# EDGAR Filing Document

**Accession Number:** 0000720309
**File Stem:** 0000940400-26-014317
**Filing Date:** 2026-4
**Character Count:** 48671
**Document Hash:** 532ea9658046a693931252f2dd46ac43
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000940400-26-014317.hdr.sgml**: 20260423

**ACCESSION NUMBER**: 0000940400-26-014317

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260227

**FILED AS OF DATE**: 20260423

**DATE AS OF CHANGE**: 20260423

**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:** 26888129

**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)*

February 28, 2026

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| **Common Stocks - 95.2%** |  |  |
| &nbsp;&nbsp;&nbsp;**Communication Services - 3.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Nihon Falcom Corp. (Japan) | &nbsp;&nbsp;&nbsp;53925 | &nbsp;&nbsp;&nbsp;$924966 |
| &nbsp;&nbsp;&nbsp;Paradox Interactive AB (Sweden) | &nbsp;&nbsp;&nbsp;32742 | &nbsp;&nbsp;&nbsp;&nbsp;448380 |
| &nbsp;&nbsp;&nbsp;Rightmove PLC (United Kingdom) | &nbsp;&nbsp;50586 | &nbsp;&nbsp;&nbsp;&nbsp;304810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Communication Services |  | &nbsp;&nbsp;&nbsp;1678156 |
| &nbsp;&nbsp;&nbsp;**Consumer Discretionary - 14.4%** |  |  |
| &nbsp;&nbsp;&nbsp;Cairn Homes PLC (Ireland) | &nbsp;&nbsp;295193 | &nbsp;&nbsp;&nbsp;&nbsp;833755 |
| &nbsp;&nbsp;&nbsp;Games Workshop Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;&nbsp;2678 | &nbsp;&nbsp;&nbsp;&nbsp;644153 |
| &nbsp;&nbsp;&nbsp;Garrett Motion, Inc. (United States) | &nbsp;&nbsp;&nbsp;43467 | &nbsp;&nbsp;&nbsp;&nbsp;884988 |
| &nbsp;&nbsp;&nbsp;Gift Holdings, Inc. (Japan) | &nbsp;&nbsp;&nbsp;46174 | &nbsp;&nbsp;&nbsp;1243455 |
| &nbsp;&nbsp;&nbsp;Max Stock, Ltd. (Israel) | &nbsp;&nbsp;&nbsp;69481 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;611238 |
| &nbsp;&nbsp;&nbsp;MIPS AB (Sweden) | &nbsp;&nbsp;&nbsp;&nbsp;7351 | &nbsp;&nbsp;&nbsp;&nbsp;206393 |
| &nbsp;&nbsp;&nbsp;Niterra Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;19200 | &nbsp;&nbsp;&nbsp;&nbsp;968200 |
| &nbsp;&nbsp;&nbsp;Samsonite Group, S.A. (Luxembourg)<sup>1</sup> | 207300 | &nbsp;&nbsp;&nbsp;&nbsp;510038 |
| &nbsp;&nbsp;&nbsp;Vistry Group PLC (United Kingdom)<sup>\*</sup> | &nbsp;&nbsp;40303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;377713 |
| &nbsp;&nbsp;&nbsp;Yossix Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;32304 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;753181 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Discretionary |  | &nbsp;&nbsp;&nbsp;&nbsp;7033114 |
| &nbsp;&nbsp;&nbsp;**Consumer Staples - 5.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Becle SAB de CV (Mexico) | 376809 | &nbsp;&nbsp;&nbsp;&nbsp;382673 |
| &nbsp;&nbsp;&nbsp;Grupo Herdez SAB de CV (Mexico) | &nbsp;&nbsp;145971 | &nbsp;&nbsp;&nbsp;&nbsp;728499 |
| &nbsp;&nbsp;&nbsp;Hilton Food Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;40740 | &nbsp;&nbsp;&nbsp;&nbsp;290438 |
| &nbsp;&nbsp;&nbsp;Kusuri no Aoki Holdings Co., Ltd. (Japan)<sup>2</sup> | &nbsp;&nbsp;&nbsp;18425 | &nbsp;&nbsp;&nbsp;&nbsp;478539 |
| &nbsp;&nbsp;&nbsp;Sarantis, S.A. (Greece) | &nbsp;&nbsp;&nbsp;56782 | &nbsp;&nbsp;&nbsp;&nbsp;982250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Consumer Staples |  | &nbsp;&nbsp;2862399 |
| &nbsp;&nbsp;&nbsp;**Financials - 12.9%** |  |  |
| &nbsp;&nbsp;&nbsp;BFF Bank S.p.A. (Italy)<sup>\*,1</sup> | &nbsp;&nbsp;50585 | &nbsp;&nbsp;&nbsp;&nbsp;225214 |
| &nbsp;&nbsp;&nbsp;Bolsa Mexicana de Valores SAB de CV (Mexico) | &nbsp;&nbsp;278337 | &nbsp;&nbsp;&nbsp;&nbsp;612852 |
| &nbsp;&nbsp;&nbsp;Coface, S.A. (France) | &nbsp;&nbsp;&nbsp;30531 | &nbsp;&nbsp;&nbsp;&nbsp;564749 |
| &nbsp;&nbsp;&nbsp;FRP Advisory Group PLC (United Kingdom)<sup>\*,2</sup> | 294520 | &nbsp;&nbsp;&nbsp;&nbsp;482246 |
| &nbsp;&nbsp;&nbsp;Integral Corp. (Japan) | &nbsp;&nbsp;25600 | &nbsp;&nbsp;&nbsp;&nbsp;536347 |
| &nbsp;&nbsp;&nbsp;Omni Bridgeway, Ltd. (Australia)<sup>\*</sup> | &nbsp;&nbsp;421837 | &nbsp;&nbsp;&nbsp;&nbsp;475818 |
| &nbsp;&nbsp;&nbsp;Phoenix Financial, Ltd. (Israel) | &nbsp;&nbsp;&nbsp;22646 | &nbsp;&nbsp;&nbsp;&nbsp;1157849 |
| &nbsp;&nbsp;&nbsp;Tel Aviv Stock Exchange, Ltd. (Israel) | &nbsp;&nbsp;34660 | &nbsp;&nbsp;&nbsp;&nbsp;1690515 |
| &nbsp;&nbsp;&nbsp;Wise PLC, Class A (United Kingdom)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;47904 | &nbsp;&nbsp;&nbsp;&nbsp;555057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Financials |  | &nbsp;&nbsp;6300647 |
| &nbsp;&nbsp;&nbsp;**Health Care - 5.7%** |  |  |
| &nbsp;&nbsp;&nbsp;GVS S.p.A. (Italy)<sup>\*,2</sup> | &nbsp;&nbsp;&nbsp;70870 | &nbsp;&nbsp;&nbsp;&nbsp;334136 |
| &nbsp;&nbsp;&nbsp;Haw Par Corp., Ltd. (Singapore) | &nbsp;&nbsp;62300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;821118 |
| &nbsp;&nbsp;&nbsp;Kusurinomadoguchi, Inc. (Japan) | &nbsp;&nbsp;32500 | &nbsp;&nbsp;&nbsp;&nbsp;559838 |
| &nbsp;&nbsp;&nbsp;Riverstone Holdings, Ltd. (Singapore) | 735700 | &nbsp;&nbsp;&nbsp;&nbsp;447348 |
| &nbsp;&nbsp;&nbsp;Siegfried Holding AG (Switzerland) | &nbsp;&nbsp;&nbsp;&nbsp;5595 | &nbsp;&nbsp;&nbsp;&nbsp;622179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Health Care |  | &nbsp;&nbsp;&nbsp;2784619 |

