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0.105 0.106 0.039 0001089951 false N-1A N-CSRS AMG Funds 2026-06-30 AMG GW&K High Yield Bond SMA Shares AMG GW&K High Yield Bond SMA Shares GWHYX This semi-annual shareholder report contains important information about AMG GW&amp;K High Yield Bond SMA Shares (the “Fund”) for the period of June 17, 2026 (commencement of operations) to June 30, 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 since the commencement of operations?</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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K High Yield Bond SMA Shares<br/>(GWHYX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</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;">0.00<span>%</span></td> </tr> </table> 0 0.0000 <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>June 30, 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;">$</span>29,266,278</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">214</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</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> 29266278 214 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 June 30, 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 ratings are 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;">CCO Holdings LLC/CCO Holdings Capital Corp., 7.000%, 02/01/33</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;">1.5<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;">TransDigm, Inc., 6.625%, 03/01/32</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;">1.4<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;">Venture Global LNG, Inc., 8.375%, 06/01/31</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;">1.3<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;">Carnival Corp., Ltd., 5.875%, 06/15/31 (Bermuda)</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;">1.2<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;">Nissan Motor Acceptance Co. LLC, 6.125%, 09/30/30</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;">1.2<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;">Rocket Cos., Inc., 6.500%, 08/01/29</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;">1.2<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;">Celanese US Holdings LLC, 7.550%, 11/15/30</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;">1.1<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;">Centene Corp., 3.375%, 02/15/30</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;">1.1<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;">SM Energy Co., 9.625%, 06/15/33</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;">1.0<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;">Tenet Healthcare Corp., 5.500%, 11/15/32</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;">1.0<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;">12.0<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="g111956chartimages_12190948.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>Ratings</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="g111956chartimages_12190953.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;">CCO Holdings LLC/CCO Holdings Capital Corp., 7.000%, 02/01/33</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;">1.5<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;">TransDigm, Inc., 6.625%, 03/01/32</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;">1.4<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;">Venture Global LNG, Inc., 8.375%, 06/01/31</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;">1.3<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;">Carnival Corp., Ltd., 5.875%, 06/15/31 (Bermuda)</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;">1.2<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;">Nissan Motor Acceptance Co. LLC, 6.125%, 09/30/30</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;">1.2<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;">Rocket Cos., Inc., 6.500%, 08/01/29</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;">1.2<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;">Celanese US Holdings LLC, 7.550%, 11/15/30</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;">1.1<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;">Centene Corp., 3.375%, 02/15/30</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;">1.1<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;">SM Energy Co., 9.625%, 06/15/33</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;">1.0<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;">Tenet Healthcare Corp., 5.500%, 11/15/32</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;">1.0<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;">12.0<span>%</span></td> </tr> </table> 0.015 0.014 0.013 0.012 0.012 0.012 0.011 0.011 0.010 0.010 0.120 AMG GW&K Municipal Bond Fund Class N GWMTX This semi-annual shareholder report contains important information about AMG GW&amp;K Municipal Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Municipal Bond Fund<br/>(Class N/GWMTX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>36</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;">0.72<span>%</span></td> </tr> </table> 36 0.0072 <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>June 30, 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;">$</span>1,000,450,574</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">263</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>704,929</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;">36<span>%</span></td> </tr> </table> 1000450574 263 704929 0.36 <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 June 30, 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 ratings are 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;">Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30</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;">1.5<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;">Louisiana Stadium &amp; Exposition District, Series A, 5.000%, 07/01/42</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;">1.2<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;">State of Illinois, Series B, 5.000%, 05/01/34</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;">1.1<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;">California Community Choice Financing Authority, Series F, 5.000%, 06/01/36</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;">1.1<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;">New York Transportation Development Corp., 5.000%, 12/01/36</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;">1.1<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;">Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36</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;">1.0<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;">State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34</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;">1.0<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;">Florida Development Finance Corp., Revenue, 4.000%, 11/15/33</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;">1.0<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;">Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34</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;">1.0<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;">Los Angeles Department of Water &amp; Power, Series C, 5.000%, 07/01/30</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;">1.0<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;">11.0<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="g111956chartimages_12144385.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>Ratings</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="g111956chartimages_12144346.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;">Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30</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;">1.5<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;">Louisiana Stadium &amp; Exposition District, Series A, 5.000%, 07/01/42</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;">1.2<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;">State of Illinois, Series B, 5.000%, 05/01/34</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;">1.1<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;">California Community Choice Financing Authority, Series F, 5.000%, 06/01/36</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;">1.1<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;">New York Transportation Development Corp., 5.000%, 12/01/36</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;">1.1<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;">Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36</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;">1.0<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;">State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34</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;">1.0<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;">Florida Development Finance Corp., Revenue, 4.000%, 11/15/33</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;">1.0<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;">Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34</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;">1.0<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;">Los Angeles Department of Water &amp; Power, Series C, 5.000%, 07/01/30</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;">1.0<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;">11.0<span>%</span></td> </tr> </table> 0.015 0.012 0.011 0.011 0.011 0.010 0.010 0.010 0.010 0.010 0.110 AMG GW&K Municipal Bond Fund Class I GWMIX This semi-annual shareholder report contains important information about AMG GW&amp;K Municipal Bond Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Municipal Bond Fund<br/>(Class I/GWMIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>20</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;">0.39<span>%</span></td> </tr> </table> 20 0.0039 <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>June 30, 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;">$</span>1,000,450,574</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">263</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>704,929</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;">36<span>%</span></td> </tr> </table> 1000450574 263 704929 0.36 <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 June 30, 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 ratings are 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;">Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30</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;">1.5<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;">Louisiana Stadium &amp; Exposition District, Series A, 5.000%, 07/01/42</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;">1.2<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;">State of Illinois, Series B, 5.000%, 05/01/34</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;">1.1<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;">California Community Choice Financing Authority, Series F, 5.000%, 06/01/36</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;">1.1<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;">New York Transportation Development Corp., 5.000%, 12/01/36</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;">1.1<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;">Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36</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;">1.0<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;">State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34</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;">1.0<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;">Florida Development Finance Corp., Revenue, 4.000%, 11/15/33</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;">1.0<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;">Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34</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;">1.0<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;">Los Angeles Department of Water &amp; Power, Series C, 5.000%, 07/01/30</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;">1.0<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;">11.0<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="g111956chartimages_12144384.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>Ratings</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="g111956chartimages_12144347.