# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0000940400-25-005170
**Filing Date:** 2025-10
**Character Count:** 48934
**Document Hash:** 239360196b3305eda232125be0cc7c09
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-25-005170.hdr.sgml**: 20251023

**ACCESSION NUMBER**: 0000940400-25-005170

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20250829

**FILED AS OF DATE**: 20251023

**DATE AS OF CHANGE**: 20251023

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** AMG FUNDS III
- **CENTRAL INDEX KEY:** 0000720309

**ORGANIZATION NAME:**
- **EIN:** 222528211
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03752
- **FILM NUMBER:** 251412379

**BUSINESS ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901
- **BUSINESS PHONE:** 2032993500

**MAIL ADDRESS:**
- **STREET 1:** 680 WASHINGTON BOULEVARD, SUITE 500
- **CITY:** STAMFORD
- **STATE:** CT
- **ZIP:** 06901

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGERS FUNDS
- **DATE OF NAME CHANGE:** 19920703

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGEMENT OF MANAGERS GROUP OF FUNDS
- **DATE OF NAME CHANGE:** 19910429

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** MANAGEMENT OF MANAGERS CAPITAL APPRECIATION FUND
- **DATE OF NAME CHANGE:** 19881214

## Series and Classes Contracts Data

### AMG GW&K International Small Cap Fund (Series ID: S000029672)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000091187 | Class N      | MECAX           |
| C000091188 | Class I      | MECIX           |
| C000188985 | Class Z      | MECZX           |

