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N-1A
N-CSRS
AMG Funds III
2025-11-30
AMG GW&K International Small Cap Fund
Class N
MECAX
This semi-annual shareholder report contains important information about AMG GW&K International Small Cap Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
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 $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&K International Small Cap Fund<br/>(Class N/MECAX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>59</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;">1.14<span>%</span></td> </tr> </table>
59
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>November 30, 2025)</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;">$</span>43,503,617</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>62,730</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;">15<span>%</span></td> </tr> </table>
43503617
76
62730
0.15
<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 November 30, 2025)</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;">Tel Aviv Stock Exchange, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Gift Holdings, 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;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Phoenix Financial, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<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;">Senshu Electric 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;">2.2<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;">Elopak A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Digital Information Technologies 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;">Kitron A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Garrett Motion, Inc. (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">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;">Niterra 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;">Sarantis, S.A. (Greece)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">20.7<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="g30817chartimages_11048327.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="g30817chartimages_11048332.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;">Tel Aviv Stock Exchange, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Gift Holdings, 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;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Phoenix Financial, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<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;">Senshu Electric 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;">2.2<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;">Elopak A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Digital Information Technologies 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;">Kitron A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Garrett Motion, Inc. (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">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;">Niterra 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;">Sarantis, S.A. (Greece)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">20.7<span>%</span></td> </tr> </table>
0.024
0.023
0.022
0.022
0.020
0.020
0.019
0.019
0.019
0.019
0.207
AMG GW&K International Small Cap Fund
Class I
MECIX
This semi-annual shareholder report contains important information about AMG GW&K International Small Cap Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
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 $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&K International Small Cap Fund<br/>(Class I/MECIX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</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;">0.99<span>%</span></td> </tr> </table>
51
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>November 30, 2025)</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;">$</span>43,503,617</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>62,730</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;">15<span>%</span></td> </tr> </table>
43503617
76
62730
0.15
<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 November 30, 2025)</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;">Tel Aviv Stock Exchange, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Gift Holdings, 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;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Phoenix Financial, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<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;">Senshu Electric 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;">2.2<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;">Elopak A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Digital Information Technologies 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;">Kitron A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Garrett Motion, Inc. (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">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;">Niterra 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;">Sarantis, S.A. (Greece)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">20.7<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="g30817chartimages_11048290.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="g30817chartimages_11048295.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;">Tel Aviv Stock Exchange, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Gift Holdings, 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;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Phoenix Financial, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<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;">Senshu Electric 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;">2.2<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;">Elopak A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Digital Information Technologies 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;">Kitron A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Garrett Motion, Inc. (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">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;">Niterra 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;">Sarantis, S.A. (Greece)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">20.7<span>%</span></td> </tr> </table>
0.024
0.023
0.022
0.022
0.020
0.020
0.019
0.019
0.019
0.019
0.207
AMG GW&K International Small Cap Fund
Class Z
MECZX
This semi-annual shareholder report contains important information about AMG GW&K International Small Cap Fund (the “Fund”) for the period of June 1, 2025 to November 30, 2025.
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 $10,000 investment</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: initial; border-bottom-style: none; border-bottom-width: initial;">
<td style="break-inside: avoid-page; page-break-inside: avoid; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;">AMG GW&K International Small Cap Fund<br/>(Class Z/MECZX)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; vertical-align: bottom; padding: 6pt 3pt 3pt 3pt;"><span style="float: none;">$</span>46</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;">0.89<span>%</span></td> </tr> </table>
46
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>November 30, 2025)</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;">$</span>43,503,617</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Total number of portfolio holdings</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;">76</td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; color: rgb(40, 40, 41); font-size: 9pt; width: 60%; text-align: left; font-weight: bold; padding: 6pt 10pt 3pt 10pt;">Net advisory fees paid</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 9pt; padding: 6pt 10pt 3pt 10pt;"><span style="float: none;">$</span>62,730</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;">15<span>%</span></td> </tr> </table>
43503617
76
62730
0.15
<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 November 30, 2025)</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;">Tel Aviv Stock Exchange, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Gift Holdings, 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;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Phoenix Financial, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<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;">Senshu Electric 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;">2.2<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;">Elopak A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Digital Information Technologies 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;">Kitron A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Garrett Motion, Inc. (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">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;">Niterra 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;">Sarantis, S.A. (Greece)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">20.7<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="g30817chartimages_11048364.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="g30817chartimages_11048369.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;">Tel Aviv Stock Exchange, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Gift Holdings, 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;">2.3<span>%</span></td> </tr>
<tr style="break-inside: avoid-page; page-break-inside: avoid; height: auto; border-bottom-color: rgb(40, 40, 41); border-bottom-style: solid; border-bottom-width: 0.5pt;">
<td style="break-inside: avoid-page; page-break-inside: avoid; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); text-align: left; font-size: 8pt; padding: 4.5pt 3pt 4.5pt 12pt;">Phoenix Financial, Ltd. (Israel)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">2.2<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;">Senshu Electric 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;">2.2<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;">Elopak A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Digital Information Technologies 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;">Kitron A.S.A. (Norway)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">Garrett Motion, Inc. (Switzerland)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; vertical-align: middle; font-family: 'Arial'; font-weight: normal; color: rgb(40, 40, 41); font-size: 8pt; padding: 4.5pt 12pt 4.5pt 3pt;">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;">Niterra 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;">Sarantis, S.A. (Greece)</td>
<td style="break-inside: avoid-page; page-break-inside: avoid; text-align: right; 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;">20.7<span>%</span></td> </tr> </table>
0.024
0.023
0.022
0.022
0.020
0.020
0.019
0.019
0.019
0.019
0.207