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;">Southeast Energy Authority A Cooperative District, Series E, 5.000%, 10/01/30</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;">1.5<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;">Louisiana Stadium &amp; Exposition District, Series A, 5.000%, 07/01/42</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;">1.2<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;">State of Illinois, Series B, 5.000%, 05/01/34</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;">1.1<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;">California Community Choice Financing Authority, Series F, 5.000%, 06/01/36</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;">1.1<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;">New York Transportation Development Corp., 5.000%, 12/01/36</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;">1.1<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;">Chicago O'Hare International Airport, Senior Lien, Series A, Revenue, 5.000%, 01/01/36</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;">1.0<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;">State Board of Administration Finance Corp., Series A, 5.526%, 07/01/34</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;">1.0<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;">Florida Development Finance Corp., Revenue, 4.000%, 11/15/33</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;">1.0<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;">Great Lakes Water Authority Sewage Disposal System Revenue, Series B, 5.000%, 07/01/34</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;">1.0<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;">Los Angeles Department of Water &amp; Power, Series C, 5.000%, 07/01/30</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;">1.0<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;">11.0<span>%</span></td> </tr> </table> 0.015 0.012 0.011 0.011 0.011 0.010 0.010 0.010 0.010 0.010 0.110 AMG GW&K Municipal Enhanced SMA Shares AMG GW&K Municipal Enhanced SMA Shares MESHX This semi-annual shareholder report contains important information about AMG GW&amp;K Municipal Enhanced SMA Shares (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Municipal Enhanced SMA Shares<br/>(MESHX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</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;">0.00<span>%</span></td> </tr> </table> 0 0.0000 <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>June 30, 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;">$</span>259,626,969</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">139</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</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;">6<span>%</span></td> </tr> </table> 259626969 139 0 0.06 <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 June 30, 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 ratings are 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;">City of Houston TX Hotel Occupancy Tax &amp; Special Revenue, Series C, 5.500%, 09/01/58</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;">3.6<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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">3.1<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;">County of Jefferson Sewer Revenue, 5.500%, 10/01/53</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;">2.9<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.4<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;">Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54</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;">2.1<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;">Louisiana Stadium &amp; Exposition District, Series A, 5.250%, 07/01/53</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;">Pennsylvania Higher Educational Facilities Authority, Series B2, 5.000%, 11/01/54</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;">Massachusetts Development Finance Agency, 5.250%, 07/01/52</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;">1.8<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;">Pennsylvania Economic Development Financing Authority, 5.000%, 12/31/57</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;">1.6<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;">Massachusetts Development Finance Agency, 5.250%, 07/01/55</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;">1.6<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;">23.1<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="g111956chartimages_12144367.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>Ratings</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="g111956chartimages_12144364.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;">City of Houston TX Hotel Occupancy Tax &amp; Special Revenue, Series C, 5.500%, 09/01/58</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;">3.6<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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">3.1<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;">County of Jefferson Sewer Revenue, 5.500%, 10/01/53</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;">2.9<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.4<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;">Rhode Island Health and Educational Building Corp., 5.250%, 05/15/54</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;">2.1<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;">Louisiana Stadium &amp; Exposition District, Series A, 5.250%, 07/01/53</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;">Pennsylvania Higher Educational Facilities Authority, Series B2, 5.000%, 11/01/54</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;">Massachusetts Development Finance Agency, 5.250%, 07/01/52</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;">1.8<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;">Pennsylvania Economic Development Financing Authority, 5.000%, 12/31/57</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;">1.6<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;">Massachusetts Development Finance Agency, 5.250%, 07/01/55</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;">1.6<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;">23.1<span>%</span></td> </tr> </table> 0.036 0.031 0.029 0.024 0.021 0.020 0.020 0.018 0.016 0.016 0.231 AMG GW&K Municipal Enhanced Yield Fund Class N GWMNX This semi-annual shareholder report contains important information about AMG GW&amp;K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Municipal Enhanced Yield Fund<br/>(Class N/GWMNX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>50</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;">0.99<span>%</span></td> </tr> </table> 50 0.0099 <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>June 30, 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;">$</span>160,157,048</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>264,568</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;">8<span>%</span></td> </tr> </table> 160157048 81 264568 0.08 <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 June 30, 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 ratings are 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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38</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;">4.0<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;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53</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;">3.3<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;">New York Transportation Development Corp., 4.000%, 04/30/53</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;">3.3<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;">Richland County School District No 2, Series A, 1.875%, 03/01/38</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;">2.8<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;">Escambia County Health Facilities Authority, 4.000%, 08/15/50</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;">2.8<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;">Central Plains Energy Project #3, Series A, 5.000%, 09/01/42</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;">2.7<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;">New York Transportation Development Corp., 5.625%, 04/01/40</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;">2.7<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.6<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;">Miami Beach Health Facilities Authority, 4.000%, 11/15/46</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;">2.4<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;">30.8<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="g111956chartimages_12144387.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>Ratings</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="g111956chartimages_12144344.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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38</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;">4.0<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;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53</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;">3.3<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;">New York Transportation Development Corp., 4.000%, 04/30/53</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;">3.3<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;">Richland County School District No 2, Series A, 1.875%, 03/01/38</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;">2.8<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;">Escambia County Health Facilities Authority, 4.000%, 08/15/50</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;">2.8<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;">Central Plains Energy Project #3, Series A, 5.000%, 09/01/42</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;">2.7<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;">New York Transportation Development Corp., 5.625%, 04/01/40</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;">2.7<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.6<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;">Miami Beach Health Facilities Authority, 4.000%, 11/15/46</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;">2.4<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;">30.8<span>%</span></td> </tr> </table> 0.042 0.040 0.033 0.033 0.028 0.028 0.027 0.027 0.026 0.024 0.308 AMG GW&K Municipal Enhanced Yield Fund Class I GWMEX This semi-annual shareholder report contains important information about AMG GW&amp;K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Municipal Enhanced Yield Fund<br/>(Class I/GWMEX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>32</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;">0.64<span>%</span></td> </tr> </table> 32 0.0064 <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>June 30, 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;">$</span>160,157,048</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>264,568</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;">8<span>%</span></td> </tr> </table> 160157048 81 264568 0.08 <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 June 30, 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 ratings are shown as a percentage of total long-term investments of the Fund.</div><div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41); flex-grow: 1; flex-shrink: 1; flex-basis: 0px; padding-right: 10pt;"> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);"> <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> </div> <div style="font-family: 'arial'; font-size: 10pt; font-weight: normal; color: rgb(40, 40, 41);"> <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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38</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;">4.0<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;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53</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;">3.3<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;">New York Transportation Development Corp., 4.000%, 04/30/53</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;">3.3<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;">Richland County School District No 2, Series A, 1.875%, 03/01/38</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;">2.8<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;">Escambia County Health Facilities Authority, 4.000%, 08/15/50</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;">2.8<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;">Central Plains Energy Project #3, Series A, 5.000%, 09/01/42</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;">2.7<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;">New York Transportation Development Corp., 5.625%, 04/01/40</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;">2.7<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.6<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;">Miami Beach Health Facilities Authority, 4.000%, 11/15/46</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;">2.4<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;">30.8<span>%</span></td> </tr> </table> </div> </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="g111956chartimages_12144388.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>Ratings</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="g111956chartimages_12144343.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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38</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;">4.0<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;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53</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;">3.3<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;">New York Transportation Development Corp., 4.000%, 04/30/53</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;">3.3<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;">Richland County School District No 2, Series A, 1.875%, 03/01/38</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;">2.8<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;">Escambia County Health Facilities Authority, 4.000%, 08/15/50</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;">2.8<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;">Central Plains Energy Project #3, Series A, 5.000%, 09/01/42</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;">2.7<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;">New York Transportation Development Corp., 5.625%, 04/01/40</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;">2.7<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.6<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;">Miami Beach Health Facilities Authority, 4.000%, 11/15/46</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;">2.4<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;">30.8<span>%</span></td> </tr> </table> 0.042 0.040 0.033 0.033 0.028 0.028 0.027 0.027 0.026 0.024 0.308 AMG GW&K Municipal Enhanced Yield Fund Class Z GWMZX This semi-annual shareholder report contains important information about AMG GW&amp;K Municipal Enhanced Yield Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Municipal Enhanced Yield Fund<br/>(Class Z/GWMZX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>30</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;">0.59<span>%</span></td> </tr> </table> 30 0.0059 <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>June 30, 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;">$</span>160,157,048</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>264,568</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;">8<span>%</span></td> </tr> </table> 160157048 81 264568 0.08 <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 June 30, 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 ratings are 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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38</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;">4.0<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;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53</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;">3.3<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;">New York Transportation Development Corp., 4.000%, 04/30/53</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;">3.3<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;">Richland County School District No 2, Series A, 1.875%, 03/01/38</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;">2.8<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;">Escambia County Health Facilities Authority, 4.000%, 08/15/50</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;">2.8<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;">Central Plains Energy Project #3, Series A, 5.000%, 09/01/42</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;">2.7<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;">New York Transportation Development Corp., 5.625%, 04/01/40</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;">2.7<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.6<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;">Miami Beach Health Facilities Authority, 4.000%, 11/15/46</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;">2.4<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;">30.8<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="g111956chartimages_12144386.