## Nport-Ex

AMG GW&K International Small Cap Fund

Schedule of Portfolio Investments *(unaudited)*

August 31, 2025

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 97.9%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 3.9%** |  |  |
| &nbsp;&nbsp;&nbsp;IPSOS, S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;7998 | &nbsp;&nbsp;&nbsp;$332314 |
| &nbsp;&nbsp;&nbsp;Nihon Falcom Corp. (Japan) | &nbsp;&nbsp;&nbsp;43925 | &nbsp;&nbsp;&nbsp;&nbsp;401585 |
| &nbsp;&nbsp;&nbsp;Paradox Interactive AB (Sweden) | &nbsp;&nbsp;&nbsp;22045 | &nbsp;&nbsp;&nbsp;&nbsp;403532 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC (United Kingdom) | &nbsp;&nbsp;48486 | &nbsp;&nbsp;&nbsp;&nbsp;486560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;1623991 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 15.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Cairn Homes PLC (Ireland) | &nbsp;&nbsp;282793 | &nbsp;&nbsp;&nbsp;&nbsp;724617 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2551 | &nbsp;&nbsp;&nbsp;&nbsp;532575 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. (Switzerland) | &nbsp;&nbsp;&nbsp;56160 | &nbsp;&nbsp;&nbsp;&nbsp;729518 |
| &nbsp;&nbsp;&nbsp;Gift Holdings, Inc. (Japan)<sup>1</sup> | &nbsp;&nbsp;&nbsp;42274 | &nbsp;&nbsp;&nbsp;&nbsp;873416 |
| &nbsp;&nbsp;&nbsp;Hamee Corp. (Japan) | &nbsp;&nbsp;&nbsp;61008 | &nbsp;&nbsp;&nbsp;&nbsp;558712 |
| &nbsp;&nbsp;&nbsp;Max Stock, Ltd. (Israel) | &nbsp;&nbsp;123298 | &nbsp;&nbsp;&nbsp;&nbsp;709699 |
| &nbsp;&nbsp;&nbsp;MIPS AB (Sweden) | &nbsp;&nbsp;&nbsp;&nbsp;7015 | &nbsp;&nbsp;&nbsp;&nbsp;297658 |
| &nbsp;&nbsp;&nbsp;Niterra Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;626920 |
| &nbsp;&nbsp;&nbsp;Samsonite Group, S.A. (United States)<sup>2</sup> | 207300 | &nbsp;&nbsp;&nbsp;&nbsp;451883 |
| &nbsp;&nbsp;&nbsp;Vistry Group PLC (United Kingdom)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;38603 | &nbsp;&nbsp;&nbsp;&nbsp;318792 |
| &nbsp;&nbsp;&nbsp;Yossix Holdings Co., Ltd. (Japan)<sup>1</sup> | &nbsp;&nbsp;29604 | &nbsp;&nbsp;&nbsp;&nbsp;528985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;6352775 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 9.3%** |  |  |
| &nbsp;&nbsp;&nbsp;Becle SAB de CV (Mexico) | &nbsp;&nbsp;415050 | &nbsp;&nbsp;&nbsp;&nbsp;483664 |
| &nbsp;&nbsp;&nbsp;First Pacific Co., Ltd. (Hong Kong) | 835332 | &nbsp;&nbsp;&nbsp;&nbsp;715935 |
| &nbsp;&nbsp;&nbsp;Grupo Herdez SAB de CV (Mexico) | &nbsp;&nbsp;190738 | &nbsp;&nbsp;&nbsp;&nbsp;697365 |
| &nbsp;&nbsp;&nbsp;Hilton Food Group PLC (United Kingdom) | &nbsp;&nbsp;39040 | &nbsp;&nbsp;&nbsp;&nbsp;438489 |
| &nbsp;&nbsp;&nbsp;Kusuri no Aoki Holdings Co., Ltd. (Japan)<sup>1</sup> | &nbsp;&nbsp;&nbsp;22725 | &nbsp;&nbsp;&nbsp;&nbsp;603102 |
| &nbsp;&nbsp;&nbsp;Sarantis, S.A. (Greece) | &nbsp;&nbsp;&nbsp;54982 | &nbsp;&nbsp;&nbsp;&nbsp;939122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;&nbsp;3877677 |
| &nbsp;&nbsp;&nbsp;**Financials - 12.1%** |  |  |
| &nbsp;&nbsp;&nbsp;BFF Bank S.p.A. (Italy)<sup>\*,2</sup> | &nbsp;&nbsp;48859 | &nbsp;&nbsp;&nbsp;&nbsp;639754 |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV (Mexico) | 229560 | &nbsp;&nbsp;&nbsp;&nbsp;468849 |
| &nbsp;&nbsp;&nbsp;Coface, S.A. (France) | &nbsp;&nbsp;&nbsp;24972 | &nbsp;&nbsp;&nbsp;&nbsp;470281 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC (United Kingdom) | &nbsp;&nbsp;267370 | &nbsp;&nbsp;&nbsp;&nbsp;491473 |
| &nbsp;&nbsp;&nbsp;Integral Corp. (Japan)<sup>1</sup> | &nbsp;&nbsp;&nbsp;23900 | &nbsp;&nbsp;&nbsp;&nbsp;614614 |
| &nbsp;&nbsp;&nbsp;Omni Bridgeway, Ltd. (Australia)<sup>\*</sup> | &nbsp;&nbsp;416044 | &nbsp;&nbsp;&nbsp;&nbsp;439732 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. (Israel) | &nbsp;&nbsp;&nbsp;23687 | &nbsp;&nbsp;&nbsp;&nbsp;837584 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange, Ltd. (Israel) | &nbsp;&nbsp;&nbsp;45185 | &nbsp;&nbsp;&nbsp;1048832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;&nbsp;&nbsp;5011119 |
| &nbsp;&nbsp;&nbsp;**Health Care - 4.2%** |  |  |
| &nbsp;&nbsp;&nbsp;GVS S.p.A. (Italy)<sup>\*,1,2</sup> | &nbsp;&nbsp;48088 | &nbsp;&nbsp;&nbsp;&nbsp;254180 |
| &nbsp;&nbsp;&nbsp;Haw Par Corp., Ltd. (Singapore) | &nbsp;&nbsp;&nbsp;61900 | &nbsp;&nbsp;&nbsp;&nbsp;675172 |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. (Singapore) | &nbsp;&nbsp;735700 | &nbsp;&nbsp;&nbsp;&nbsp;412831 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;Siegfried Holding AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;3900 | &nbsp;&nbsp;&nbsp;&nbsp;$409319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;&nbsp;1751502 |
