Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class I N I NAV | as of 04/25/2024 $20.69 -$0.04 (-0.19%) Morningstar | Style Box L M E H M L Morningstar Rating Rated against 606 High Yield Bond funds as of 03/31/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/12/2021 to 03/31/2024 = $10,721.16 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 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Read Important Investment Disclosures Objective The Fund seeks high income Why Consider May be appropriate for investors seeking a short term high income investment Employs a research intensive investment process combining quantitative screening tools with in-depth security specific research Manages risk by limiting duration and focusing on the highest quality of non-investment grade corporate bonds Documents Fact Sheet Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style GW&K High Income Fund has a Fixed Income objective, seeking to achieve a high level of current income. High Med. Low Ltd. Mod. Ext. Fixed Income Objective GW&K High Income Fund is categorized as Low-Limited. It combines low credit quality with limited interest-rate sensitivity. Morningstar Ratings Risk-adjusted returns as of 03/31/2024 Overall Rating (of 606) 3 Years (of 606) 5 Years — 10 Years — Category High Yield Bond Read Important Investment Disclosures Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Mary is a partner of the firm and responsible for the implementation and execution of all GW&K taxable fixed income portfolios. She has a long-tenured and successful career in building taxable fixed income portfolios and mutual funds that serve a wide range of clients. Mary is a proven leader and manages all aspects of GW&K’s taxable bond portfolio management, research, and trading. She is a member of the firm's Investment, ESG, and Global Allocation Committees. Prior to joining GW&K, Mary was a managing director and portfolio manager with Fortis Investments where she was responsible for all of the firm's U.S. dollar-denominated taxable bond mutual funds. Previously she was a vice president at Invesco, where she served as a senior high-yield credit analyst and managed various institutional fixed-income mandates. She began her investment career as a fixed income trader and credit analyst at Gardner and Preston Moss. Mary graduated cum laude from Wheaton College where she earned an AB in Economics, and received her MBA from Boston University's Questrom School of Business. She is a CFA® charterholder and a member of the CFA Institute and the CFA Society Boston. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month-end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Expense Ratios Gross Expense Ratio: 1.14% Net Expense Ratio: 0.66% Expense Cap Expiration Date: 05/01/2024 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Mar 26, 2024 $0.091200 $0.091200 — — Feb 27, 2024 $0.084200 $0.084200 — — Jan 29, 2024 $0.092100 $0.092100 — — Dec 14, 2023 $0.085600 $0.085600 — — Nov 28, 2023 $0.083100 $0.083100 — — Oct 27, 2023 $0.087700 $0.087700 — — Sep 27, 2023 $0.086000 $0.086000 — — Aug 29, 2023 $0.087100 $0.087100 — — Jul 27, 2023 $0.086900 $0.086900 — — Jun 28, 2023 $0.083600 $0.083600 — — May 26, 2023 $0.087600 $0.087600 — — Apr 26, 2023 $0.085000 $0.085000 — — Mar 29, 2023 $0.088000 $0.088000 — — Feb 24, 2023 $0.079800 $0.079800 — — Jan 27, 2023 $0.084900 $0.084900 — — Dec 15, 2022 $0.131200 $0.077500 $0.047900 $0.005800 Nov 28, 2022 $0.115800 $0.115800 — — Oct 27, 2022 $0.066000 $0.066000 — — Sep 28, 2022 $0.064500 $0.064500 — — Aug 29, 2022 $0.065400 $0.065400 — — Jul 27, 2022 $0.065400 $0.065400 — — Jun 28, 2022 $0.060300 $0.060300 — — May 26, 2022 $0.060800 $0.060800 — — Apr 27, 2022 $0.059700 $0.059700 — — Mar 29, 2022 $0.060100 $0.060100 — — Feb 24, 2022 $0.054600 $0.054600 — — Jan 27, 2022 $0.059000 $0.059000 — — Dec 15, 2021 $0.113000 $0.064700 $0.047700 $0.000600 Nov 26, 2021 $0.059100 $0.059100 — — Oct 27, 2021 $0.062000 $0.062000 — — Sep 28, 2021 $0.062100 $0.062100 — — Aug 27, 2021 $0.063600 $0.063600 — — Jul 28, 2021 $0.062500 $0.062500 — — Jun 28, 2021 $0.059100 $0.059100 — — May 26, 2021 $0.066000 $0.066000 — — Apr 28, 2021 $0.044000 $0.044000 — — Mar 29, 2021 $0.040000 $0.040000 — — From: To: Risk & Return Statistics As of: 03/31/2024 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. -0.88 - - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 6.30 - - 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. -0.09 - - 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. 105.33 - - 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. 115.29 - - 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. 1.11 - - 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. 97.70 - - 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. 1.13 - - View All Characteristics & Statistics All Characteristics & Statistics GW&K High Income Fund (GWHIX) Portfolio Characteristics (Fixed Income) Risk & Return Effective Maturity Fund Holdings Fund Bloomberg US High Yield 1-5 Year Ba Index Fund Assets (Mil.$) $14 Number of Holdings 94 490 Average Effective Duration (years) 2.55 2.3 Average Modified Duration (years) 3.21 Convexity -0.09 -0.17 Average Maturity (years) 3.91 3.33 Yield to Maturity 6.13% 6.52% Yield to Worst 6.09% 6.44% Current Yield 5.18% 5.73% SEC 30-Day Yield (%) 5.44% SEC 30-Day Yield (%) w/o fee 4.74% Average Coupon 5.05% 5.57% Average Price 96.9 97.23 Average Credit Quality BB+ BA2/BA3 Trailing 12-Months Portfolio Turnover 29.84% % Callable 96.95% % Non-US 10.00% Adjustable Coupon 7.94% Step Coupon 0.00% Zero Coupon 0.00% As of: 03/31/2024 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. -0.88 - - Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 6.30 - - 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. -0.09 - - 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. 105.33 - - 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. 115.29 - - 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. 1.11 - - 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. 97.70 - - 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. 