---

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Industrials - 28.4%** |  |  |
| &nbsp;&nbsp;&nbsp;ADENTRA, Inc. (Canada) | &nbsp;&nbsp;26824 | &nbsp;&nbsp;&nbsp;&nbsp;$741566 |
| &nbsp;&nbsp;&nbsp;Ashtead Technology Holdings PLC (United Kingdom)<sup>2</sup> | &nbsp;&nbsp;124022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;733377 |
| &nbsp;&nbsp;&nbsp;Avon Technologies PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;21790 | &nbsp;&nbsp;&nbsp;&nbsp;539734 |
| &nbsp;&nbsp;&nbsp;Clarkson PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;13236 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;756719 |
| &nbsp;&nbsp;&nbsp;Delta Plus Group (France)<sup>2</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6209 | &nbsp;&nbsp;&nbsp;&nbsp;356557 |
| &nbsp;&nbsp;&nbsp;DMG Mori Co., Ltd. (Japan) | &nbsp;&nbsp;34200 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;677247 |
| &nbsp;&nbsp;&nbsp;Hosokawa Micron Corp. (Japan) | &nbsp;&nbsp;&nbsp;10650 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;462161 |
| &nbsp;&nbsp;&nbsp;Howden Joinery Group PLC (United Kingdom) | &nbsp;&nbsp;52585 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;685213 |
| &nbsp;&nbsp;&nbsp;Inabata & Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;28100 | &nbsp;&nbsp;&nbsp;&nbsp;783857 |
| &nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;49500 | &nbsp;&nbsp;&nbsp;&nbsp;514420 |
| &nbsp;&nbsp;&nbsp;Krones AG (Germany) | &nbsp;&nbsp;&nbsp;&nbsp;3487 | &nbsp;&nbsp;&nbsp;&nbsp;545984 |
| &nbsp;&nbsp;&nbsp;MISUMI Group, Inc. (Japan) | &nbsp;&nbsp;42300 | &nbsp;&nbsp;&nbsp;&nbsp;851654 |
| &nbsp;&nbsp;&nbsp;NFI Group, Inc. (Canada)<sup>\*</sup> | &nbsp;&nbsp;50569 | &nbsp;&nbsp;&nbsp;&nbsp;632089 |
| &nbsp;&nbsp;&nbsp;Nippon Parking Development Co., Ltd. (Japan) | &nbsp;&nbsp;421675 | &nbsp;&nbsp;&nbsp;&nbsp;774990 |
| &nbsp;&nbsp;&nbsp;Richelieu Hardware, Ltd. (Canada) | &nbsp;&nbsp;&nbsp;18950 | &nbsp;&nbsp;&nbsp;&nbsp;604877 |
| &nbsp;&nbsp;&nbsp;Sanki Engineering Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;17600 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;886712 |
| &nbsp;&nbsp;&nbsp;Senshu Electric Co., Ltd. (Japan) | &nbsp;&nbsp;30640 | &nbsp;&nbsp;&nbsp;&nbsp;1262509 |
| &nbsp;&nbsp;&nbsp;Shin Maint Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;75800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;615097 |
| &nbsp;&nbsp;&nbsp;Takuma Co., Ltd. (Japan) | &nbsp;&nbsp;&nbsp;41900 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;817037 |
| &nbsp;&nbsp;&nbsp;Volution Group PLC (United Kingdom) | &nbsp;&nbsp;&nbsp;68195 | &nbsp;&nbsp;&nbsp;&nbsp;654349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Industrials |  | &nbsp;&nbsp;13896149 |
| &nbsp;&nbsp;&nbsp;**Information Technology - 15.5%** |  |  |
| &nbsp;&nbsp;&nbsp;Ai Holdings Corp. (Japan) | &nbsp;&nbsp;33050 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;618067 |
| &nbsp;&nbsp;&nbsp;Argo Graphics, Inc. (Japan) | &nbsp;&nbsp;70800 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;726451 |
| &nbsp;&nbsp;&nbsp;Broadleaf Co., Ltd. (Japan) | 150200 | &nbsp;&nbsp;&nbsp;&nbsp;691694 |
| &nbsp;&nbsp;&nbsp;Digital Hearts Holdings Co., Ltd. (Japan) | &nbsp;&nbsp;55075 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;316057 |