| &nbsp;&nbsp;&nbsp;**Industrials - 28.8%** |  |  |
| &nbsp;&nbsp;&nbsp;ADENTRA, Inc. (Canada) | &nbsp;&nbsp;25924 | &nbsp;&nbsp;&nbsp;&nbsp;648784 |
| &nbsp;&nbsp;&nbsp;Ashtead Technology Holdings PLC (United Kingdom)<sup>1</sup> | &nbsp;&nbsp;103381 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;517705 |
| &nbsp;&nbsp;&nbsp;Avon Technologies PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;17912 | &nbsp;&nbsp;&nbsp;&nbsp;461440 |
| &nbsp;&nbsp;&nbsp;Clarkson PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;12636 | &nbsp;&nbsp;&nbsp;&nbsp;596865 |
| &nbsp;&nbsp;&nbsp;Delta Plus Group (France) | &nbsp;&nbsp;&nbsp;&nbsp;6059 | &nbsp;&nbsp;&nbsp;&nbsp;370752 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;31400 | &nbsp;&nbsp;&nbsp;&nbsp;652991 |
| &nbsp;&nbsp;&nbsp;Hosokawa Micron Corp. (Japan) | &nbsp;&nbsp;&nbsp;14950 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574157 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC (United Kingdom) | &nbsp;&nbsp;50285 | &nbsp;&nbsp;&nbsp;&nbsp;568923 |
| &nbsp;&nbsp;&nbsp;Inabata & Co., Ltd. (Japan) | &nbsp;&nbsp;25700 | &nbsp;&nbsp;&nbsp;&nbsp;602099 |
| &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;19400 | &nbsp;&nbsp;&nbsp;&nbsp;508140 |
| &nbsp;&nbsp;&nbsp;Krones AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;3387 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;520913 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. (Japan) | &nbsp;&nbsp;39000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;591492 |
| &nbsp;&nbsp;&nbsp;NFI Group, Inc. (Canada)<sup>\*</sup> | &nbsp;&nbsp;50569 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;678991 |
| &nbsp;&nbsp;&nbsp;Nippon Parking Development Co., Ltd. (Japan) | 386275 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;761945 |
| &nbsp;&nbsp;&nbsp;Nisso Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;74800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;330411 |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware, Ltd. (Canada)<sup>1</sup> | &nbsp;&nbsp;&nbsp;18950 | &nbsp;&nbsp;&nbsp;&nbsp;504607 |
| &nbsp;&nbsp;&nbsp;Sanki Engineering Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;16100 | &nbsp;&nbsp;&nbsp;&nbsp;544058 |
| &nbsp;&nbsp;&nbsp;Senshu Electric Co., Ltd. (Japan) | &nbsp;&nbsp;28040 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;851277 |
| &nbsp;&nbsp;&nbsp;Shinnihon Corp. (Japan) | &nbsp;&nbsp;43000 | &nbsp;&nbsp;&nbsp;&nbsp;548891 |
| &nbsp;&nbsp;&nbsp;Takuma Co., Ltd. (Japan) | &nbsp;&nbsp;38400 | &nbsp;&nbsp;&nbsp;&nbsp;588032 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC (United Kingdom) | &nbsp;&nbsp;65295 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;557757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;11980230 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 16.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Ai Holdings Corp. (Japan) | &nbsp;&nbsp;30250 | &nbsp;&nbsp;&nbsp;&nbsp;528342 |
| &nbsp;&nbsp;&nbsp;Argo Graphics, Inc. (Japan) | &nbsp;&nbsp;&nbsp;16525 | &nbsp;&nbsp;&nbsp;&nbsp;526928 |
| &nbsp;&nbsp;&nbsp;Broadleaf Co., Ltd. (Japan) | 125000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;638174 |
| &nbsp;&nbsp;&nbsp;Digital Hearts Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;49975 | &nbsp;&nbsp;&nbsp;&nbsp;329792 |
| &nbsp;&nbsp;&nbsp;Digital Information Technologies Corp. (Japan) | &nbsp;&nbsp;49446 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;773601 |
| &nbsp;&nbsp;&nbsp;Incap Oyj (Finland)<sup>\*,1</sup> | &nbsp;&nbsp;&nbsp;41294 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491172 |
| &nbsp;&nbsp;&nbsp;Kaga Electronics Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;21100 | &nbsp;&nbsp;&nbsp;&nbsp;493384 |
| &nbsp;&nbsp;&nbsp;Kitron A.S.A. (Norway) | &nbsp;&nbsp;192163 | &nbsp;&nbsp;&nbsp;&nbsp;1116693 |
| &nbsp;&nbsp;&nbsp;Macnica Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;30100 | &nbsp;&nbsp;&nbsp;&nbsp;409506 |
| &nbsp;&nbsp;&nbsp;Tsuzuki Denki Co., Ltd. (Japan) | &nbsp;&nbsp;29800 | &nbsp;&nbsp;&nbsp;&nbsp;644007 |
| &nbsp;&nbsp;&nbsp;ULS Group, Inc. (Japan) | &nbsp;&nbsp;&nbsp;14400 | &nbsp;&nbsp;&nbsp;&nbsp;758640 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;&nbsp;6710239 |
| &nbsp;&nbsp;&nbsp;**Materials - 6.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Corticeira Amorim SGPS, S.A. (Portugal)<sup>1</sup> | &nbsp;&nbsp;&nbsp;49473 | &nbsp;&nbsp;&nbsp;&nbsp;437086 |
| &nbsp;&nbsp;&nbsp;Elopak A.S.A. (Norway) | &nbsp;&nbsp;183151 | &nbsp;&nbsp;&nbsp;&nbsp;857255 |
| &nbsp;&nbsp;&nbsp;Huhtamaki Oyj (Finland) | &nbsp;&nbsp;&nbsp;15691 | &nbsp;&nbsp;&nbsp;&nbsp;557390 |

