Summary

• The AMG GW&K ESG Bond Fund (Class N) returned -0.49% in the first quarter of 2026, compared with the -0.05% return of the Bloomberg U.S. Aggregate Bond Index.
• The war in Iran drove oil prices sharply higher, reigniting inflation concerns and prompting a repricing of the Federal Reserve Board's expected rate path.
• Risk assets weakened as credit spreads widened across sectors, resulting in negative absolute and excess returns for both investment-grade and high-yield bonds.
• Securitized products outperformed credit and Treasuries in the first quarter, with agency MBS leading early on strong technical demand following the Federal Housing Finance Agency's directive for GSEs.
• AMG GW&K ESG Bond Fund's underperformance was primarily attributed to strategic positioning challenges and individual security selection issues, particularly the significant overweight in corporate credit.

Performance Drivers

The AMG GW&K ESG Bond Fund ((Class N)) returned -0.49% in the first quarter of 2026, compared with the -0.05% return of the Bloomberg U.S. Aggregate Bond Index. For the 12 months ending March 31, 2026, the Fund returned 4.14% compared with the