| &nbsp;&nbsp;&nbsp;Digital Information Technologies Corp. (Japan) | &nbsp;&nbsp;101492 | &nbsp;&nbsp;&nbsp;&nbsp;685104 |
| &nbsp;&nbsp;&nbsp;Incap Oyj (Finland)<sup>\*</sup> | &nbsp;&nbsp;&nbsp;41294 | &nbsp;&nbsp;&nbsp;&nbsp;503830 |
| &nbsp;&nbsp;&nbsp;Ituran Location and Control, Ltd. (Israel) | &nbsp;&nbsp;&nbsp;&nbsp;15471 | &nbsp;&nbsp;&nbsp;&nbsp;742608 |
| &nbsp;&nbsp;&nbsp;Kaga Electronics Co., Ltd. (Japan) | &nbsp;&nbsp;23200 | &nbsp;&nbsp;&nbsp;&nbsp;646593 |
| &nbsp;&nbsp;&nbsp;Kitron A.S.A. (Norway) | &nbsp;&nbsp;&nbsp;73209 | &nbsp;&nbsp;&nbsp;&nbsp;818926 |
| &nbsp;&nbsp;&nbsp;NE, Inc. (Japan)<sup>\*</sup> | &nbsp;&nbsp;89608 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;391334 |
| &nbsp;&nbsp;&nbsp;Tsuzuki Denki Co., Ltd. (Japan) | &nbsp;&nbsp;32600 | &nbsp;&nbsp;&nbsp;&nbsp;872698 |
| &nbsp;&nbsp;&nbsp;ULS Group, Inc. (Japan) | 165900 | &nbsp;&nbsp;&nbsp;&nbsp;592559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Information Technology |  | &nbsp;&nbsp;&nbsp;7605921 |
| &nbsp;&nbsp;&nbsp;**Materials - 7.2%** |  |  |
| &nbsp;&nbsp;&nbsp;Corticeira Amorim SGPS, S.A. (Portugal)<sup>2</sup> | &nbsp;&nbsp;&nbsp;50773 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;410165 |
| &nbsp;&nbsp;&nbsp;Elopak A.S.A. (Norway) | &nbsp;&nbsp;183151 | &nbsp;&nbsp;&nbsp;&nbsp;1034381 |
| &nbsp;&nbsp;&nbsp;Marshalls PLC (United Kingdom) | &nbsp;&nbsp;119720 | &nbsp;&nbsp;&nbsp;&nbsp;290090 |
| &nbsp;&nbsp;&nbsp;NOF Corp. (Japan) | &nbsp;&nbsp;&nbsp;31900 | &nbsp;&nbsp;&nbsp;&nbsp;640188 |
| &nbsp;&nbsp;&nbsp;Robertet, S.A. (France) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;581 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;599721 |

---

------

AMG GW&K International Small Cap Fund

Schedule of Portfolio Investments *(continued)*

---

| | | |
|:---|:---|:---|
|  | Shares | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;**Materials - 7.2% (continued)** |  |  |
| &nbsp;&nbsp;&nbsp;Vidrala, S.A. (Spain) | &nbsp;&nbsp;&nbsp;&nbsp;5902 | &nbsp;&nbsp;&nbsp;&nbsp;$570830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Materials |  | &nbsp;&nbsp;&nbsp;&nbsp;3545375 |
| &nbsp;&nbsp;&nbsp;**Real Estate - 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;Far East Consortium International, Ltd. (Hong Kong)<sup>\*</sup> | 3031214 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;348430 |
| &nbsp;&nbsp;&nbsp;Safestore Holdings PLC, REIT (United Kingdom) | &nbsp;&nbsp;&nbsp;53259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;569172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Real Estate |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;917602 |
| **Total Common Stocks<br> (Cost $38,392,854)** |  | &nbsp;&nbsp;46623982 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount |  |
| **Short-Term Investments - 4.8%** |  |  |
| &nbsp;&nbsp;&nbsp;**Joint Repurchase Agreements - 1.0%<sup>3</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;Citadel Securities LLC, dated 02/27/26, due 03/02/26, 3.740% total to be received $461,144 (collateralized by various U.S. Treasuries, 0.000% - 5.250%, 07/31/26 - 11/15/55, totaling $470,414) | $461000 | &nbsp;&nbsp;461000 |