---

------

AMG GW&K International Small Cap Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Materials - 6.5% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Marshalls PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;114720 | &nbsp;&nbsp;&nbsp;&nbsp;$276929 |
| &nbsp;&nbsp;&nbsp;Vidrala, S.A. (Spain) | &nbsp;&nbsp;&nbsp;&nbsp;5325 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;574478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;2703138 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Far East Consortium International, Ltd. (Hong Kong) | 3031214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299338 |
| &nbsp;&nbsp;&nbsp;Safestore Holdings PLC, REIT (United Kingdom) | &nbsp;&nbsp;&nbsp;43260 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;368496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;667834 |
| **Total Common Stocks<br> (Cost $36,263,319)** |  | &nbsp;&nbsp;40678505 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Short-Term Investments - 2.0%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 0.4%<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC, dated 08/29/25, due 09/02/25, 4.380% total to be received $154,075 (collateralized by various U.S. Treasuries, 0.000% - 6.750%, 09/18/25 - 08/15/55, totaling $157,156) | $154000 | &nbsp;&nbsp;154000 |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 08/29/25, due 09/02/25, 4.330% total to be received $656 (collateralized by various U.S. Treasuries, 0.000% - 1.625%, 04/15/27 - 08/15/53, totaling $669) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;656 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;JPMorgan Securities LLC, dated 08/29/25, due 09/02/25, 4.330% total to be received $5,398 (collateralized by a U.S. Treasury, 4.500%, 12/31/31, totaling $5,503) | &nbsp;&nbsp;&nbsp;$5395 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$5395 |
| &nbsp;&nbsp;&nbsp;Natwest Markets Securities, Inc., dated 08/29/25, due 09/02/25, 4.330% total to be received $4,580 (collateralized by various U.S. Treasuries, 2.875% - 4.625%, 06/30/27 - 02/15/35, totaling $4,670) | &nbsp;&nbsp;&nbsp;&nbsp;4578 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;164629 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 08/29/25, due 09/02/25, 4.100% total to be received $672,306 (collateralized by a U.S. Treasury Note, 4.625%, 09/30/28, totaling $685,477) | 672000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;672000 |
| **Total Short-Term Investments<br> (Cost $836,629)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;836629 |
| **Total Investments - 99.9%<br> (Cost $37,099,948)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41515134 |
| **Other Assets, less Liabilities - 0.1%** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33065 |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$41548199** |

---

------

<sup>\*</sup> Non-income producing security.

<sup>1</sup> Some of these securities, amounting to $2,432,731 or 5.9% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See below for more information.

<sup>2</sup> Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At August 31, 2025, the value of these securities amounted to $1,345,817 or 3.2% of net assets.

<sup>3</sup> Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

REIT Real Estate Investment Trust

------

AMG GW&K International Small Cap Fund

Schedule of Portfolio Investments *(continued)*

The following table summarizes the inputs used to value the Fund's investments by the fair value hierarchy levels as of August 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;**Level 1** | &nbsp;&nbsp;**Level 2<sup>1</sup>** | &nbsp;&nbsp;**Level 3** | &nbsp;&nbsp;**Total** |
| &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** | &nbsp;&nbsp;**Investments in Securities** |
| &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** | &nbsp;&nbsp;&nbsp;**Common Stocks** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Industrials | &nbsp;&nbsp;&nbsp; $2851579 | &nbsp;&nbsp;&nbsp;&nbsp; $9128651 | &nbsp;&nbsp; — | &nbsp;&nbsp; $11980230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6710239 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6710239 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 729518 | &nbsp;&nbsp;&nbsp;&nbsp; 5623257 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6352775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 1400054 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3611065 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5011119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp;&nbsp; 2558640 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1319037 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3877677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1134184 | &nbsp;&nbsp;&nbsp;&nbsp; 1568954 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2703138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 412831 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1338671 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1751502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Communication Services | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1623991 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1623991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667834 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667834 |
| &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** | &nbsp;&nbsp;&nbsp;**Short-Term Investments** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164629 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 164629 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase Agreements | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 672000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$9086806 | &nbsp;&nbsp;$32428328 | &nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;$41515134 |

---

<br> <sup>1</sup> An external pricing service is used to reflect any impact on security value due to market movements between the time the Fund valued such foreign securities and the earlier closing of foreign markets.