1.13 - - 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. -0.56 - - 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. -0.51 - - 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. -10.39 - - As of: 03/31/2024 Maturity Fund Less Than 2 Years 27.21% 2 to 5 Years 54.42% 5 to 10 Years 16.36% 10 to 15 Years 0.00% More Than 15 Years 2.00% NA 0.00% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Fixed) As of: 03/31/2024 NuStar Logistics LP Fixed 1.91% SLM Corp Fixed 1.81% SM Energy Co Fixed 1.76% Citigroup Inc Floating Perpetual 1.69% Matador Resources Co Fixed 1.62% Southwestern Energy Co Fixed 1.60% Prime Security Services Borrower LLC Fixed 144A 1.56% MGM Resorts International Fixed 1.49% Starwood Property Trust Inc Fixed 144A 1.48% Navient Corp Fixed 1.48% % in Top 10 Holdings 16.40% View Holding Details Holding Details GW&K High Income Fund (GWHIX) Top 10 Holdings (Fixed Income) All Holdings Fund Holdings Coupon Maturity % of Net Assets NuStar Logistics LP Fixed 5.63% Apr 2027 1.91% SLM Corp Fixed 4.2% Oct 2025 1.81% SM Energy Co Fixed 5.63% Jun 2025 1.76% Citigroup Inc Floating Perpetual - - 1.69% Matador Resources Co Fixed 5.88% Sep 2026 1.62% Southwestern Energy Co Fixed 8.38% Sep 2028 1.60% Prime Security Services Borrower LLC Fixed 144A 5.75% Apr 2026 1.56% MGM Resorts International Fixed 4.75% Oct 2028 1.49% Starwood Property Trust Inc Fixed 144A 4.38% Jan 2027 1.48% Navient Corp Fixed 5% Mar 2027 1.48% % in Top 10 Holdings 16.40% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund NuStar Logistics LP Fixed 5.63% Apr 2027 Corporate B US USD 276,000 98.97 $273,163 1.91% SLM Corp Fixed 4.20% Oct 2025 Corporate B US USD 264,000 97.58 $257,623 1.81% SM Energy Co Fixed 5.63% Jun 2025 Corporate B US USD 253,000 99.53 $251,799 1.76% Citigroup Inc Floating Perpetual Corporate B US USD 255,000 94.38 $240,662 1.69% Matador Resources Co Fixed 5.88% Sep 2026 Corporate B US USD 231,000 100.01 $231,025 1.62% Southwestern Energy Co Fixed 8.38% Sep 2028 Corporate B US USD 220,000 103.71 $228,153 1.60% Prime Security Services Borrower LLC Fixed 5.75% Apr 2026 144A Corporate B US USD 223,000 99.71 $222,349 1.56% MGM Resorts International Fixed 4.75% Oct 2028 Corporate B US USD 224,000 95.11 $213,038 1.49% Starwood Property Trust Inc Fixed 4.38% Jan 2027 144A Corporate B US USD 225,000 94.07 $211,646 1.48% Navient Corp Fixed 5.00% Mar 2027 Corporate B US USD 220,000 95.80 $210,769 1.48% Wells Fargo & Co Floating Perpetual Corporate B US USD 209,000 99.78 $208,540 1.46% Mattel Inc Fixed 3.38% Apr 2026 144A Corporate B US USD 216,000 95.64 $206,577 1.45% Alcoa Nederland Holding BV Fixed 6.13% May 2028 144A Corporate B NL USD 200,000 100.15 $200,299 1.40% Olin Corp Fixed 5.13% Sep 2027 Corporate B US USD 202,000 97.69 $197,328 1.38% Ford Motor Credit Co LLC Fixed 4.13% Aug 2025 Corporate B US USD 200,000 97.73 $195,463 1.37% Crown Cork & Seal Co Inc Fixed 7.38% Dec 2026 Corporate B US USD 185,000 104.91 $194,087 1.36% SBA Communications Corp Fixed 3.88% Feb 2027 Corporate B US USD 198,000 95.11 $188,315 1.32% Permian Resources Operating LLC Fixed 5.38% Jan 2026 144A Corporate B US USD 190,000 98.85 $187,814 1.32% Callon Petroleum Co Fixed 6.38% Jul 2026 Corporate B US USD 185,000 101.06 $186,967 1.31% NRG Energy Inc Fixed 5.25% Jun 2029 144A Corporate B US USD 195,000 95.60 $186,423 1.31% Air Canada Fixed 3.88% Aug 2026 144A Corporate B CA USD 195,000 95.44 $186,112 1.30% Teva Pharmaceutical Finance Netherlands III BV Fixed 3.15% Oct 2026 Corporate B NL USD 199,000 93.49 $186,043 1.30% Sensata Technologies BV Fixed 4.00% Apr 2029 144A Corporate B