---

---

| | | |
|:---|:---|:---|
|  | Principal<br> Amount | &nbsp;&nbsp;Value |
| &nbsp;&nbsp;&nbsp;HSBC Securities USA, Inc., dated 02/27/26, due 03/02/26, 3.660% total to be received $30,825 (collateralized by various U.S. Treasuries, 0.000% - 4.375%, 07/15/26 - 11/15/50, totaling $31,432) | &nbsp;&nbsp;&nbsp;$30816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$30816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Joint Repurchase Agreements |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;491816 |
| &nbsp;&nbsp;&nbsp;**Repurchase Agreements - 3.8%** |  |  |
| &nbsp;&nbsp;&nbsp;Fixed Income Clearing Corp., dated 02/27/26, due 03/02/26, 3.350% total to be received $1,844,515 (collateralized by a U.S. Treasury Note, 4.625%, 02/15/35, totaling $1,880,944) | 1844000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1844000 |
| **Total Short-Term Investments<br> (Cost $2,335,816)** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2335816 |
| **Total Investments - 100.0%<br> (Cost $40,728,670)** |  | &nbsp;&nbsp;&nbsp;&nbsp; 48959798 |
| **Other Assets, less Liabilities - 0.0%<sup>#</sup>** |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17779 |
| **Net Assets - 100.0%** |  | &nbsp;&nbsp;**$48977577** |

---

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;<sup>\*</sup> | Non-income producing security. |
| &nbsp;&nbsp;<sup>#</sup> | Less than 0.05%. |
| &nbsp;&nbsp;<sup>1</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 February 28, 2026, the value of these securities amounted to $735,252 or 1.5% of net assets. |
| &nbsp;&nbsp;<sup>2</sup> | Some of these securities, amounting to $1,052,383 or 2.1% 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>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 February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &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; $3529172 | &nbsp;&nbsp; $10366977 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; $13896149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information Technology | &nbsp;&nbsp;&nbsp;&nbsp; 1133942 | &nbsp;&nbsp;&nbsp;&nbsp; 6471979 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7605921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Discretionary | &nbsp;&nbsp;&nbsp;&nbsp; 884988 | &nbsp;&nbsp;&nbsp;&nbsp; 6148126 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7033114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financials | &nbsp;&nbsp;&nbsp;&nbsp; 1570916 | &nbsp;&nbsp;&nbsp;&nbsp; 4729731 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 6300647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Materials | &nbsp;&nbsp;&nbsp;&nbsp; 1324471 | &nbsp;&nbsp;&nbsp;&nbsp; 2220904 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 3545375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consumer Staples | &nbsp;&nbsp;&nbsp; 2383860 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 478539 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2862399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Health Care | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 2784619 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2784619 |
| &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; 1678156 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1678156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Real Estate | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 569172 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 348430 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 917602 |
| &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; 491816 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 491816 |
| &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; 1844000 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 1844000 |
| &nbsp;&nbsp;**Total Investments in Securities** | &nbsp;&nbsp;$11396521 | &nbsp;&nbsp;$37563277 | &nbsp;&nbsp;— | &nbsp;&nbsp;$48959798 |

---

<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 February 28, 2026, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at February 28, 2026, was as follows:

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Australia | &nbsp;&nbsp;&nbsp;&nbsp;1.0 |
| Canada | &nbsp;&nbsp;&nbsp;&nbsp;4.2 |
| Finland | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |
| France | &nbsp;&nbsp;&nbsp;&nbsp;3.3 |
| Germany | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Greece | &nbsp;&nbsp;&nbsp;&nbsp;2.1 |
| Hong Kong | &nbsp;&nbsp;&nbsp;&nbsp;0.7 |
| Ireland | &nbsp;&nbsp;&nbsp;&nbsp;1.8 |
| Israel | &nbsp;&nbsp;&nbsp;&nbsp;9.0 |
| Italy | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Japan | &nbsp;&nbsp;&nbsp;&nbsp;41.4 |
| Luxembourg | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.1 |

---

---

| | |
|:---|:---|
| **Country** | &nbsp;&nbsp;**% of Long-Term<br> Investments** |
| Mexico | &nbsp;&nbsp;&nbsp;&nbsp;3.7 |
| Norway | &nbsp;&nbsp;&nbsp;&nbsp;4.0 |
| Portugal | &nbsp;&nbsp;&nbsp;&nbsp;0.9 |
| Singapore | &nbsp;&nbsp;&nbsp;&nbsp;2.7 |
| Spain | &nbsp;&nbsp;&nbsp;&nbsp;1.2 |
| Sweden | &nbsp;&nbsp;&nbsp;&nbsp;1.4 |
| Switzerland | &nbsp;&nbsp;&nbsp;&nbsp;1.3 |
| United Kingdom | &nbsp;&nbsp;&nbsp;&nbsp;14.8 |
| United States | &nbsp;&nbsp;&nbsp;&nbsp;1.9 |
|  | &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 February 28, 2026, 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** |
| $1052383 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $491816 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $623187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $1115003 |

---

The following table summarizes the securities received as collateral for securities lending at February 28, 2026:

---

| | | |
|:---|:---|:---|
| **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;0.125%-4.625% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;04/15/26-11/15/54 |