For the period ended August 31, 2025, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at August 31, 2025, was as follows:

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4.5 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;2.6 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;2.9 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;2.3 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;2.5 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;6.4 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;2.2 |
| Japan | &nbsp;&nbsp;&nbsp;39.0 |

---

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;4.8 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.7 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;2.8 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;13.8 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
|  | &nbsp;&nbsp;100.0 |

---

------

AMG GW&K International Small Cap Fund

Schedule of Portfolio Investments *(continued)*

The Fund participates in the securities lending program offered by The Bank of New York Mellon providing for the lending of securities to qualified brokers. The value of securities loaned on positions held, cash collateral and securities collateral received at August 31, 2025, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Securities<br> Loaned** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Securities<br> Collateral<br> Received** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total<br> Collateral<br> Received** |
| $2432731 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $164629 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2398145 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $2562774 |

---

The following table summarizes the securities received as collateral for securities lending at August 31, 2025:

---

| | | |
|:---|:---|:---|
| **Collateral<br> Type** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Coupon<br> Range** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Maturity<br> Date Range** |
| U.S. Treasury Obligations | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.000%-6.000% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/16/25-05/15/55 |

---

For additional information about significant accounting policies, including valuation of investments, refer to the Fund's most recent semi or annual report.

------

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** AMG Funds III

- **b. Investment Company Act file number:** 811-03752

- **c. CIK number of Registrant:** 0000720309

- **d. LEI of Registrant:** 5493007NETBE5Y5V1962

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 680 Washington Blvd.

  - **City:** Stamford

  - **State:** CT

  - **Foreign country:** US

  - **Zip / Postal Code:** 06901

  - **Telephone number:** 800-548-4539

**Item A.2. Information about the Series.**

- **a. Name of Series:** AMG GW&K International Small Cap Fund

- **b. EDGAR series identifier (if any):** S000029672

- **c. LEI of Series:** 549300WS5AD3OPLVWO83

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2025-08-29

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $41760825.64

**Total Liabilities:** $281478.16

**Net Assets:** $41479347.48

**Cash Not Reported:** $39660.23

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091187 | 4.30%                | -0.59%               | 3.05%                |
| Class ID C000091188 | 4.34%                | -0.59%               | 3.07%                |
| Class ID C000188985 | 4.32%                | -0.57%               | 3.08%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-9887.16                | $1607126.46                                |
| Month 2  | $254998.23               | $-503919.00                                |
| Month 3  | $212535.74               | $1025955.10                                |