US USD 200,000 91.31 $182,617 1.28% BWX Technologies Inc Fixed 4.13% Jun 2028 144A Corporate B US USD 195,000 93.23 $181,801 1.27% MEG Energy Corp Fixed 5.88% Feb 2029 144A Corporate B CA USD 185,000 98.26 $181,784 1.27% APi Group DE Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 200,000 90.10 $180,196 1.26% Penske Automotive Group Inc Fixed 3.50% Sep 2025 Corporate B US USD 184,000 97.32 $179,068 1.26% Cogent Communications Group Inc Fixed 3.50% May 2026 144A Corporate B US USD 188,000 95.19 $178,952 1.25% Novelis Corp Fixed 3.25% Nov 2026 144A Corporate B US USD 192,000 93.18 $178,902 1.25% Methanex Corp Fixed 5.13% Oct 2027 Corporate B CA USD 183,000 96.72 $177,003 1.24% EnLink Midstream LLC Fixed 5.38% Jun 2029 Corporate B US USD 180,000 98.18 $176,717 1.24% Murphy Oil USA Inc Fixed 5.63% May 2027 Corporate B US USD 178,000 99.07 $176,353 1.24% CCO Holdings LLC Fixed 5.50% May 2026 144A Corporate B US USD 179,000 98.47 $176,268 1.24% United Rentals North America Inc Fixed 4.88% Jan 2028 Corporate B US USD 181,000 97.32 $176,141 1.23% Chord Energy Corp Fixed 6.38% Jun 2026 144A Corporate B US USD 175,000 100.42 $175,730 1.23% Caesars Entertainment Inc Fixed 6.25% Jul 2025 144A Corporate B US USD 175,000 100.04 $175,077 1.23% Cleveland-Cliffs Inc Fixed 5.88% Jun 2027 Corporate B US USD 172,000 99.82 $171,694 1.20% Murphy Oil Corp Fixed 6.38% Jul 2028 Corporate B US USD 170,000 100.66 $171,127 1.20% Occidental Petroleum Corp Fixed 7.88% Sep 2031 Corporate B US USD 150,000 113.36 $170,036 1.19% Mueller Water Products Inc Fixed 4.00% Jun 2029 144A Corporate B US USD 186,000 90.70 $168,708 1.18% JPMorgan Chase & Co Floating Perpetual Corporate B US USD 167,000 100.11 $167,190 1.17% Lamar Media Corp Fixed 4.88% Jan 2029 Corporate B US USD 173,000 96.36 $166,698 1.17% Sealed Air Corp Fixed 5.50% Sep 2025 144A Corporate B US USD 165,000 99.64 $164,401 1.15% AECOM Fixed 5.13% Mar 2027 Corporate B US USD 167,000 98.24 $164,053 1.15% Western Midstream Operating LP Fixed 4.65% Jul 2026 Corporate B US USD 162,000 98.11 $158,939 1.11% Penn Entertainment Inc Fixed 4.13% Jul 2029 144A Corporate B US USD 181,000 86.00 $155,651 1.09% Celanese US Holdings LLC Fixed 6.33% Jul 2029 Corporate B US USD 149,000 103.70 $154,506 1.08% Wabash National Corp Fixed 4.50% Oct 2028 144A Corporate B US USD 163,000 91.70 $149,477 1.05% Western Digital Corp Fixed 4.75% Feb 2026 Corporate B US USD 152,000 97.69 $148,486 1.04% Graphic Packaging International LLC Fixed 3.50% Mar 2029 144A Corporate B US USD 165,000 89.93 $148,387 1.04% Bombardier Inc Fixed 6.00% Feb 2028 144A Corporate B CA USD 150,000 98.37 $147,551 1.03% Cheniere Energy Partners LP Fixed 4.50% Oct 2029 Corporate B US USD 155,000 95.17 $147,521 1.03% Silgan Holdings Inc Fixed 4.13% Feb 2028 Corporate B US USD 155,000 94.62 $146,657 1.03% FMG Resources August 2006 Pty Ltd Fixed 4.50% Sep 2027 144A Corporate B AU USD 152,000 96.06 $146,013 1.02% Teleflex Inc Fixed 4.25% Jun 2028 144A Corporate B US USD 155,000 93.84 $145,446 1.02% HB Fuller Co Fixed 4.25% Oct 2028 Corporate B US USD 154,000 92.66 $142,701 1.00% Steelcase Inc Fixed 5.13% Jan 2029 Corporate B US USD 150,000 94.51 $141,760 0.99% Aramark Services Inc Fixed 5.00% Feb 2028 144A Corporate B US USD 146,000 