---

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:** 2026-02-27

**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:** $49165091.16

**Total Liabilities:** $586336.29

**Net Assets:** $48578754.87

**Cash Not Reported:** $33948.91

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000091187 | 2.75%                | 3.20%                | 5.70%                |
| Class ID C000091188 | 2.77%                | 3.22%                | 5.72%                |
| Class ID C000188985 | 2.78%                | 3.23%                | 5.72%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $-12231.29               | $1171184.41                                |
| Month 2  | $241282.55               | $1201823.47                                |
| Month 3  | $-9982.24                | $2596047.48                                |

### 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   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Integral Corp.                        | Integral Corp. NPV                            | CUSIP: 000000000<br>LEI: 254900LBW5E2GUM0UK59 | Long             | EC               | CORP              | JP        |     25600 | NS      | $536347.35    | 1.10%             |  |  |  | No            |                  2 | On Loan: No      |
| Riverstone Holding Ltd.               | Riverstone Holding Ltd. NPV                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | SG        |    735700 | NS      | $447347.94    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Ituran                                | Ituran ILS0.333                               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     15471 | NS      | $742608.00    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Coface SA                             | Coface SA EUR2.00                             | CUSIP: 000000000<br>LEI: 96950025N07LTJYFSN57 | Long             | EC               | CORP              | FR        |     30531 | NS      | $564749.27    | 1.16%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Hearts Holdings Co Ltd        | Digital Hearts Holdings Co Ltd NPV            | CUSIP: 000000000<br>LEI: 353800YFGI3U64VW0H08 | Long             | EC               | CORP              | JP        |     55075 | NS      | $316057.10    | 0.65%             |  |  |  | No            |                  2 | On Loan: No      |
| Safestore Holdings PLC                | Safestore Holdings PLC ORD GBP0.01            | CUSIP: 000000000<br>LEI: 213800WGA3YSJC1YOH73 | Long             | EC               | CORP              | GB        |     53259 | NS      | $569171.72    | 1.17%             |  |  |  | No            |                  1 | On Loan: No      |
| Richelieu Hardware Ltd.               | Richelieu Hardware Ltd. COM NPV               | CUSIP: 76329W103<br>LEI: 5493007VPNETW465DN04 | Long             | EC               | CORP              | CA        |     18950 | NS      | $604877.39    | 1.25%             |  |  |  | No            |                  1 | On Loan: No      |
| Max Stock Limited                     | Max Stock Limited NPV                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     69481 | NS      | $611237.39    | 1.26%             |  |  |  | No            |                  2 | On Loan: No      |
| Avon Technologies PLC                 | Avon Technologies PLC ORD GBP1                | CUSIP: 000000000<br>LEI: 213800JM1AN62REBWA71 | Long             | EC               | CORP              | GB        |     21790 | NS      | $539734.09    | 1.11%             |  |  |  | No            |                  1 | On Loan: No      |
| Siegfried Holding AG                  | Siegfried Holding AG CHF0.72 (REGD)           | CUSIP: 000000000<br>LEI: 506700J9QD6IF3937W06 | Long             | EC               | CORP              | CH        |      5595 | NS      | $622178.66    | 1.28%             |  |  |  | No            |                  2 | On Loan: No      |
| Becle Sab DE CV                       | Becle Sab DE CV NPV                           | CUSIP: 000000000<br>LEI: 529900JY55CZKMJLCE09 | Long             | EC               | CORP              | MX        |    376809 | NS      | $382672.71    | 0.79%             |  |  |  | No            |                  1 | On Loan: No      |
| Clarkson PLC                          | Clarkson PLC ORD GBP0.25                      | CUSIP: 000000000<br>LEI: 2138007G6BGTEHI3OT22 | Long             | EC               | CORP              | GB        |     13236 | NS      | $756718.80    | 1.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Marshalls PLC                         | Marshalls PLC ORD GBP0.25                     | CUSIP: 000000000<br>LEI: 213800S21IFC367J5V62 | Long             | EC               | CORP              | GB        |    119720 | NS      | $290090.50    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Cairn Homes PLC                       | Cairn Homes PLC ORD EUR0.001 (CDI)            | CUSIP: 000000000<br>LEI: 635400DPX6WP2KKDOA83 | Long             | EC               | CORP              | IE        |    295193 | NS      | $833754.89    | 1.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Far East Consortium International Ltd | Far East Consortium International Ltd HKD0.10 | CUSIP: 000000000<br>LEI: 54930031259IQB0EH527 | Long             | EC               | CORP              | HK        |   3031214 | NS      | $348430.37    | 0.72%             |  |  |  | No            |                  2 | On Loan: No      |
| Volution Group PLC                    | Volution Group PLC ORD GBP0.01                | CUSIP: 000000000<br>LEI: 213800EPT84EQCDHO768 | Long             | EC               | CORP              | GB        |     68195 | NS      | $654349.30    | 1.35%             |  |  |  | No            |                  1 | On Loan: No      |