### Schedule of Portfolio Investments

| Name                              | Title                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Clarkson PLC                      | Clarkson PLC                           | CUSIP: 000000000<br>LEI: 2138007G6BGTEHI3OT22 | Long             | EC               | CORP              | GB        |     12636 | NS      | $596865.34    | 1.44%             |  |  |  | No            |                  2 | On Loan: No      |
| IPSOS SA                          | IPSOS SA                               | CUSIP: 000000000<br>LEI: 9695002OY2X35E9X8W87 | Long             | EC               | CORP              | FR        |      7998 | NS      | $332313.83    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Coface SA                         | Coface SA                              | CUSIP: 000000000<br>LEI: 96950025N07LTJYFSN57 | Long             | EC               | CORP              | FR        |     24972 | NS      | $470281.02    | 1.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Shinnihon Corp                    | Shinnihon Corp                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43000 | NS      | $548891.24    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Hearts Holdings Co Ltd    | Digital Hearts Holdings Co Ltd         | CUSIP: 000000000<br>LEI: 353800YFGI3U64VW0H08 | Long             | EC               | CORP              | JP        |     49975 | NS      | $329792.30    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Safestore Holdings PLC            | Safestore Holdings PLC                 | CUSIP: 000000000<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |     43260 | NS      | $368496.02    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| NATWEST MARKETS SECURITIES INC.   | NATWEST MARKETS SECURITIES INC         | CUSIP: 000000000<br>LEI: ZE2ZWJ5BTIQJ8M0C6K34 | Long             | RA               | CORP              | US        |      4578 | PA      | $4578.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Richelieu Hardware Ltd            | Richelieu Hardware Ltd                 | CUSIP: 76329W103<br>LEI: 5493007VPNETW465DN04 | Long             | EC               | CORP              | CA        |     18950 | NS      | $504606.62    | 1.22%             |  |  |  | No            |                  1 | On Loan: —       |
| Max Stock Ltd                     | Max Stock Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |    123298 | NS      | $709698.85    | 1.71%             |  |  |  | No            |                  2 | On Loan: No      |
| Avon Technologies PLC             | Avon Technologies PLC                  | CUSIP: 000000000<br>LEI: 213800JM1AN62REBWA71 | Long             | EC               | CORP              | GB        |     17912 | NS      | $461439.92    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Siegfried Holding AG              | Siegfried Holding AG                   | CUSIP: 000000000<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |      3900 | NS      | $409318.74    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Integral Corp                     | Integral Corp                          | CUSIP: 000000000<br>LEI: 254900LBW5E2GUM0UK59 | Long             | EC               | CORP              | JP        |     23900 | NS      | $614613.39    | 1.48%             |  |  |  | No            |                  2 | On Loan: —       |
| Becle SAB de CV                   | Becle SAB de CV                        | CUSIP: 000000000<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |    415050 | NS      | $483663.51    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Marshalls PLC                     | Marshalls PLC                          | CUSIP: 000000000<br>LEI: 213800S21IFC367J5V62 | Long             | EC               | CORP              | GB        |    114720 | NS      | $276929.22    | 0.67%             |  |  |  | No            |                  1 | On Loan: No      |
| Cairn Homes PLC                   | Cairn Homes PLC                        | CUSIP: 000000000<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |    282793 | NS      | $724617.25    | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| FE CONSORT INTL                   | Far East Consortium International Ltd  | CUSIP: 000000000<br>LEI: 54930031259IQB0EH527 | Long             | EC               | CORP              | HK        |   3031214 | NS      | $299338.36    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Volution Group PLC                | Volution Group PLC                     | CUSIP: 000000000<br>LEI: 213800EPT84EQCDHO768 | Long             | EC               | CORP              | GB        |     65295 | NS      | $557757.20    | 1.34%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Plus Group                  | Delta Plus Group                       | CUSIP: 000000000<br>LEI: 969500U6FT40W3C2CX75 | Long             | EC               | CORP              | FR        |      6059 | NS      | $370751.62    | 0.89%             |  |  |  | No            |                  2 | On Loan: No      |
| Games Workshop Group PLC          | Games Workshop Group PLC               | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |      2551 | NS      | $532574.44    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| CITADEL SECURITIES LLC            | CITADEL SECURITIES LLC                 | CUSIP: 000000000<br>LEI: 12UUJYTN7D3SW8KCSG25 | Long             | RA               | CORP              | US        |    154000 | PA      | $154000.00    | 0.37%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.        | HSBC SECURITIES (USA) INC              | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |       656 | PA      | $656.00       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistry Group PLC                  | Vistry Group PLC                       | CUSIP: 000000000<br>LEI: 2138001KOWN7CG9SLK53 | Long             | EC               | CORP              | GB        |     38603 | NS      | $318792.19    | 0.77%             |  |  |  | No            |                  2 | On Loan: No      |
| Takuma Co Ltd                     | Takuma Co Ltd                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     38400 | NS      | $588032.16    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Kusuri no Aoki Holdings Co Ltd    | Kusuri no Aoki Holdings Co Ltd         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     22725 | NS      | $603101.53    | 1.45%             |  |  |  | No            |                  2 | On Loan: —       |
| ULS Group Inc                     | ULS Group Inc                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14400 | NS      | $758640.28    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| Bolsa Mexicana de Valores SAB     | Bolsa Mexicana de Valores SAB de CV    | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |    229560 | NS      | $468848.73    | 1.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Grupo Herdez SAB de CV            | Grupo Herdez SAB de CV                 | CUSIP: 000000000<br>LEI: 4469000001BQVIMOLQ55 | Long             | EC               | CORP              | MX        |    190738 | NS      | $697364.58    | 1.68%             |  |  |  | No            |                  1 | On Loan: No      |
