Summary

• The AMG GW&K Small Cap Core Fund (Class N) returned 0.03% for the first quarter of 2026, underperforming its benchmark, the Russell 2000 Index, which returned 0.89%.
• The energy sector returned 38.2% and was an obvious standout as oil prices surged, while information technology, consumer discretionary, and health care were at the bottom of the rankings.
• In information technology, Viavi Solutions, Inc., Advanced Energy Industries, Inc., MACOM Technology, and Allegro MicroSystems, Inc. were standouts in the Fund with strong earnings and bookings from AI capital expenditure.
• The Fund added to over 20 existing positions and trimmed back eight holdings, two of which were cut twice due to appreciation.
• Management maintains conviction that the pieces are in place for a normal, cyclical rebound that would benefit U.S. small caps despite recent geopolitical distractions.

The AMG GW&K Small Cap Core Fund ((Class N)) returned 0.03% for the first quarter of 2026, compared with 0.89% for its benchmark, the Russell 2000® Index. For the 12 months ending March 31, 2026, the Fund returned 15.69%, while the benchmark returned 25.73%. Please note