| Delta Plus Group                      | Delta Plus Group EUR0.5                       | CUSIP: 000000000<br>LEI: 969500U6FT40W3C2CX75 | Long             | EC               | CORP              | FR        |      6209 | NS      | $356556.54    | 0.73%             |  |  |  | No            |                  1 | On Loan: —       |
| Games Workshop Group PLC              | Games Workshop Group PLC ORD GBP0.05          | CUSIP: 000000000<br>LEI: 213800RP9QJQYGWHNT41 | Long             | EC               | CORP              | GB        |      2678 | NS      | $644152.94    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Vistry Group PLC                      | Vistry Group PLC GBP0.50                      | CUSIP: 000000000<br>LEI: 2138001KOWN7CG9SLK53 | Long             | EC               | CORP              | GB        |     40303 | NS      | $377713.31    | 0.78%             |  |  |  | No            |                  2 | On Loan: No      |
| Kusuri No Aoki Holdings Co Ltd        | Kusuri No Aoki Holdings Co Ltd NPV            | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     18425 | NS      | $478539.01    | 0.99%             |  |  |  | No            |                  2 | On Loan: —       |
| Uls Group Inc                         | Uls Group Inc NPV                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    165900 | NS      | $592559.00    | 1.22%             |  |  |  | No            |                  2 | On Loan: No      |
| Ai Holdings Corporation               | Ai Holdings Corporation NPV                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     33050 | NS      | $618067.15    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| HAW Par Corp Ltd                      | HAW Par Corp Ltd NPV(SINGAPORE REG)           | CUSIP: 000000000<br>LEI: 254900579AKHEY30PA63 | Long             | EC               | CORP              | SG        |     62300 | NS      | $821117.84    | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| Grupo Herdez S.A.B. de C.V.           | Grupo Herdez S.A.B. de C.V. COM NPV           | CUSIP: 000000000<br>LEI: 4469000001BQVIMOLQ55 | Long             | EC               | CORP              | MX        |    145971 | NS      | $728498.86    | 1.50%             |  |  |  | No            |                  1 | On Loan: No      |
| Bolsa Mexicana De Valores Sab De Cv   | Bolsa Mexicana De Valores Sab De Cv SER'A'NPV | CUSIP: 000000000<br>LEI: 894500CS2D6RLGW61A19 | Long             | EC               | CORP              | MX        |    278337 | NS      | $612852.11    | 1.26%             |  |  |  | No            |                  1 | On Loan: No      |
| Tsuzuki Denki Co Ltd.                 | Tsuzuki Denki Co Ltd. NPV                     | CUSIP: 000000000<br>LEI: 3538008A8ICJLVI54474 | Long             | EC               | CORP              | JP        |     32600 | NS      | $872698.04    | 1.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Robertet SA                           | Robertet SA EUR2.50                           | CUSIP: 000000000<br>LEI: 969500EUEC3HIYQOCS92 | Long             | EC               | CORP              | FR        |       581 | NS      | $599720.97    | 1.23%             |  |  |  | No            |                  2 | On Loan: No      |
| Omni Bridgeway Ltd.                   | Omni Bridgeway Ltd. NPV                       | CUSIP: 000000000<br>LEI: 529900T4EL2A89FPP865 | Long             | EC               | CORP              | AU        |    421837 | NS      | $475817.48    | 0.98%             |  |  |  | No            |                  1 | On Loan: No      |
| Senshu Electric Co Ltd                | Senshu Electric Co Ltd NPV                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     30640 | NS      | $1262508.76   | 2.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Wise PLC                              | Wise PLC CLS A ORD GBP0.01                    | CUSIP: 000000000<br>LEI: 213800LD9XCHIC1C4V71 | Long             | EC               | CORP              | GB        |     47904 | NS      | $555057.15    | 1.14%             |  |  |  | No            |                  2 | On Loan: No      |
| Samsonite Group SA                    | Samsonite Group SA USD0.01                    | CUSIP: 000000000<br>LEI: 549300UULS5HYFJSEL12 | Long             | EC               | CORP              | LU        |    207300 | NS      | $510038.15    | 1.05%             |  |  |  | No            |                  2 | On Loan: No      |
| DMG Mori Co Ltd.                      | DMG Mori Co Ltd. NPV                          | CUSIP: 000000000<br>LEI: 353800P4I3FIXTQV2E13 | Long             | EC               | CORP              | JP        |     34200 | NS      | $677247.36    | 1.39%             |  |  |  | No            |                  2 | On Loan: No      |
| Inabata & Co Ltd                      | Inabata & Co Ltd NPV                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     28100 | NS      | $783857.30    | 1.61%             |  |  |  | No            |                  2 | On Loan: No      |
| Takuma Co Ltd                         | Takuma Co Ltd NPV                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     41900 | NS      | $817036.77    | 1.68%             |  |  |  | No            |                  2 | On Loan: No      |
| Krones AG                             | Krones AG ORD NPV                             | CUSIP: 000000000<br>LEI: 529900NY2GSZWWUBW049 | Long             | EC               | CORP              | DE        |      3487 | NS      | $545983.59    | 1.12%             |  |  |  | No            |                  2 | On Loan: No      |
| Hosokawa Micron Corp                  | Hosokawa Micron Corp NPV                      | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     10650 | NS      | $462160.45    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Vidrala SA                            | Vidrala SA EUR1.02                            | CUSIP: 000000000<br>LEI: 95980020140005399488 | Long             | EC               | CORP              | ES        |      5902 | NS      | $570829.62    | 1.18%             |  |  |  | No            |                  2 | On Loan: No      |
| Digital Information Technologies Co   | Digital Information Technologies Co NPV       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    101492 | NS      | $685104.47    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Howden Joinery Group PLC              | Howden Joinery Group PLC ORD GBP0.10          | CUSIP: 000000000<br>LEI: 213800KC1LJOJTY3JP45 | Long             | EC               | CORP              | GB        |     52585 | NS      | $685213.20    | 1.41%             |  |  |  | No            |                  2 | On Loan: No      |
| Phoenix Financial Ltd.                | Phoenix Financial Ltd. ILS1                   | CUSIP: 000000000<br>LEI: 254900IUA68QTCFYHE30 | Long             | EC               | CORP              | IL        |     22646 | NS      | $1157849.16   | 2.38%             |  |  |  | No            |                  2 | On Loan: No      |
| Tel Aviv Stock Exchange Ltd           | Tel Aviv Stock Exchange Ltd NPV               | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | IL        |     34660 | NS      | $1690515.00   | 3.48%             |  |  |  | No            |                  2 | On Loan: No      |
| Ne Inc.                               | Ne Inc. NPV                                   | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     89608 | NS      | $391333.88    | 0.81%             |  |  |  | No            |                  1 | On Loan: No      |
| Ashtead Technology Holdings PLC       | Ashtead Technology Holdings PLC ORD GBP0.05   | CUSIP: 000000000<br>LEI: 213800LHEWVY66RPGR58 | Long             | EC               | CORP              | GB        |    124022 | NS      | $733376.39    | 1.51%             |  |  |  | No            |                  2 | On Loan: —       |
| Garrett Motion Inc                    | Garrett Motion Inc COM                        | CUSIP: 366505105<br>LEI: 549300LS5WT7EMBNV724 | Long             | EC               | CORP              | US        |     43467 | NS      | $884988.12    | 1.82%             |  |  |  | No            |                  1 | On Loan: No      |
| FRP Advisory Group Plc                | FRP Advisory Group Plc ORD GBP0.001           | CUSIP: 000000000<br>LEI: 213800IPCG6DE1CVLY36 | Long             | EC               | CORP              | GB        |    294520 | NS      | $482245.50    | 0.99%             |  |  |  | No            |                  1 | On Loan: —       |
| Broadleaf Co Ltd                      | Broadleaf Co Ltd NPV                          | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |    150200 | NS      | $691693.79    | 1.42%             |  |  |  | No            |                  2 | On Loan: No      |
| NOF Corp.                             | NOF Corp. NPV                                 | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     31900 | NS      | $640187.62    | 1.32%             |  |  |  | No            |                  2 | On Loan: No      |
| Niterra Co Ltd.                       | Niterra Co Ltd. NPV                           | CUSIP: 000000000<br>LEI: 549300RG3XQGTFM4HH31 | Long             | EC               | CORP              | JP        |     19200 | NS      | $968199.77    | 1.99%             |  |  |  | No            |                  2 | On Loan: No      |
| Sanki Engineering Co Ltd              | Sanki Engineering Co Ltd NPV                  | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     17600 | NS      | $886712.36    | 1.83%             |  |  |  | No            |                  2 | On Loan: No      |
| NFI Group Inc                         | NFI Group Inc COM NPV                         | CUSIP: 62910L102<br>LEI: 549300VX6QRAVXOXZW59 | Long             | EC               | CORP              | CA        |     50569 | NS      | $632089.33    | 1.30%             |  |  |  | No            |                  1 | On Loan: No      |
| CITADEL SECURITIES LLC                | CITADEL SECURITIES LLC                        | CUSIP: 000000000<br>LEI: 12UUJYTN7D3SW8KCSG25 | Long             | RA               | CORP              | US        |    461000 | PA      | $461000.00    | 0.95%             |  |  |  | No            |                  2 | On Loan: No      |
| Corticeira Amorim-Sociedade Gestora   | Corticeira Amorim-Sociedade Gestora EUR1      | CUSIP: 000000000<br>LEI: 213800J5M11TDEP3LQ76 | Long             | EC               | CORP              | PT        |     50773 | NS      | $410164.58    | 0.84%             |  |  |  | No            |                  2 | On Loan: —       |
| Kitron ASA                            | Kitron ASA NOK0.10                            | CUSIP: 000000000<br>LEI: 5967007LIEEXZXIG6009 | Long             | EC               | CORP              | NO        |     73209 | NS      | $818926.00    | 1.69%             |  |  |  | No            |                  2 | On Loan: No      |
| ADENTRA Inc                           | ADENTRA Inc COM                               | CUSIP: 00686A108<br>LEI: 254900S1MZ7WZBPR5U32 | Long             | EC               | CORP              | CA        |     26824 | NS      | $741565.95    | 1.53%             |  |  |  | No            |                  1 | On Loan: No      |
| Kaga Electronics Co Ltd.              | Kaga Electronics Co Ltd. NPV                  | CUSIP: 000000000<br>LEI: 3538005V2HARHWLTPJ42 | Long             | EC               | CORP              | JP        |     23200 | NS      | $646593.00    | 1.33%             |  |  |  | No            |                  2 | On Loan: No      |
| Yossix Holdings Co Ltd                | Yossix Holdings Co Ltd NPV                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32304 | NS      | $753180.83    | 1.55%             |  |  |  | No            |                  2 | On Loan: No      |