| Ai Holdings Corp                  | Ai Holdings Corp                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30250 | NS      | $528342.29    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Nisso Holdings Co Ltd             | Nisso Holdings Co Ltd                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     74800 | NS      | $330411.07    | 0.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Tsuzuki Denki Co Ltd              | Tsuzuki Denki Co Ltd                   | CUSIP: 000000000<br>LEI: 3538008A8ICJLVI54474 | Long             | EC               | CORP              | JP        |     29800 | NS      | $644006.61    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| Senshu Electric Co Ltd            | Senshu Electric Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28040 | NS      | $851277.41    | 2.05%             |  |  |  | No            |                  2 | On Loan: No      |
| Omni Bridgeway Ltd                | Omni Bridgeway Ltd                     | CUSIP: 000000000<br>LEI: 529900T4EL2A89FPP865 | Long             | EC               | CORP              | AU        |    416044 | NS      | $439732.19    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Samsonite Group SA                | Samsonite Group SA                     | CUSIP: 000000000<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | US        |    207300 | NS      | $451883.34    | 1.09%             |  |  |  | No            |                  2 | On Loan: No      |
| Haw Par Corp Ltd                  | Haw Par Corp Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |     61900 | NS      | $675171.58    | 1.63%             |  |  |  | No            |                  2 | On Loan: No      |
| DMG Mori Co Ltd                   | DMG Mori Co Ltd                        | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     31400 | NS      | $652990.81    | 1.57%             |  |  |  | No            |                  2 | On Loan: No      |
| Inabata & Co Ltd                  | Inabata & Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     25700 | NS      | $602099.09    | 1.45%             |  |  |  | No            |                  2 | On Loan: No      |
| Hosokawa Micron Corp              | Hosokawa Micron Corp                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     14950 | NS      | $574157.22    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Krones AG                         | Krones AG                              | CUSIP: 000000000<br>LEI: 529900NY2GSZWWUBW049 | Long             | EC               | CORP              | DE        |      3387 | NS      | $520912.90    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Vidrala SA                        | Vidrala SA                             | CUSIP: 000000000<br>LEI: 95980020140005399488 | Long             | EC               | CORP              | ES        |      5325 | NS      | $574477.91    | 1.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Information Technologi    | Digital Information Technologies Corp  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49446 | NS      | $773601.16    | 1.87%             |  |  |  | No            |                  2 | On Loan: No      |
| Huhtamaki Oyj                     | Huhtamaki Oyj                          | CUSIP: 000000000<br>LEI: 5493007050SJVMXN6L29 | Long             | EC               | CORP              | FI        |     15691 | NS      | $557389.58    | 1.34%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Financial Ltd             | Phoenix Financial Ltd                  | CUSIP: 000000000<br>LEI: 254900IUA68QTCFYHE30 | Long             | EC               | CORP              | IL        |     23687 | NS      | $837584.31    | 2.02%             |  |  |  | No            |                  2 | On Loan: No      |
| Tel Aviv Stock Exchange Ltd       | Tel Aviv Stock Exchange Ltd            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     45185 | NS      | $1048831.94   | 2.53%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC          | Howden Joinery Group PLC               | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |     50285 | NS      | $568922.67    | 1.37%             |  |  |  | No            |                  2 | On Loan: No      |
| FRP Advisory Group PLC            | FRP Advisory Group PLC                 | CUSIP: 000000000<br>LEI: 213800IPCG6DE1CVLY36 | Long             | EC               | CORP              | GB        |    267370 | NS      | $491473.12    | 1.18%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Technology Holdings pl    | Ashtead Technology Holdings plc        | CUSIP: 000000000<br>LEI: 213800LHEWVY66RPGR58 | Long             | EC               | CORP              | GB        |    103381 | NS      | $517705.19    | 1.25%             |  |  |  | No            |                  2 | On Loan: —       |
| Garrett Motion Inc                | Garrett Motion Inc                     | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | CH        |     56160 | NS      | $729518.40    | 1.76%             |  |  |  | No            |                  1 | On Loan: No      |
| Broadleaf Co Ltd                  | Broadleaf Co Ltd                       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    125000 | NS      | $638173.52    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| First Pacific Co Ltd              | First Pacific Co Ltd                   | CUSIP: 000000000<br>LEI: 254900VS1MDQSDM9DE09 | Long             | EC               | CORP              | HK        |    835332 | NS      | $715935.41    | 1.73%             |  |  |  | No            |                  2 | On Loan: No      |
| Niterra Co Ltd                    | Niterra Co Ltd                         | CUSIP: 000000000<br>LEI: 549300RG3XQGTFM4HH31 | Long             | EC               | CORP              | JP        |     17600 | NS      | $626920.08    | 1.51%             |  |  |  | No            |                  2 | On Loan: No      |
| NFI Group Inc                     | NFI Group Inc                          | CUSIP: 62910L102<br>LEI: 549300VX6QRAVXOXZW59 | Long             | EC               | CORP              | CA        |     50569 | NS      | $678991.05    | 1.64%             |  |  |  | No            |                  1 | On Loan: No      |