96.52 $140,915 0.99% Hillenbrand Inc Fixed 3.75% Mar 2031 Corporate B US USD 161,000 86.78 $139,718 0.98% American Axle & Manufacturing Inc Fixed 6.88% Jul 2028 Corporate B US USD 140,000 99.65 $139,508 0.98% Clearwater Paper Corp Fixed 4.75% Aug 2028 144A Corporate B US USD 150,000 92.74 $139,116 0.98% Encompass Health Corp Fixed 4.50% Feb 2028 Corporate B US USD 146,000 95.24 $139,053 0.97% Goldman Sachs Group Inc Floating Perpetual Corporate B US USD 151,000 91.34 $137,918 0.97% Truist Financial Corp Floating Perpetual Corporate B US USD 140,000 98.11 $137,352 0.96% Apache Corp Fixed 4.25% Jan 2030 Corporate B US USD 148,000 92.59 $137,035 0.96% United States Steel Corp Fixed 6.88% Mar 2029 Corporate B US USD 133,000 100.96 $134,276 0.94% American Airlines Inc Fixed 5.50% Apr 2026 144A Corporate B US USD 134,250 99.32 $133,336 0.93% MetLife Inc Floating Perpetual Corporate B US USD 135,000 96.12 $129,762 0.91% Dana Inc Fixed 5.63% Jun 2028 Corporate B US USD 123,000 97.59 $120,035 0.84% Toll Brothers Finance Corp Fixed 4.35% Feb 2028 Corporate B US USD 120,000 96.64 $115,967 0.81% Trinity Industries Inc Fixed 4.55% Oct 2024 Corporate B US USD 112,000 99.01 $110,895 0.78% Commercial Metals Co Fixed 3.88% Feb 2031 Corporate B US USD 124,000 88.76 $110,063 0.77% Embraer Netherlands Finance BV Fixed 5.40% Feb 2027 Corporate B NL USD 110,000 99.46 $109,402 0.77% EQT Corp Fixed 5.70% Apr 2028 Corporate B US USD 105,000 100.93 $105,980 0.74% Tenet Healthcare Corp Fixed 4.63% Jun 2028 Corporate B US USD 110,000 95.22 $104,741 0.73% Wynn Las Vegas LLC Fixed 5.25% May 2027 144A Corporate B US USD 105,000 97.94 $102,839 0.72% Hudbay Minerals Inc Fixed 4.50% Apr 2026 144A Corporate B CA USD 95,000 96.86 $92,021 0.64% Meritage Homes Corp Fixed 6.00% Jun 2025 Corporate B US USD 92,000 99.90 $91,906 0.64% Centene Corp Fixed 4.25% Dec 2027 Corporate B US USD 93,000 95.35 $88,674 0.62% Travel + Leisure Co Fixed 6.60% Oct 2025 Corporate B US USD 75,000 100.71 $75,532 0.53% KB Home Fixed 4.00% Jun 2031 Corporate B US USD 85,000 88.64 $75,346 0.53% Keycorp Floating May 2025 Corporate B US USD 75,000 99.55 $74,663 0.52% Huntington Bancshares Inc Fixed 2.63% Aug 2024 Corporate B US USD 75,000 98.85 $74,140 0.52% ATI Inc Fixed 4.88% Oct 2029 Corporate B US USD 78,000 94.10 $73,398 0.51% General Motors Co Fixed 6.80% Oct 2027 Corporate B US USD 70,000 104.71 $73,295 0.51% Boeing Co Fixed 5.71% May 2040 Corporate B US USD 75,000 95.71 $71,786 0.50% Travel + Leisure Co Fixed 6.00% Apr 2027 Corporate B US USD 70,000 99.95 $69,967 0.49% Ball Corp Fixed 2.88% Aug 2030 Corporate B US USD 82,000 85.32 $69,966 0.49% Avient Corp Fixed 5.75% May 2025 144A Corporate B US USD 66,000 99.55 $65,706 0.46% VF Corp Fixed 2.95% Apr 2030 Corporate B US USD 55,000 82.55 $45,404 0.32% Twilio Inc Fixed 3.63% Mar 2029 Corporate B US USD 50,000 89.94 $44,971 0.32% Central Garden & Pet Co Fixed 4.13% Oct 2030 Corporate B US USD 50,000 89.71 $44,855 0.31% M&T Bank Corp Floating Aug 2028 Corporate B US USD 39,000 95.47 $37,234 0.26% Caesars Entertainment Inc Fixed 6.50% Feb 2032 144A Corporate B US USD 32,000 100.88 $32,282 0.23% Cash & Equivalents Cash C US USD - - $240,232 1.68% Read Important Investment Disclosures Read Important Investment