Summary

• The AMG Frontier Small Cap Growth Fund (Class N) returned 3.20% for the first quarter of 2026, compared to the -2.81% return for its benchmark, the Russell 2000 Growth® Index.
• Information technology had the greatest total effect on performance due to strong stock selection, while health care and consumer staples acted as key supporting contributors.
• Ultra Clean Holdings, Inc. outperformed due to increasing outlook in semiconductor and artificial intelligence capital spending.
• Alaska Air Group, Inc. underperformed due to a sharp rise in diesel fuel prices triggered by the Middle East conflict.
• Frontier Capital Management initiated several new positions, including Kirby Corporation, Liberty Energy Inc., and Lemonade Inc.

► The AMG Frontier Small Cap Growth Fund ((Class N)) returned 3.20% for the first quarter of 2026, compared to the -2.81% return for its benchmark, the Russell 2000 Growth® Index. For the 12 months ending March 31, 2026, the Fund returned 34.97%, which outperformed