| Sanki Engineering Co Ltd          | Sanki Engineering Co Ltd               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     13500 | NS      | $456197.80    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Corticeira Amorim SGPS SA         | Corticeira Amorim SGPS SA              | CUSIP: 000000000<br>LEI: 213800J5M11TDEP3LQ76 | Long             | EC               | CORP              | PT        |     49473 | NS      | $437085.94    | 1.05%             |  |  |  | No            |                  2 | On Loan: —       |
| ADENTRA Inc                       | ADENTRA Inc                            | CUSIP: 00686A108<br>LEI: 254900S1MZ7WZBPR5U32 | Long             | EC               | CORP              | CA        |     25924 | NS      | $648784.27    | 1.56%             |  |  |  | No            |                  1 | On Loan: No      |
| Kitron ASA                        | Kitron ASA                             | CUSIP: 000000000<br>LEI: 5967007LIEEXZXIG6009 | Long             | EC               | CORP              | NO        |    192163 | NS      | $1116693.40   | 2.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Yossix Holdings Co Ltd            | Yossix Holdings Co Ltd                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     29604 | NS      | $528984.85    | 1.28%             |  |  |  | No            |                  2 | On Loan: —       |
| Kaga Electronics Co Ltd           | Kaga Electronics Co Ltd                | CUSIP: 000000000<br>LEI: 3538005V2HARHWLTPJ42 | Long             | EC               | CORP              | JP        |     21100 | NS      | $493384.24    | 1.19%             |  |  |  | No            |                  2 | On Loan: No      |
| Macnica Holdings Inc              | Macnica Holdings Inc                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30100 | NS      | $409505.86    | 0.99%             |  |  |  | No            |                  2 | On Loan: No      |
| J.P. MORGAN SECURITIES LLC        | JP MORGAN SECURITIES LLC               | CUSIP: 000000000<br>LEI: ZBUT11V806EZRVTWT807 | Long             | RA               | CORP              | US        |      5395 | PA      | $5395.00      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| Rightmove PLC                     | Rightmove PLC                          | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |     48486 | NS      | $486559.90    | 1.17%             |  |  |  | No            |                  2 | On Loan: No      |
| GVS SpA                           | GVS SpA                                | CUSIP: 000000000<br>LEI: 81560013EACB40B52D17 | Long             | EC               | CORP              | IT        |     57891 | NS      | $305996.39    | 0.74%             |  |  |  | No            |                  2 | On Loan: —       |
| MISUMI Group Inc                  | MISUMI Group Inc                       | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     39000 | NS      | $591491.82    | 1.43%             |  |  |  | No            |                  2 | On Loan: No      |
| Paradox Interactive AB            | Paradox Interactive AB                 | CUSIP: 000000000<br>LEI: 529900QNSZUY53R5WW95 | Long             | EC               | CORP              | SE        |     22045 | NS      | $403531.66    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Elevator Service Holding    | Japan Elevator Service Holdings Co Ltd | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     19400 | NS      | $508140.04    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Gift Holdings Inc                 | Gift Holdings Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     42274 | NS      | $873415.69    | 2.11%             |  |  |  | No            |                  2 | On Loan: —       |
| Sarantis SA                       | Sarantis SA                            | CUSIP: 000000000<br>LEI: 21380078FJXYHFE8KP46 | Long             | EC               | CORP              | GR        |     54982 | NS      | $939122.25    | 2.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Incap Oyj                         | Incap Oyj                              | CUSIP: 000000000<br>LEI: 7437004GENTTQHMNQ407 | Long             | EC               | CORP              | FI        |     41294 | NS      | $491171.90    | 1.18%             |  |  |  | No            |                  2 | On Loan: —       |
| Argo Graphics Inc                 | Argo Graphics Inc                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     16525 | NS      | $526927.81    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| MIPS AB                           | MIPS AB                                | CUSIP: 000000000<br>LEI: 549300LZSA4S0L54VQ25 | Long             | EC               | CORP              | SE        |      7015 | NS      | $297657.85    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION | FICC                                   | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |    672000 | PA      | $672000.00    | 1.62%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Parking Development Co     | Nippon Parking Development Co Ltd      | CUSIP: 000000000<br>LEI: 353800OBX8MRKQA9PG73 | Long             | EC               | CORP              | JP        |    386275 | NS      | $761944.50    | 1.84%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Food Group PLC             | Hilton Food Group PLC                  | CUSIP: 000000000<br>LEI: 213800JY7VJFS2OOX355 | Long             | EC               | CORP              | GB        |     39040 | NS      | $438489.32    | 1.06%             |  |  |  | No            |                  1 | On Loan: No      |
| Hamee Corp                        | Hamee Corp                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     61008 | NS      | $558711.95    | 1.35%             |  |  |  | No            |                  2 | On Loan: No      |
| Nihon Falcom Corp                 | Nihon Falcom Corp                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     43925 | NS      | $401585.09    | 0.97%             |  |  |  | No            |                  2 | On Loan: No      |
| BFF Bank SpA                      | BFF Bank SpA                           | CUSIP: 000000000<br>LEI: 815600522538355AE429 | Long             | EC               | CORP              | IT        |     48859 | NS      | $639754.34    | 1.54%             |  |  |  | No            |                  2 | On Loan: No      |
| Elopak ASA                        | Elopak ASA                             | CUSIP: 000000000<br>LEI: 529900BIDQN2AOKV6N08 | Long             | EC               | CORP              | NO        |    183151 | NS      | $857254.87    | 2.07%             |  |  |  | No            |                  1 | On Loan: No      |
| Riverstone Holdings Ltd           | Riverstone Holdings Ltd                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    735700 | NS      | $412831.42    | 1.00%             |  |  |  | No            |                  1 | On Loan: No      |

### Signature

**Date Signed:** 2025-10-23

**Name of Applicant:** AMG Funds III

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer