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AMG Funds I
2026-03-31
AMG Boston Common Global Impact Fund
Class I
BRWIX
This semi-annual shareholder report contains important information about AMG Boston Common Global Impact Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Boston Common Global Impact Fund<br/>(Class I/BRWIX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>48</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">0.93<span>%</span></td> </tr> </table>
48
0.0093
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>548,619,300</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>2,023,100</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table>
548619300
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<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
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<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">NVIDIA Corp. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Alphabet, Inc., Class A (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.4<span>%</span></td> </tr>
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<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Samsung Electronics Co., Ltd. (South Korea)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Microsoft Corp. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Apple, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Netflix, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Broadcom, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Roche Holding AG (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Merck & Co., Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 3pt;">Top Ten as a Group</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 3pt 12pt 3pt 3pt;">31.7<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654589.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 2 Chart" src="g144032chartimages_11654594.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div>
<div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">NVIDIA Corp. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Alphabet, Inc., Class A (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Taiwan Semiconductor Manufacturing Co., Ltd., Sponsored ADR (Taiwan)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.4<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Samsung Electronics Co., Ltd. (South Korea)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.4<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Microsoft Corp. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Apple, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">3.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Netflix, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Broadcom, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Roche Holding AG (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Merck & Co., Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">1.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 3pt;">Top Ten as a Group</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 3pt 12pt 3pt 3pt;">31.7<span>%</span></td> </tr> </table>
0.049
0.046
0.044
0.034
0.032
0.030
0.023
0.020
0.020
0.019
0.317
AMG Systematica Managed Futures Strategy Fund
Class N
SMFNX
This semi-annual shareholder report contains important information about AMG Systematica Managed Futures Strategy Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Systematica Managed Futures Strategy Fund<br/>(Class N/SMFNX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
57
0.0110
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,245,580</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">600</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>
6245580
600
0
0
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654663.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>NOTIONAL ALLOCATION</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Interest Rate Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">114.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Foreign Currency Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">19.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commodity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(15.0<span>)</span><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Equity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(19.5<span>)</span><span>%</span></td> </tr> </table>
1.146
0.199
-0.150
-0.195
AMG Systematica Managed Futures Strategy Fund
Class I
SMFIX
This semi-annual shareholder report contains important information about AMG Systematica Managed Futures Strategy Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Systematica Managed Futures Strategy Fund<br/>(Class I/SMFIX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
57
0.0110
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,245,580</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">600</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>
6245580
600
0
0
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654700.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>NOTIONAL ALLOCATION</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Interest Rate Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">114.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Foreign Currency Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">19.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commodity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(15.0<span>)</span><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Equity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(19.5<span>)</span><span>%</span></td> </tr> </table>
1.146
0.199
-0.150
-0.195
AMG Systematica Managed Futures Strategy Fund
Class Z
SMFZX
This semi-annual shareholder report contains important information about AMG Systematica Managed Futures Strategy Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Systematica Managed Futures Strategy Fund<br/>(Class Z/SMFZX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>57</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
57
0.0110
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>6,245,580</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">600</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>
6245580
600
0
0
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654737.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>NOTIONAL ALLOCATION</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Interest Rate Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">114.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Foreign Currency Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">19.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commodity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(15.0<span>)</span><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Equity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(19.5<span>)</span><span>%</span></td> </tr> </table>
1.146
0.199
-0.150
-0.195
AMG Systematica Trend-Enhanced Markets Fund
Class N
STMBX
This semi-annual shareholder report contains important information about AMG Systematica Trend-Enhanced Markets Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Systematica Trend-Enhanced Markets Fund<br/>(Class N/STMBX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
56
0.0110
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,039,087</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">589</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>
7039087
589
0
0
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654811.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>NOTIONAL ALLOCATION</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Interest Rate Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">385.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Foreign Currency Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">54.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Commodity Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">0.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commodity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(54.9<span>)</span><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Equity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(284.7<span>)</span><span>%</span></td> </tr> </table>
3.850
0.546
0.000
-0.549
-2.847
AMG Systematica Trend-Enhanced Markets Fund
Class I
STMIX
This semi-annual shareholder report contains important information about AMG Systematica Trend-Enhanced Markets Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Systematica Trend-Enhanced Markets Fund<br/>(Class I/STMIX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
56
0.0110
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,039,087</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">589</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>
7039087
589
0
0
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654774.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>NOTIONAL ALLOCATION</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Interest Rate Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">385.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Foreign Currency Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">54.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Commodity Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">0.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commodity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(54.9<span>)</span><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Equity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(284.7<span>)</span><span>%</span></td> </tr> </table>
3.850
0.546
0.000
-0.549
-2.847
AMG Systematica Trend-Enhanced Markets Fund
Class Z
STMZX
This semi-annual shareholder report contains important information about AMG Systematica Trend-Enhanced Markets Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Systematica Trend-Enhanced Markets Fund<br/>(Class Z/STMZX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>56</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.10<span>%</span></td> </tr> </table>
56
0.0110
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>7,039,087</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">589</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>0</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">0<span>%</span></td> </tr> </table>
7039087
589
0
0
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">The portfolio breakdown is shown as a percentage of net assets of the Fund and notional allocation is shown as a percentage of total notional value of the Fund's derivatives holdings. The portfolio breakdown and notional allocation are inclusive of the Fund's wholly-owned subsidiary.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654848.jpg" style="width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>NOTIONAL ALLOCATION</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Interest Rate Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">385.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Foreign Currency Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">54.6<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Forward Commodity Exchange Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">0.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Commodity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(54.9<span>)</span><span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Equity Futures Contracts</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">(284.7<span>)</span><span>%</span></td> </tr> </table>
3.850
0.546
0.000
-0.549
-2.847
AMG Veritas Global Real Return Fund
Class I
BLUEX
This semi-annual shareholder report contains important information about AMG Veritas Global Real Return Fund (the “Fund”) for the period of October 1, 2025 to March 31, 2026.