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>Ratings</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="g111956chartimages_12144345.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;">Texas Private Activity Bond Surface Transportation Corp., 5.000%, 06/30/58</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;">Public Authority for Colorado Energy Natural Gas Purchase Revenue, 6.500%, 11/15/38</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;">4.0<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;">Pennsylvania Economic Development Financing Authority, 5.250%, 06/30/53</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;">3.3<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;">New York Transportation Development Corp., 4.000%, 04/30/53</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;">3.3<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;">Richland County School District No 2, Series A, 1.875%, 03/01/38</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;">2.8<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;">Escambia County Health Facilities Authority, 4.000%, 08/15/50</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;">2.8<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;">Central Plains Energy Project #3, Series A, 5.000%, 09/01/42</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;">2.7<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;">New York Transportation Development Corp., 5.625%, 04/01/40</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;">2.7<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;">Public Finance Authority, 5.750%, 12/31/65</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;">2.6<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;">Miami Beach Health Facilities Authority, 4.000%, 11/15/46</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;">2.4<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;">30.8<span>%</span></td> </tr> </table> 0.042 0.040 0.033 0.033 0.028 0.028 0.027 0.027 0.026 0.024 0.308 AMG GW&K Securitized Bond SMA Shares AMG GW&K Securitized Bond SMA Shares GWSBX This semi-annual shareholder report contains important information about AMG GW&amp;K Securitized Bond SMA Shares (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&amp;K Securitized Bond SMA Shares<br/>(GWSBX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>0</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;">0.00<span>%</span></td> </tr> </table> 0 0.0000 <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>June 30, 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;">$</span>122,594,668</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">171</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</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;">19<span>%</span></td> </tr> </table> 122594668 171 0 0.19 <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 June 30, 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 ratings are 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;">FHLMC, 3.500%, 06/01/49</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;">3.9<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;">FNMA, 5.000%, 01/01/53</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;">3.6<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;">FHLMC, 2.500%, 12/01/51</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;">3.5<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;">FNMA, 2.500%, 11/01/51</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;">FNMA, 4.000%, 06/01/53</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;">3.1<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;">GNMA, 2.500%, 09/20/50</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;">2.8<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;">FHLMC, 3.000%, 08/01/52</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;">2.7<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;">FHLMC, 4.500%, 09/01/52</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;">2.6<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;">FNMA, 2.000%, 04/01/52</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;">2.5<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;">FHLMC, 5.500%, 02/01/54</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: 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;">30.2<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="g111956chartimages_12144366.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>Ratings</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="g111956chartimages_12144365.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;">FHLMC, 3.500%, 06/01/49</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;">3.9<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;">FNMA, 5.000%, 01/01/53</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;">3.6<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;">FHLMC, 2.500%, 12/01/51</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;">3.5<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;">FNMA, 2.500%, 11/01/51</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;">FNMA, 4.000%, 06/01/53</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;">3.1<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;">GNMA, 2.500%, 09/20/50</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;">2.8<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;">FHLMC, 3.000%, 08/01/52</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;">2.7<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;">FHLMC, 4.500%, 09/01/52</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;">2.6<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;">FNMA, 2.000%, 04/01/52</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;">2.5<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;">FHLMC, 5.500%, 02/01/54</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: 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;">30.2<span>%</span></td> </tr> </table> 0.039 0.036 0.035 0.032 0.031 0.028 0.027 0.026 0.025 0.023 0.302 AMG GW&K Small Cap Core Fund Class N GWETX This semi-annual shareholder report contains important information about AMG GW&amp;K Small Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small Cap Core Fund<br/> (Class N/GWETX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>70</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">1.30<span>%</span></td> </tr> </table> 70 0.0130 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>773,856,850</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">94</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>2,499,132</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">13<span>%</span></td> </tr> </table> 773856850 94 2499132 0.13 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Veracyte, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Semtech Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Novanta, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">RBC Bearings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">20.2<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144390.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Veracyte, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Semtech Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Novanta, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">RBC Bearings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">20.2<span>%</span></td> </tr> </table> 0.027 0.023 0.022 0.022 0.019 0.019 0.019 0.017 0.017 0.017 0.202 AMG GW&K Small Cap Core Fund Class I GWEIX This semi-annual shareholder report contains important information about AMG GW&amp;K Small Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small Cap Core Fund<br/> (Class I/GWEIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.95<span>%</span></td> </tr> </table> 51 0.0095 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>773,856,850</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">94</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>2,499,132</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">13<span>%</span></td> </tr> </table> 773856850 94 2499132 0.13 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Veracyte, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Semtech Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Novanta, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">RBC Bearings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">20.2<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144391.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Veracyte, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Semtech Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Novanta, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">RBC Bearings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">20.2<span>%</span></td> </tr> </table> 0.027 0.023 0.022 0.022 0.019 0.019 0.019 0.017 0.017 0.017 0.202 AMG GW&K Small Cap Core Fund Class Z GWEZX This semi-annual shareholder report contains important information about AMG GW&amp;K Small Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small Cap Core Fund<br/> (Class Z/GWEZX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>49</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.90<span>%</span></td> </tr> </table> 49 0.0090 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>773,856,850</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">94</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>2,499,132</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">13<span>%</span></td> </tr> </table> 773856850 94 2499132 0.13 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Veracyte, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Semtech Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Novanta, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">RBC Bearings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">20.2<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144389.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Veracyte, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Semtech Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Novanta, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">RBC Bearings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">20.2<span>%</span></td> </tr> </table> 0.027 0.023 0.022 0.022 0.019 0.019 0.019 0.017 0.017 0.017 0.202 AMG GW&K Small Cap Value Fund Class N SKSEX This semi-annual shareholder report contains important information about AMG GW&amp;K Small Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small Cap Value Fund<br/> (Class N/SKSEX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>64</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">1.14<span>%</span></td> </tr> </table> 64 0.0114 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>238,168,736</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>704,583</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">16<span>%</span></td> </tr> </table> 238168736 79 704583 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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ligand Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Constellium 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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">CECO Environmental Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">TTM Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ameris Bancorp</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Compass, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">IMAX Corp. (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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">26.1<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144376.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ligand Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Constellium 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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">CECO Environmental Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">TTM Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ameris Bancorp</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Compass, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">IMAX Corp. (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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">26.1<span>%</span></td> </tr> </table> 0.036 0.034 0.030 0.029 0.026 0.024 0.024 0.020 0.019 0.019 0.261 AMG GW&K Small Cap Value Fund Class I SKSIX This semi-annual shareholder report contains important information about AMG GW&amp;K Small Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small Cap Value Fund<br/> (Class I/SKSIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>53</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.94<span>%</span></td> </tr> </table> 53 0.0094 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>238,168,736</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>704,583</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">16<span>%</span></td> </tr> </table> 238168736 79 704583 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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ligand Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Constellium 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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">CECO Environmental Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">TTM Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ameris Bancorp</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Compass, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">IMAX Corp. (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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">26.1<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144377.