Fixed 4.00% Jul 2035 Municipal Bond B US USD 1,100,000 101.69 $1,118,572 0.12% City of Houston TX Airport System Revenue Fixed 4.00% Jul 2036 Municipal Bond B US USD 1,100,000 100.69 $1,107,578 0.11% Nash Health Care Systems Fixed 5.00% Feb 2032 Municipal Bond B US USD 1,000,000 110.75 $1,107,534 0.11% Central Texas Regional Mobility Authority Fixed 5.00% Jan 2040 Municipal Bond B US USD 1,000,000 110.69 $1,106,914 0.11% New York Transportation Development Corp Fixed 5.00% Dec 2030 Municipal Bond B US USD 1,000,000 109.96 $1,099,632 0.11% Triborough Bridge & Tunnel Authority Fixed 5.00% Dec 2042 Municipal Bond B US USD 1,000,000 109.68 $1,096,816 0.11% New York Transportation Development Corp Fixed 5.00% Dec 2033 Municipal Bond B US USD 1,000,000 108.91 $1,089,072 0.11% Central Texas Turnpike System Fixed 5.00% Aug 2042 Municipal Bond B US USD 1,000,000 108.19 $1,081,870 0.11% Maricopa County Industrial Development Authority Fixed 5.00% Dec 2041 Municipal Bond B US USD 1,000,000 106.70 $1,067,019 0.11% Texas Private Activity Bond Surface Transportation Co Fixed 5.50% Jun 2041 Municipal Bond B US USD 1,000,000 105.48 $1,054,770 0.11% Texas Private Activity Bond Surface Transportation Co Fixed 5.50% Jun 2042 Municipal Bond B US USD 1,000,000 105.02 $1,050,155 0.11% Texas Private Activity Bond Surface Transportation Co Fixed 5.50% Jun 2043 Municipal Bond B US USD 1,000,000 104.35 $1,043,470 0.11% North Dakota Housing Finance Agency Fixed 4.70% Jul 2045 Municipal Bond B US USD 1,000,000 100.32 $1,003,220 0.10% California Municipal Finance Authority Fixed 5.00% Feb 2031 Municipal Bond B US USD 900,000 101.72 $915,481 0.09% Cash & Equivalents Cash C US USD - - $11,105,713 1.14% 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 Bond Fund (GWMIX) Sector Allocation (Municipal) Credit Allocation Sector 12/31/2025 Airport 8.37% Cash & Other 1.14% Development 1.87% Education 2.65% General 23.99% General Obligation 9.00% Higher Education 3.25% Medical 9.49% Other Municipal Issues 0.85% Power 7.69% School District 3.01% Single Family Housing 2.21% Transportation 16.33% Utilities 5.89% Water 4.24% As of: 12/31/2025 Credit 12/31/2025 Treasury 0.00% Agency 0.00% AAA 8.66% AA 55.67% A 25.06% BBB 10.61% BB 0.00% B 0.00% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% 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 Bond Fund The Fund’s active investment approach combines top-down analysis to respond to interest rate changes with bottom-up research focusing on security structure and credit ratings. The Fund uses fundamental research to seek to uncover and exploit inefficiencies in the investment-grade municipal bond market, primarily selecting investment-grade securities with a rating of at least BBB/Baa by a nationally recognized statistical rating organization such as Moody’s Investors Service, Inc. or Standard & Poor’s. Additional Fund Highlight GW&K has invested in municipal bonds since the firm’s founding in 1974 Related products Other Products From GW&K Investment Management MBGVX AMG GW&K Core Bond ESG Fund View Fund Details MGFIX AMG GW&K ESG Bond Fund View Fund Details MECAX AMG GW&K International Small Cap 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. CHOOSE SUBSCRIPTIONS