Disclosures Sector Allocation (Fixed) As of: 03/31/2024 View Allocation Details Allocation Details GW&K High Income Fund (GWHIX) Sector Allocation (Fixed Income) Credit Allocation Sector Sort Order Fund U.S. Agency 10 0.00% U.S. Treasury 20 0.00% Sovereign Debt 30 0.00% Corporate 60 98.32% Investment Grade 70 24.21% Non-Investment Grade & Not Rated 100 74.11% Mortgage-Backed Security 130 0.00% Asset-Backed Security 170 0.00% Municipal Bond 180 0.00% Other Bonds 190 0.00% Interest Rate Futures 200 0.00% Equity Futures 210 0.00% Swaps, Caps, and Floors 220 0.00% Preferred Stock 230 0.00% Options 240 0.00% Other Sectors 250 0.00% Cash 270 1.68% As of: 03/31/2024 Credit 03/31/2024 Treasury 0.00% Agency 0.00% AAA 0.00% AA 0.00% A 0.79% BBB 23.83% BB 68.35% B 7.02% CCC 0.00% CC 0.00% C 0.00% D 0.00% Not Rated 0.00% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About GW&K Investment Management GW&K Investment Management is a dynamic investment management firm that offers asset allocation, active equity, and fixed income investment solutions to help meet the needs of a diverse client base. GW&K’s founding principles of applying rigorous fundamental research, focusing on quality, and maintaining a long-term view still guide its investment process today. Learn More About GW&K Investment Management's Approach FOUNDED 1974 AMG AFFILIATE SINCE 2008 HEADQUARTERS Boston, MA Portfolio Managers Mary F. Kane, CFA PARTNER AND PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach GW&K High Income Fund The Fund invests in a diversified portfolio of short-term, non-investment grade corporate bonds, which have the potential to generate high income and strong total return over the long term while assuming manageable levels of risk GW&K believes the short-term segment of the high yield corporate sector provides attractive returns with lower volatility compared to the overall high yield market Under normal market conditions, the Fund invests in bonds with maturities less than five years and seeks to target bonds with an average rating of BB GW&K employs a research intensive process which seeks out relative value opportunities within the corporate bond universe based on their assessment of macro-economic conditions and sound fundamental credit research Uses bottom-up research that focuses on fundamental, valuation, technical and ESG factor analysis A strong risk management process is used to achieve portfolio diversification, manage credit risk, and set sector, quality and issuer limits Related products Other Products From GW&K Investment Management MBGVX GW&K Core Bond ESG Fund View Fund Details MFDAX GW&K Enhanced Core Bond ESG Fund View Fund Details MGFIX GW&K ESG Bond Fund View Fund Details MECAX GW&K International Small Cap Fund View Fund Details GWMTX GW&K Municipal Bond Fund View Fund Details MESHX GW&K Municipal Enhanced SMA Shares View Fund Details GWMNX GW&K Municipal Enhanced Yield Fund View Fund Details GWETX GW&K Small Cap Core Fund View Fund Details SKSEX GW&K Small Cap Value Fund View Fund Details GWGVX GW&K Small/Mid Cap Core Fund View Fund Details ACWDX GW&K Small/Mid Cap Growth Fund View Fund Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. 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