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ligand Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Constellium 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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">CECO Environmental Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">TTM Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ameris Bancorp</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Compass, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">IMAX Corp. (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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">26.1<span>%</span></td> </tr> </table> 0.036 0.034 0.030 0.029 0.026 0.024 0.024 0.020 0.019 0.019 0.261 AMG GW&K Small Cap Value Fund Class Z SKSZX This semi-annual shareholder report contains important information about AMG GW&amp;K Small Cap Value Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small Cap Value Fund<br/> (Class Z/SKSZX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.89<span>%</span></td> </tr> </table> 50 0.0089 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>238,168,736</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">79</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>704,583</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">16<span>%</span></td> </tr> </table> 238168736 79 704583 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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ligand Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Constellium 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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">CECO Environmental Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">TTM Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ameris Bancorp</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Compass, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">IMAX Corp. (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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">26.1<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144375.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Solaris Energy Infrastructure, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ligand Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Constellium 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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">CECO Environmental Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">TTM Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ducommun, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Viavi Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Ameris Bancorp</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Compass, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">IMAX Corp. (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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">26.1<span>%</span></td> </tr> </table> 0.036 0.034 0.030 0.029 0.026 0.024 0.024 0.020 0.019 0.019 0.261 AMG GW&K Small/Mid Cap Core Fund Class N GWGVX This semi-annual shareholder report contains important information about AMG GW&amp;K Small/Mid Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small/Mid Cap Core Fund<br/> (Class N/GWGVX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>58</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">1.07<span>%</span></td> </tr> </table> 58 0.0107 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>823,524,326</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">92</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>2,327,624</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">12<span>%</span></td> </tr> </table> 823524326 92 2327624 0.12 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">API Group Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Moog, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Entegris, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Cavco Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Element Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Voya Financial, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Powell Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">19.5<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144382.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">API Group Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Moog, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Entegris, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Cavco Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Element Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Voya Financial, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Powell Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">19.5<span>%</span></td> </tr> </table> 0.024 0.021 0.020 0.020 0.019 0.019 0.019 0.018 0.018 0.017 0.195 AMG GW&K Small/Mid Cap Core Fund Class I GWGIX This semi-annual shareholder report contains important information about AMG GW&amp;K Small/Mid Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small/Mid Cap Core Fund<br/> (Class I/GWGIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>48</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.87<span>%</span></td> </tr> </table> 48 0.0087 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>823,524,326</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">92</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>2,327,624</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">12<span>%</span></td> </tr> </table> 823524326 92 2327624 0.12 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">API Group Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Moog, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Entegris, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Cavco Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Element Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Voya Financial, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Powell Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">19.5<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144383.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">API Group Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Moog, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Entegris, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Cavco Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Element Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Voya Financial, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Powell Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">19.5<span>%</span></td> </tr> </table> 0.024 0.021 0.020 0.020 0.019 0.019 0.019 0.018 0.018 0.017 0.195 AMG GW&K Small/Mid Cap Core Fund Class Z GWGZX This semi-annual shareholder report contains important information about AMG GW&amp;K Small/Mid Cap Core Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG GW&amp;K Small/Mid Cap Core Fund<br/> (Class Z/GWGZX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>45</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.82<span>%</span></td> </tr> </table> 45 0.0082 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>823,524,326</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">92</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>2,327,624</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">12<span>%</span></td> </tr> </table> 823524326 92 2327624 0.12 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">API Group Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Moog, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Entegris, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Cavco Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Element Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Voya Financial, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Powell Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">19.5<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144381.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">MACOM Technology Solutions Holdings, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Advanced Energy Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">API Group Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Moog, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Entegris, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Cavco Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Element Solutions, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SPX Technologies, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Voya Financial, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Powell Industries, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.7<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">19.5<span>%</span></td> </tr> </table> 0.024 0.021 0.020 0.020 0.019 0.019 0.019 0.018 0.018 0.017 0.195 AMG Renaissance Large Cap Growth Fund Class N MRLTX This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG Renaissance Large Cap Growth Fund<br/> (Class N/MRLTX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>51</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">1.00<span>%</span></td> </tr> </table> 51 0.0100 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>133,582,427</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">57</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>237,292</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">25<span>%</span></td> </tr> </table> 133582427 57 237292 0.25 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Alphabet, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Applied Materials, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">KLA Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Apple, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amphenol Corp., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Arista Networks, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lam Research Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amazon.com, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Broadcom, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Comfort Systems USA, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">28.5<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144369.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Alphabet, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Applied Materials, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">KLA Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Apple, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amphenol Corp., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Arista Networks, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lam Research Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amazon.com, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Broadcom, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Comfort Systems USA, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">28.5<span>%</span></td> </tr> </table> 0.038 0.032 0.031 0.028 0.027 0.027 0.026 0.026 0.025 0.025 0.285 AMG Renaissance Large Cap Growth Fund Class I MRLSX This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG Renaissance Large Cap Growth Fund<br/> (Class I/MRLSX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>37</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.73<span>%</span></td> </tr> </table> 37 0.0073 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>133,582,427</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">57</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>237,292</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">25<span>%</span></td> </tr> </table> 133582427 57 237292 0.25 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Alphabet, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Applied Materials, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">KLA Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Apple, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amphenol Corp., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Arista Networks, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lam Research Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amazon.com, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Broadcom, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Comfort Systems USA, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">28.5<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144370.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Alphabet, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Applied Materials, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">KLA Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Apple, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amphenol Corp., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Arista Networks, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lam Research Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amazon.com, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Broadcom, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Comfort Systems USA, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">28.5<span>%</span></td> </tr> </table> 0.038 0.032 0.031 0.028 0.027 0.027 0.026 0.026 0.025 0.025 0.285 AMG Renaissance Large Cap Growth Fund Class Z MRLIX This semi-annual shareholder report contains important information about AMG Renaissance Large Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG Renaissance Large Cap Growth Fund<br/> (Class Z/MRLIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>34</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.66<span>%</span></td> </tr> </table> 34 0.0066 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>133,582,427</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">57</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>237,292</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">25<span>%</span></td> </tr> </table> 133582427 57 237292 0.25 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Alphabet, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Applied Materials, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">KLA Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Apple, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amphenol Corp., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Arista Networks, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lam Research Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amazon.com, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Broadcom, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Comfort Systems USA, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">28.5<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144368.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Alphabet, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Applied Materials, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">KLA Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">3.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Apple, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.8<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amphenol Corp., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Arista Networks, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.7<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lam Research Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Amazon.com, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.6<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Broadcom, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Comfort Systems USA, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.5<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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">28.5<span>%</span></td> </tr> </table> 0.038 0.032 0.031 0.028 0.027 0.027 0.026 0.026 0.025 0.025 0.285 AMG TimesSquare International Small Cap Fund Class N TCMPX This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG TimesSquare International Small Cap Fund<br/>(Class N/TCMPX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>67</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;">1.30<span>%</span></td> </tr> </table> 67 0.0130 <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>June 30, 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;">$</span>120,415,421</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>409,687</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;">37<span>%</span></td> </tr> </table> 120415421 83 409687 0.37 <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 June 30, 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;">Ringkjoebing Landbobank A/S (Denmark)</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;">2.6<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;">ALS, Ltd. (Australia)</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;">2.5<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;">Imdex, Ltd. (Australia)</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;">2.4<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;">OSG Corp. (Japan)</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;">2.1<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;">Merlin Properties Socimi, S.A., REIT (Spain)</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;">2.1<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;">Sumitomo Bakelite Co., Ltd. (Japan)</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;">2.1<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;">Azbil Corp. (Japan)</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;">Fukuoka Financial Group, Inc. (Japan)</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: 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;">Daiei Kankyo Co., Ltd. (Japan)</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: 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;">Tekscend Photomask Corp. (Japan)</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;">21.5<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="g111956chartimages_12144393.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="g111956chartimages_12144338.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;">Ringkjoebing Landbobank A/S (Denmark)</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;">2.6<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;">ALS, Ltd. (Australia)</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;">2.5<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;">Imdex, Ltd. (Australia)</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;">2.4<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;">OSG Corp. (Japan)</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;">2.1<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;">Merlin Properties Socimi, S.A., REIT (Spain)</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;">2.1<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;">Sumitomo Bakelite Co., Ltd. (Japan)</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;">2.1<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;">Azbil Corp. (Japan)</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;">Fukuoka Financial Group, Inc. (Japan)</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: 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;">Daiei Kankyo Co., Ltd. (Japan)</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: 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;">Tekscend Photomask Corp. (Japan)</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;">21.5<span>%</span></td> </tr> </table> 0.026 0.025 0.024 0.021 0.021 0.021 0.020 0.019 0.019 0.019 0.215 AMG TimesSquare International Small Cap Fund Class I TQTIX This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG TimesSquare International Small Cap Fund<br/>(Class I/TQTIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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>June 30, 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;">$</span>120,415,421</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>409,687</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;">37<span>%</span></td> </tr> </table> 120415421 83 409687 0.37 <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 June 30, 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;">Ringkjoebing Landbobank A/S (Denmark)</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;">2.6<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;">ALS, Ltd. (Australia)</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;">2.5<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;">Imdex, Ltd. (Australia)</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;">2.4<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;">OSG Corp. (Japan)</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;">2.1<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;">Merlin Properties Socimi, S.A., REIT (Spain)</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;">2.1<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;">Sumitomo Bakelite Co., Ltd. (Japan)</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;">2.1<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;">Azbil Corp. (Japan)</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;">Fukuoka Financial Group, Inc. (Japan)</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: 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;">Daiei Kankyo Co., Ltd. (Japan)</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: 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;">Tekscend Photomask Corp. (Japan)</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;">21.5<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="g111956chartimages_12144395.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="g111956chartimages_12144337.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;">Ringkjoebing Landbobank A/S (Denmark)</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;">2.6<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;">ALS, Ltd. (Australia)</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;">2.5<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;">Imdex, Ltd. (Australia)</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;">2.4<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;">OSG Corp. (Japan)</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;">2.1<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;">Merlin Properties Socimi, S.A., REIT (Spain)</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;">2.1<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;">Sumitomo Bakelite Co., Ltd. (Japan)</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;">2.1<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;">Azbil Corp. (Japan)</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;">Fukuoka Financial Group, Inc. (Japan)</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: 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;">Daiei Kankyo Co., Ltd. (Japan)</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: 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;">Tekscend Photomask Corp. (Japan)</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;">21.5<span>%</span></td> </tr> </table> 0.026 0.025 0.024 0.021 0.021 0.021 0.020 0.019 0.019 0.019 0.215 AMG TimesSquare International Small Cap Fund Class Z TCMIX This semi-annual shareholder report contains important information about AMG TimesSquare International Small Cap Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG TimesSquare International Small Cap Fund<br/>(Class Z/TCMIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</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;">1.05<span>%</span></td> </tr> </table> 54 0.0105 <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>June 30, 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;">$</span>120,415,421</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">83</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>409,687</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;">37<span>%</span></td> </tr> </table> 120415421 83 409687 0.37 <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 June 30, 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;">Ringkjoebing Landbobank A/S (Denmark)</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;">2.6<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;">ALS, Ltd. (Australia)</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;">2.5<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;">Imdex, Ltd. (Australia)</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;">2.4<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;">OSG Corp. (Japan)</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;">2.1<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;">Merlin Properties Socimi, S.A., REIT (Spain)</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;">2.1<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;">Sumitomo Bakelite Co., Ltd. (Japan)</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;">2.1<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;">Azbil Corp. (Japan)</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;">Fukuoka Financial Group, Inc. (Japan)</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: 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;">Daiei Kankyo Co., Ltd. (Japan)</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: 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;">Tekscend Photomask Corp. (Japan)</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;">21.5<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="g111956chartimages_12144392.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="g111956chartimages_12144339.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;">Ringkjoebing Landbobank A/S (Denmark)</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;">2.6<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;">ALS, Ltd. (Australia)</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;">2.5<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;">Imdex, Ltd. (Australia)</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;">2.4<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;">OSG Corp. (Japan)</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;">2.1<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;">Merlin Properties Socimi, S.A., REIT (Spain)</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;">2.1<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;">Sumitomo Bakelite Co., Ltd. (Japan)</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;">2.1<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;">Azbil Corp. (Japan)</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;">Fukuoka Financial Group, Inc. (Japan)</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: 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;">Daiei Kankyo Co., Ltd. (Japan)</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: 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;">Tekscend Photomask Corp. (Japan)</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;">21.5<span>%</span></td> </tr> </table> 0.026 0.025 0.024 0.021 0.021 0.021 0.020 0.019 0.019 0.019 0.215 AMG TimesSquare Mid Cap Growth Fund Class N TMDPX This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG TimesSquare Mid Cap Growth Fund<br/>(Class N/TMDPX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>54</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;">1.05<span>%</span></td> </tr> </table> 54 0.0105 <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>June 30, 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;">$</span>1,710,919,247</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,165,565</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;">24<span>%</span></td> </tr> </table> 1710919247 81 5165565 0.24 <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 June 30, 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.</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;">Carpenter Technology Corp.</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;">3.7<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;">EMCOR Group, Inc.</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;">Monolithic Power Systems, Inc.</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;">3.1<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;">Comfort Systems USA, Inc.</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;">3.1<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;">Snowflake, Inc.</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;">2.8<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;">MKS, Inc.</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;">2.7<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;">Lattice Semiconductor Corp.</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;">2.7<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;">Curtiss-Wright Corp.</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;">2.6<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;">Interactive Brokers Group, Inc., Class A</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;">2.6<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;">Cencora, Inc.</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;">2.4<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;">28.9<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="g111956chartimages_12144399.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;">Carpenter Technology Corp.</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;">3.7<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;">EMCOR Group, Inc.</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;">Monolithic Power Systems, Inc.</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;">3.1<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;">Comfort Systems USA, Inc.</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;">3.1<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;">Snowflake, Inc.</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;">2.8<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;">MKS, Inc.</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;">2.7<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;">Lattice Semiconductor Corp.</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;">2.7<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;">Curtiss-Wright Corp.</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;">2.6<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;">Interactive Brokers Group, Inc., Class A</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;">2.6<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;">Cencora, Inc.</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;">2.4<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;">28.9<span>%</span></td> </tr> </table> 0.037 0.032 0.031 0.031 0.028 0.027 0.027 0.026 0.026 0.024 0.289 AMG TimesSquare Mid Cap Growth Fund Class I TQMIX This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG TimesSquare Mid Cap Growth Fund<br/>(Class I/TQMIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>47</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;">0.90<span>%</span></td> </tr> </table> 47 0.0090 <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>June 30, 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;">$</span>1,710,919,247</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,165,565</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;">24<span>%</span></td> </tr> </table> 1710919247 81 5165565 0.24 <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 June 30, 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.</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;">Carpenter Technology Corp.</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;">3.7<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;">EMCOR Group, Inc.</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;">Monolithic Power Systems, Inc.</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;">3.1<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;">Comfort Systems USA, Inc.</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;">3.1<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;">Snowflake, Inc.</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;">2.8<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;">MKS, Inc.</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;">2.7<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;">Lattice Semiconductor Corp.</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;">2.7<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;">Curtiss-Wright Corp.</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;">2.6<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;">Interactive Brokers Group, Inc., Class A</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;">2.6<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;">Cencora, Inc.</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;">2.4<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;">28.9<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="g111956chartimages_12144400.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;">Carpenter Technology Corp.</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;">3.7<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;">EMCOR Group, Inc.</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;">Monolithic Power Systems, Inc.</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;">3.1<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;">Comfort Systems USA, Inc.</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;">3.1<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;">Snowflake, Inc.</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;">2.8<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;">MKS, Inc.</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;">2.7<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;">Lattice Semiconductor Corp.</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;">2.7<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;">Curtiss-Wright Corp.</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;">2.6<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;">Interactive Brokers Group, Inc., Class A</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;">2.6<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;">Cencora, Inc.</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;">2.4<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;">28.9<span>%</span></td> </tr> </table> 0.037 0.032 0.031 0.031 0.028 0.027 0.027 0.026 0.026 0.024 0.289 AMG TimesSquare Mid Cap Growth Fund Class Z TMDIX This semi-annual shareholder report contains important information about AMG TimesSquare Mid Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG TimesSquare Mid Cap Growth Fund<br/>(Class Z/TMDIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>44</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;">0.85<span>%</span></td> </tr> </table> 44 0.0085 <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>June 30, 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;">$</span>1,710,919,247</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">81</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>5,165,565</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;">24<span>%</span></td> </tr> </table> 1710919247 81 5165565 0.24 <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 June 30, 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.</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;">Carpenter Technology Corp.</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;">3.7<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;">EMCOR Group, Inc.</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;">Monolithic Power Systems, Inc.</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;">3.1<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;">Comfort Systems USA, Inc.</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;">3.1<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;">Snowflake, Inc.</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;">2.8<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;">MKS, Inc.</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;">2.7<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;">Lattice Semiconductor Corp.</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;">2.7<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;">Curtiss-Wright Corp.</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;">2.6<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;">Interactive Brokers Group, Inc., Class A</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;">2.6<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;">Cencora, Inc.</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;">2.4<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;">28.9<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="g111956chartimages_12144398.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;">Carpenter Technology Corp.</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;">3.7<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;">EMCOR Group, Inc.</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;">Monolithic Power Systems, Inc.</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;">3.1<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;">Comfort Systems USA, Inc.</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;">3.1<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;">Snowflake, Inc.</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;">2.8<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;">MKS, Inc.</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;">2.7<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;">Lattice Semiconductor Corp.</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;">2.7<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;">Curtiss-Wright Corp.</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;">2.6<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;">Interactive Brokers Group, Inc., Class A</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;">2.6<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;">Cencora, Inc.</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;">2.4<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;">28.9<span>%</span></td> </tr> </table> 0.037 0.032 0.031 0.031 0.028 0.027 0.027 0.026 0.026 0.024 0.289 AMG TimesSquare Small Cap Growth Fund Class N TSCPX This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG TimesSquare Small Cap Growth Fund<br/> (Class N/TSCPX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>60</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">1.13<span>%</span></td> </tr> </table> 60 0.0113 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>111,738,895</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">96</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>339,281</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">40<span>%</span></td> </tr> </table> 111738895 96 339281 0.40 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Onto Innovation, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SiTime Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Credo Technology Group Holding, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Casella Waste Systems, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lattice Semiconductor Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Pursuit Attractions and Hospitality, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Mirum Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">JFrog, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Krystal Biotech, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Valvoline, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">21.0<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144396.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Onto Innovation, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SiTime Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Credo Technology Group Holding, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Casella Waste Systems, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lattice Semiconductor Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Pursuit Attractions and Hospitality, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Mirum Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">JFrog, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Krystal Biotech, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Valvoline, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">21.0<span>%</span></td> </tr> </table> 0.024 0.023 0.023 0.022 0.021 0.020 0.020 0.019 0.019 0.019 0.210 AMG TimesSquare Small Cap Growth Fund Class I TSQIX This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG TimesSquare Small Cap Growth Fund<br/> (Class I/TSQIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>53</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.99<span>%</span></td> </tr> </table> 53 0.0099 <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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>111,738,895</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">96</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>339,281</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">40<span>%</span></td> </tr> </table> 111738895 96 339281 0.40 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Onto Innovation, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SiTime Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Credo Technology Group Holding, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Casella Waste Systems, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lattice Semiconductor Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Pursuit Attractions and Hospitality, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Mirum Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">JFrog, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Krystal Biotech, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Valvoline, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">21.0<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144397.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Onto Innovation, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SiTime Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Credo Technology Group Holding, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Casella Waste Systems, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lattice Semiconductor Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Pursuit Attractions and Hospitality, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Mirum Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">JFrog, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Krystal Biotech, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Valvoline, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">21.0<span>%</span></td> </tr> </table> 0.024 0.023 0.023 0.022 0.021 0.020 0.020 0.019 0.019 0.019 0.210 AMG TimesSquare Small Cap Growth Fund Class Z TSCIX This semi-annual shareholder report contains important information about AMG TimesSquare Small Cap Growth Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; text-align: left; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 40%;">Fund (Class)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom;">Costs of a $10,000 investment</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-size: 10pt; font-weight: 600; color: rgb(0, 80, 64); vertical-align: bottom; width: 25%;">Costs paid as a percentage of a $10,000 investment</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:initial;border-bottom-style:none;border-bottom-width:initial"> <td style="break-inside: avoid-page; page-break-inside: avoid; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom;">AMG TimesSquare Small Cap Growth Fund<br/> (Class Z/TSCIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;"><span style="float:none">$</span>50</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; padding-top: 6pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 3pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom;">0.93<span>%</span></td> </tr> </table> 50 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>June 30, 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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Fund net assets</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>111,738,895</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">96</td> </tr> <tr style="break-inside:avoid-page;page-break-inside:avoid;height:auto;border-bottom-color:rgb(40, 40, 41);border-bottom-style:solid;border-bottom-width:0.5pt"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;"><span style="float:none">$</span>339,281</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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold;">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; padding-top: 6pt; padding-right: 10pt; padding-bottom: 3pt; padding-left: 10pt; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt;">40<span>%</span></td> </tr> </table> 111738895 96 339281 0.40 <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 June 30, 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.</div><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Onto Innovation, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SiTime Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Credo Technology Group Holding, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Casella Waste Systems, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lattice Semiconductor Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Pursuit Attractions and Hospitality, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Mirum Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">JFrog, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Krystal Biotech, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Valvoline, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">21.0<span>%</span></td> </tr> </table><div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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="g111956chartimages_12144394.jpg" style="max-width: 166pt; width: 172.8pt;"/> </div> <div style="margin-top:5pt;margin-bottom:5pt;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-right:0px;margin-left: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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Onto Innovation, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.4<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">SiTime Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Credo Technology Group Holding, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Casella Waste Systems, Inc., Class A</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.2<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Lattice Semiconductor Corp.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">2.1<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Pursuit Attractions and Hospitality, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Mirum Pharmaceuticals, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">JFrog, Ltd.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Krystal Biotech, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 3pt;">1.9<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-top: 4.5pt; padding-right: 3pt; padding-bottom: 4.5pt; padding-left: 12pt;">Valvoline, Inc.</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-top: 4.5pt; padding-right: 12pt; padding-bottom: 4.5pt; padding-left: 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-top: 3pt; padding-right: 3pt; padding-bottom: 3pt; padding-left: 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-top: 3pt; padding-right: 12pt; padding-bottom: 3pt; padding-left: 3pt;">21.0<span>%</span></td> </tr> </table> 0.024 0.023 0.023 0.022 0.021 0.020 0.020 0.019 0.019 0.019 0.210 AMG Yacktman Focused Fund Class N YAFFX This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Focused Fund<br/>(Class N/YAFFX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>69</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;">1.25<span>%</span></td> </tr> </table> 69 0.0125 <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>June 30, 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;">$</span>3,078,674,239</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>12,908,415</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;">14<span>%</span></td> </tr> </table> 3078674239 55 12908415 0.14 <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 June 30, 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;">Samsung Electronics Co., Ltd., 0.90% (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;">13.7<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 Natural Resources, 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;">7.3<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;">Bolloré 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;">6.2<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;">Berkshire Hathaway, Inc., Class B</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;">4.5<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;">Associated British Foods 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;">4.3<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;">Hyundai Mobis 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;">3.2<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;">U-Haul Holding Co., Non-Voting Shares</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;">3.1<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;">Hyundai Motor Co., 4.99% (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;">2.8<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.</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;">2.7<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;">The Charles Schwab Corp.</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;">2.4<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;">50.2<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="g111956chartimages_12144379.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="g111956chartimages_12144352.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;">Samsung Electronics Co., Ltd., 0.90% (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;">13.7<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 Natural Resources, 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;">7.3<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;">Bolloré 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;">6.2<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;">Berkshire Hathaway, Inc., Class B</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;">4.5<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;">Associated British Foods 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;">4.3<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;">Hyundai Mobis 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;">3.2<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;">U-Haul Holding Co., Non-Voting Shares</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;">3.1<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;">Hyundai Motor Co., 4.99% (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;">2.8<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.</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;">2.7<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;">The Charles Schwab Corp.</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;">2.4<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;">50.2<span>%</span></td> </tr> </table> 0.137 0.073 0.062 0.045 0.043 0.032 0.031 0.028 0.027 0.024 0.502 AMG Yacktman Focused Fund Class I YAFIX This semi-annual shareholder report contains important information about AMG Yacktman Focused Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Focused Fund<br/>(Class I/YAFIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>58</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;">1.06<span>%</span></td> </tr> </table> 58 0.0106 <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>June 30, 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;">$</span>3,078,674,239</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">55</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>12,908,415</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;">14<span>%</span></td> </tr> </table> 3078674239 55 12908415 0.14 <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 June 30, 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;">Samsung Electronics Co., Ltd., 0.90% (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;">13.7<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 Natural Resources, 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;">7.3<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;">Bolloré 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;">6.2<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;">Berkshire Hathaway, Inc., Class B</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;">4.5<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;">Associated British Foods 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;">4.3<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;">Hyundai Mobis 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;">3.2<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;">U-Haul Holding Co., Non-Voting Shares</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;">3.1<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;">Hyundai Motor Co., 4.99% (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;">2.8<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.</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;">2.7<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;">The Charles Schwab Corp.</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;">2.4<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;">50.2<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="g111956chartimages_12144380.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="g111956chartimages_12144351.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;">Samsung Electronics Co., Ltd., 0.90% (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;">13.7<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 Natural Resources, 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;">7.3<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;">Bolloré 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;">6.2<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;">Berkshire Hathaway, Inc., Class B</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;">4.5<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;">Associated British Foods 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;">4.3<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;">Hyundai Mobis 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;">3.2<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;">U-Haul Holding Co., Non-Voting Shares</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;">3.1<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;">Hyundai Motor Co., 4.99% (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;">2.8<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.</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;">2.7<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;">The Charles Schwab Corp.</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;">2.4<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;">50.2<span>%</span></td> </tr> </table> 0.137 0.073 0.062 0.045 0.043 0.032 0.031 0.028 0.027 0.024 0.502 AMG Yacktman Fund Class I YACKX This semi-annual shareholder report contains important information about AMG Yacktman Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Fund<br/>(Class I/YACKX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>37</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;">0.70<span>%</span></td> </tr> </table> 37 0.0070 <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>June 30, 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;">$</span>7,264,221,321</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">62</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>15,300,537</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;">9<span>%</span></td> </tr> </table> 7264221321 62 15300537 0.09 <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 June 30, 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;">Samsung Electronics Co., Ltd., 0.90% (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;">7.9<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;">Bolloré 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;">5.6<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;">Berkshire Hathaway, Inc., Class B</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;">4.5<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;">Canadian Natural Resources, 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;">4.3<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;">Alphabet, Inc., Class C</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;">3.6<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;">Hyundai Mobis 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;">3.3<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;">The Charles Schwab Corp.</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;">Microsoft Corp.</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;">Johnson &amp; Johnson</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;">2.7<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;">Reliance, Inc.</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;">2.6<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;">40.7<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="g111956chartimages_12144378.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="g111956chartimages_12144353.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;">Samsung Electronics Co., Ltd., 0.90% (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;">7.9<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;">Bolloré 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;">5.6<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;">Berkshire Hathaway, Inc., Class B</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;">4.5<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;">Canadian Natural Resources, 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;">4.3<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;">Alphabet, Inc., Class C</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;">3.6<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;">Hyundai Mobis 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;">3.3<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;">The Charles Schwab Corp.</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;">Microsoft Corp.</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;">Johnson &amp; Johnson</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;">2.7<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;">Reliance, Inc.