Summary

• The AMG GW&K Core Bond ESG Fund (Class N) returned -0.45% in the first quarter of 2026.
• The FOMC held rates steady at both its January and March meetings, noting uncertainty around the economic implications of developments in the Middle East.
• With spread measures historically tight, the market remained vulnerable in the short term as investors priced in greater uncertainty.
• We believe the reaction in the market has been a “risk-rotation move,” as opposed to “risk-off event,” based on fund flows and trading activity.

The AMG GW&K Core Bond ESG Fund ((Class N)) returned -0.45% in the first quarter of 2026, compared with a return of -0.05% for its benchmark, the Bloomberg U.S. Aggregate Bond Index. For the 12 months ending March 31, 2026, the Fund returned 3.83% versus 4.35% for the