semi-annual shareholder report
You can find additional information about the Fund at <span style="text-decoration-line: underline; color: rgb(1, 146, 113); font-family: 'arial'; font-size: 10pt; font-weight: normal;">https://wealth.amg.com/literature</span>. You can also request this information by contacting us at 800.548.4539.
https://wealth.amg.com/literature
800.548.4539
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Fund Expenses</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">What were the Fund costs for the last six months?</div> <div style="margin-top: 0px; margin-bottom: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">(Based on a hypothetical $10,000 investment)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-after: avoid; break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%; padding: 6pt 3pt 3pt 3pt;">Fund (Class)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">Costs of a $10,000 investment</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%; padding: 6pt 3pt 3pt 3pt;">Costs paid as a percentage of a $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Veritas Global Real Return Fund<br/>(Class I/BLUEX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>55</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">1.16<span>%</span></td> </tr> </table>
55
0.0116
<div style="font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt; margin-top: 10pt;">Key Fund Statistics (as of<span style="white-space: nowrap;"> </span>March 31, 2026)</div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Fund net assets</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>86,688,301</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">34</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>375,369</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Portfolio turnover rate as of the end of the reporting period</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">16<span>%</span></td> </tr> </table>
86688301
34
375369
0.16
<div style="margin-top: 0px; font-family: 'arial'; color: rgb(0, 80, 64); font-size: 11pt; font-weight: bold; margin-bottom: 3pt;">Graphical Representation of Holdings (as of March 31, 2026)</div> <div style="margin-top: 0px; font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); margin-bottom: 10pt;">Top ten holdings and portfolio breakdown are shown as a percentage of net assets of the Fund and country allocation is shown as a percentage of total long-term investments of the Fund.</div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Vinci, S.A. (France)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Amazon.com, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">London Stock Exchange Group PLC (United Kingdom)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Canadian Pacific Kansas City, Ltd. (Canada)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Safran, S.A. (France)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Microsoft Corp. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Aon PLC, Class A (United Kingdom)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Mastercard, Inc., Class A (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Airbus SE (France)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">UnitedHealth Group, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 3pt;">Top Ten as a Group</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 3pt 12pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Portfolio Breakdown</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 1 Chart" src="g144032chartimages_11654626.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Country Allocation</b></div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);">
<img alt="Graphical Representation - Allocation 2 Chart" src="g144032chartimages_11654631.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div>
<div style="font-family: 'arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); letter-spacing: 1.25px; text-transform: uppercase; text-align: center; border-bottom-color: rgb(0, 80, 64); border-bottom-style: solid; border-bottom-width: 1pt; padding-bottom: 5pt; margin: 5pt 0px 5pt 0px;"><b>Top Ten Holdings</b></div>
<table style="width: 100%; border-collapse: collapse; break-inside: avoid-page; page-break-inside: avoid;">
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Vinci, S.A. (France)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">5.5<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Amazon.com, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">5.0<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">London Stock Exchange Group PLC (United Kingdom)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Canadian Pacific Kansas City, Ltd. (Canada)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.9<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Safran, S.A. (France)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.8<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Microsoft Corp. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Aon PLC, Class A (United Kingdom)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Mastercard, Inc., Class A (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Airbus SE (France)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.2<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">UnitedHealth Group, Inc. (United States)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">4.1<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 3pt;">Top Ten as a Group</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 3pt 12pt 3pt 3pt;">46.2<span>%</span></td> </tr> </table>
0.055
0.050
0.049
0.049
0.048
0.043
0.043
0.042
0.042
0.041
0.462