</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;">2.6<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;">40.7<span>%</span></td> </tr> </table> 0.079 0.056 0.045 0.043 0.036 0.033 0.032 0.030 0.027 0.026 0.407 AMG Yacktman Global Fund Class N YFSNX This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Global Fund<br/>(Class N/YFSNX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>62</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;">1.13<span>%</span></td> </tr> </table> 62 0.0113 <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>June 30, 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;">$</span>218,084,603</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>710,072</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;">18<span>%</span></td> </tr> </table> 218084603 64 710072 0.18 <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 June 30, 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;">Samsung Electronics Co., Ltd., 0.90% (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;">12.9<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;">Bolloré 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;">7.4<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;">Nihon Parkerizing Co., Ltd. (Japan)</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 Natural Resources, 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;">4.7<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;">Associated British Foods 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;">4.6<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;">LG H&amp;H Co., Ltd., 2.23% (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;">3.9<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;">Cie de L'Odet 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;">3.5<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;">Hyundai Mobis 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;">3.2<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;">Total Energy Services, Inc. (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;">2.9<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;">Hyundai Motor Co., 4.99% (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;">2.5<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;">50.5<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="g111956chartimages_12144371.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="g111956chartimages_12144360.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;">Samsung Electronics Co., Ltd., 0.90% (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;">12.9<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;">Bolloré 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;">7.4<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;">Nihon Parkerizing Co., Ltd. (Japan)</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 Natural Resources, 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;">4.7<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;">Associated British Foods 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;">4.6<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;">LG H&amp;H Co., Ltd., 2.23% (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;">3.9<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;">Cie de L'Odet 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;">3.5<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;">Hyundai Mobis 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;">3.2<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;">Total Energy Services, Inc. (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;">2.9<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;">Hyundai Motor Co., 4.99% (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;">2.5<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;">50.5<span>%</span></td> </tr> </table> 0.129 0.074 0.049 0.047 0.046 0.039 0.035 0.032 0.029 0.025 0.505 AMG Yacktman Global Fund Class I YFSIX This semi-annual shareholder report contains important information about AMG Yacktman Global Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Global Fund<br/>(Class I/YFSIX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>51</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> 51 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>June 30, 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;">$</span>218,084,603</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">64</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>710,072</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;">18<span>%</span></td> </tr> </table> 218084603 64 710072 0.18 <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 June 30, 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;">Samsung Electronics Co., Ltd., 0.90% (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;">12.9<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;">Bolloré 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;">7.4<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;">Nihon Parkerizing Co., Ltd. (Japan)</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 Natural Resources, 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;">4.7<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;">Associated British Foods 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;">4.6<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;">LG H&amp;H Co., Ltd., 2.23% (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;">3.9<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;">Cie de L'Odet 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;">3.5<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;">Hyundai Mobis 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;">3.2<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;">Total Energy Services, Inc. (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;">2.9<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;">Hyundai Motor Co., 4.99% (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;">2.5<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;">50.5<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="g111956chartimages_12144372.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="g111956chartimages_12144359.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;">Samsung Electronics Co., Ltd., 0.90% (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;">12.9<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;">Bolloré 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;">7.4<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;">Nihon Parkerizing Co., Ltd. (Japan)</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 Natural Resources, 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;">4.7<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;">Associated British Foods 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;">4.6<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;">LG H&amp;H Co., Ltd., 2.23% (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;">3.9<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;">Cie de L'Odet 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;">3.5<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;">Hyundai Mobis 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;">3.2<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;">Total Energy Services, Inc. (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;">2.9<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;">Hyundai Motor Co., 4.99% (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;">2.5<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;">50.5<span>%</span></td> </tr> </table> 0.129 0.074 0.049 0.047 0.046 0.039 0.035 0.032 0.029 0.025 0.505 AMG Yacktman Special Opportunities Fund Class I YASSX This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Special Opportunities Fund<br/>(Class I/YASSX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>79</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;">1.49<span>%</span></td> </tr> </table> 79 0.0149 <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>June 30, 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;">$</span>23,064,067</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>103,757</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;">6<span>%</span></td> </tr> </table> 23064067 44 103757 0.06 <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 June 30, 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;">Omni Bridgeway, Ltd. (Australia)</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;">9.9<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;">Arrow Exploration Corp. (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;">8.6<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;">Italian Wine Brands S.p.A. (Italy)</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;">5.6<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;">Ion Beam Applications (Belgium)</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;">5.4<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;">Legacy Housing 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;">5.4<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;">Medical Facilities Corp. (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;">5.3<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;">U-Haul Holding Co., Non-Voting Shares (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;">Fila S.p.A. (Italy)</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;">Total Energy Services, Inc. (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;">4.7<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;">BRCK 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;">4.7<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;">59.4<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="g111956chartimages_12144374.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="g111956chartimages_12144357.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;">Omni Bridgeway, Ltd. (Australia)</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;">9.9<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;">Arrow Exploration Corp. (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;">8.6<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;">Italian Wine Brands S.p.A. (Italy)</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;">5.6<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;">Ion Beam Applications (Belgium)</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;">5.4<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;">Legacy Housing 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;">5.4<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;">Medical Facilities Corp. (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;">5.3<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;">U-Haul Holding Co., Non-Voting Shares (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;">Fila S.p.A. (Italy)</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;">Total Energy Services, Inc. (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;">4.7<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;">BRCK 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;">4.7<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;">59.4<span>%</span></td> </tr> </table> 0.099 0.086 0.056 0.054 0.054 0.053 0.050 0.048 0.047 0.047 0.594 AMG Yacktman Special Opportunities Fund Class Z YASLX This semi-annual shareholder report contains important information about AMG Yacktman Special Opportunities Fund (the “Fund”) for the period of January 1, 2026 to June 30, 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 $10,000 investment</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;"> <td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG Yacktman Special Opportunities Fund<br/>(Class Z/YASLX)</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>73</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;">1.39<span>%</span></td> </tr> </table> 73 0.0139 <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>June 30, 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;">$</span>23,064,067</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">44</td> </tr> <tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;"> <td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td> <td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>103,757</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;">6<span>%</span></td> </tr> </table> 23064067 44 103757 0.06 <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 June 30, 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;">Omni Bridgeway, Ltd. (Australia)</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;">9.9<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;">Arrow Exploration Corp. (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;">8.6<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;">Italian Wine Brands S.p.A. (Italy)</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;">5.6<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;">Ion Beam Applications (Belgium)</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;">5.4<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;">Legacy Housing 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;">5.4<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;">Medical Facilities Corp. (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;">5.3<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;">U-Haul Holding Co., Non-Voting Shares (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;">Fila S.p.A. (Italy)</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;">Total Energy Services, Inc. (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;">4.7<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;">BRCK 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;">4.7<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;">59.4<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="g111956chartimages_12144373.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="g111956chartimages_12144358.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;">Omni Bridgeway, Ltd. (Australia)</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;">9.9<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;">Arrow Exploration Corp. (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;">8.6<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;">Italian Wine Brands S.p.A. (Italy)</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;">5.6<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;">Ion Beam Applications (Belgium)</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;">5.4<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;">Legacy Housing 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;">5.4<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;">Medical Facilities Corp. (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;">5.3<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;">U-Haul Holding Co., Non-Voting Shares (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;">Fila S.p.A. (Italy)</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;">Total Energy Services, Inc. (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;">4.7<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;">BRCK 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;">4.7<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;">59.4<span>%</span></td> </tr> </table> 0.099 0.086 0.056 0.054 0.054 0.053 0.050 0.048 0.047 0.047 0.594