| HSBC SECURITIES (USA) INC.            | HSBC SECURITIES (USA) INC                     | CUSIP: 000000000<br>LEI: CYYGQCGNHMHPSMRL3R97 | Long             | RA               | CORP              | US        |     30816 | PA      | $30816.00     | 0.06%             |  |  |  | No            |                  2 | On Loan: No      |
| GVS S.p.A.                            | GVS S.p.A. NPV                                | CUSIP: 000000000<br>LEI: 81560013EACB40B52D17 | Long             | EC               | CORP              | IT        |     70870 | NS      | $334135.97    | 0.69%             |  |  |  | No            |                  2 | On Loan: —       |
| Rightmove PLC                         | Rightmove PLC ORD GBP0.001                    | CUSIP: 000000000<br>LEI: 2138001JXGCFKBXYB828 | Long             | EC               | CORP              | GB        |     50586 | NS      | $304810.42    | 0.63%             |  |  |  | No            |                  2 | On Loan: No      |
| Misumi Group Inc.                     | Misumi Group Inc. NPV                         | CUSIP: 000000000<br>LEI: 353800SJWGE5BEK2V032 | Long             | EC               | CORP              | JP        |     42300 | NS      | $851653.89    | 1.75%             |  |  |  | No            |                  2 | On Loan: No      |
| Paradox Interactive AB (publ)         | Paradox Interactive AB (publ) NPV             | CUSIP: 000000000<br>LEI: 529900QNSZUY53R5WW95 | Long             | EC               | CORP              | SE        |     32742 | NS      | $448379.89    | 0.92%             |  |  |  | No            |                  2 | On Loan: No      |
| Shin Maint Holdings Co Ltd            | Shin Maint Holdings Co Ltd NPV                | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     75800 | NS      | $615097.26    | 1.27%             |  |  |  | No            |                  2 | On Loan: No      |
| Japan Elevator Service Hldgs Co Ltd   | Japan Elevator Service Hldgs Co Ltd NPV       | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     49500 | NS      | $514419.69    | 1.06%             |  |  |  | No            |                  2 | On Loan: No      |
| Gift Holdings Inc.                    | Gift Holdings Inc. NPV                        | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     46174 | NS      | $1243454.97   | 2.56%             |  |  |  | No            |                  2 | On Loan: No      |
| Sarantis Sa                           | Sarantis Sa EUR0.78                           | CUSIP: 000000000<br>LEI: 21380078FJXYHFE8KP46 | Long             | EC               | CORP              | GR        |     56782 | NS      | $982250.47    | 2.02%             |  |  |  | No            |                  1 | On Loan: No      |
| Argo Graphics                         | Argo Graphics NPV                             | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     70800 | NS      | $726451.17    | 1.50%             |  |  |  | No            |                  2 | On Loan: No      |
| Incap Oyj                             | Incap Oyj NPV                                 | CUSIP: 000000000<br>LEI: 7437004GENTTQHMNQ407 | Long             | EC               | CORP              | FI        |     41294 | NS      | $503829.59    | 1.04%             |  |  |  | No            |                  2 | On Loan: No      |
| Mips AB                               | Mips AB NPV                                   | CUSIP: 000000000<br>LEI: 549300LZSA4S0L54VQ25 | Long             | EC               | CORP              | SE        |      7351 | NS      | $206393.24    | 0.42%             |  |  |  | No            |                  2 | On Loan: No      |
| Nippon Parking Development Co.Ltd.    | Nippon Parking Development Co.Ltd. NPV        | CUSIP: 000000000<br>LEI: 353800OBX8MRKQA9PG73 | Long             | EC               | CORP              | JP        |    421675 | NS      | $774990.17    | 1.60%             |  |  |  | No            |                  2 | On Loan: No      |
| Hilton Food Group PLC                 | Hilton Food Group PLC ORD GBP0.10             | CUSIP: 000000000<br>LEI: 213800JY7VJFS2OOX355 | Long             | EC               | CORP              | GB        |     40740 | NS      | $290438.25    | 0.60%             |  |  |  | No            |                  1 | On Loan: No      |
| Nihon Falcom Corp                     | Nihon Falcom Corp NPV                         | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     53925 | NS      | $924966.15    | 1.90%             |  |  |  | No            |                  2 | On Loan: No      |
| BFF Bank S.p.A.                       | BFF Bank S.p.A. NPV                           | CUSIP: 000000000<br>LEI: 815600522538355AE429 | Long             | EC               | CORP              | IT        |     50585 | NS      | $225214.13    | 0.46%             |  |  |  | No            |                  2 | On Loan: No      |
| FIXED INCOME CLEARING CORPORATION     | FICC                                          | CUSIP: 000000000<br>LEI: 549300H47WTHXPU08X20 | Long             | RA               | CORP              | US        |   1844000 | PA      | $1844000.00   | 3.80%             |  |  |  | No            |                  2 | On Loan: No      |
| Elopak Asa                            | Elopak Asa NOK1.40                            | CUSIP: 000000000<br>LEI: 529900BIDQN2AOKV6N08 | Long             | EC               | CORP              | NO        |    183151 | NS      | $1034381.40   | 2.13%             |  |  |  | No            |                  1 | On Loan: No      |
| Kusurinomadoguchi Inc.                | Kusurinomadoguchi Inc. NPV                    | CUSIP: 000000000<br>LEI: N/A                  | Long             | EC               | CORP              | JP        |     32500 | NS      | $559838.34    | 1.15%             |  |  |  | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-04-23

**Name of Applicant:** AMG Funds III

**Signature:** Thomas Disbrow

**Name of Signer:** Thomas Disbrow

**Title:** Principal Financial Officer