<SEC-DOCUMENT>0001193125-21-069638.txt : 20210304
<SEC-HEADER>0001193125-21-069638.hdr.sgml : 20210304
<ACCEPTANCE-DATETIME>20210304165246
ACCESSION NUMBER: 0001193125-21-069638
CONFORMED SUBMISSION TYPE: N-CSR
PUBLIC DOCUMENT COUNT: 19
CONFORMED PERIOD OF REPORT: 20201231
FILED AS OF DATE: 20210304
DATE AS OF CHANGE: 20210304
EFFECTIVENESS DATE: 20210304
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: AMG FUNDS III
CENTRAL INDEX KEY: 0000720309
IRS NUMBER: 222528211
STATE OF INCORPORATION: MA
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: N-CSR
SEC ACT: 1940 Act
SEC FILE NUMBER: 811-03752
FILM NUMBER: 21714888
BUSINESS ADDRESS:
STREET 1: ONE STAMFORD PLAZA
STREET 2: 263 TRESSER BLVD, SUITE 949
CITY: STAMFORD
STATE: CT
ZIP: 06901
BUSINESS PHONE: 2032993500
MAIL ADDRESS:
STREET 1: ONE STAMFORD PLAZA
STREET 2: 263 TRESSER BLVD, SUITE 949
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>
<EXISTING-SERIES-AND-CLASSES-CONTRACTS>
<SERIES>
<OWNER-CIK>0000720309
<SERIES-ID>S000009865
<SERIES-NAME>AMG Managers Special Equity Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000027305
<CLASS-CONTRACT-NAME>Class N
<CLASS-CONTRACT-TICKER-SYMBOL>MGSEX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000027306
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>MSEIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000720309
<SERIES-ID>S000009868
<SERIES-NAME>AMG Managers Loomis Sayles Bond Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000027310
<CLASS-CONTRACT-NAME>Class N
<CLASS-CONTRACT-TICKER-SYMBOL>MGFIX
</CLASS-CONTRACT>
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000125498
<CLASS-CONTRACT-NAME>Class I
<CLASS-CONTRACT-TICKER-SYMBOL>MGBIX
</CLASS-CONTRACT>
</SERIES>
<SERIES>
<OWNER-CIK>0000720309
<SERIES-ID>S000009869
<SERIES-NAME>AMG GW&K High Income Fund
<CLASS-CONTRACT>
<CLASS-CONTRACT-ID>C000027311
<CLASS-CONTRACT-NAME>Class N
<CLASS-CONTRACT-TICKER-SYMBOL>MGGBX
</CLASS-CONTRACT>
</SERIES>
</EXISTING-SERIES-AND-CLASSES-CONTRACTS>
</SERIES-AND-CLASSES-CONTRACTS-DATA>
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>d137829dncsr.htm
<DESCRIPTION>AMG FUNDS III
<TEXT>
<HTML><HEAD>
<TITLE>AMG Funds III</TITLE>
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<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Washington, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM <FONT
STYLE="white-space:nowrap">N-CSR</FONT> </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CERTIFIED
SHAREHOLDER REPORT OF REGISTERED </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>MANAGEMENT INVESTMENT COMPANIES </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Investment Company Act file number: <FONT STYLE="white-space:nowrap">811-03752</FONT> </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>AMG FUNDS III </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact
name of registrant as specified in charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Stamford
Plaza, 263 Tresser Boulevard, Suite 949, </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stamford, Connecticut 06901 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address of principal executive offices) (Zip code) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMG Funds LLC
</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>One Stamford Plaza, 263 Tresser Boulevard, Suite 949, </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Stamford, Connecticut 06901 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Name and address of agent for service) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%"> </P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Registrant’s telephone number, including area code: (203) <FONT STYLE="white-space:nowrap">299-3500</FONT> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of fiscal year end: DECEMBER 31 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Date of reporting period: JANUARY 1, 2020 – DECEMBER 31, 2020 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Annual Shareholder Report) </B></P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P>
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<TD WIDTH="9%" VALIGN="top" ALIGN="left"><B>Item 1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Reports to Shareholders </B></P></TD></TR></TABLE>
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<TD VALIGN="middle"><FONT COLOR="#00573d"> A</FONT><FONT STYLE="font-size:11pt" COLOR="#00573d">NNUAL</FONT><FONT COLOR="#00573d"> R</FONT><FONT STYLE="font-size:11pt" COLOR="#00573d">EPORT</FONT></TD></TR>
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<TD VALIGN="bottom" COLSPAN="3"><FONT COLOR="#00573d"><B>AMG Funds</B></FONT></TD>
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<TD VALIGN="bottom" COLSPAN="3">December 31, 2020</TD>
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<TD VALIGN="bottom" COLSPAN="7"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:15pt; font-family:ARIAL"><B>AMG Managers Loomis Sayles Bond Fund</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Class N: <B>MGFIX</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"> Class I: <B>MGBIX</B></P></TD>
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<TD VALIGN="bottom" COLSPAN="7"><B>AMG Managers Special Equity Fund</B></TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL">Class N: <B>MGSEX</B></P></TD>
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<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"> Class I: <B>MSEIX</B></P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL"> amgfunds.com </P>
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<TD VALIGN="top">123120 </TD>
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<TD VALIGN="top">AR078</TD></TR></TABLE>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Funds</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#00573d"> Annual
Report — December 31, 2020</FONT></P></TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><A NAME="toc"></A>TABLE OF CONTENTS</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#00573d"><B></B>PAGE<B></B></FONT></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
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<TD VALIGN="top"><B><A HREF="#tx137829_1">LETTER TO SHAREHOLDERS</A></B></TD>
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<TD VALIGN="bottom" ALIGN="right">2</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
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<TD VALIGN="top"><B><A HREF="#tx137829_2">ABOUT YOUR FUND’S EXPENSES</A></B></TD>
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<TD VALIGN="bottom" ALIGN="right">3</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
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<TD VALIGN="top"><B><A HREF="#tx137829_3">PORTFOLIO MANAGER’S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS</A></B></TD>
<TD VALIGN="bottom"> </TD>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><A HREF="#tx137829_4">AMG Managers Loomis Sayles Bond Fund</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><A HREF="#tx137829_5">AMG Managers Special Equity Fund</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><B>FINANCIAL STATEMENTS</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><A HREF="#tx137829_7">Statement of Assets and Liabilities</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:9pt; font-family:ARIAL"><I>Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)</I></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><A HREF="#tx137829_9">Statement of Operations</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:9pt; font-family:ARIAL"><I>Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year</I></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><A HREF="#tx137829_11">Statements of Changes in Net Assets</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">31</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><I>Detail of changes in assets for the past two fiscal years</I></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><A HREF="#tx137829_13">Financial Highlights</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:9pt; font-family:ARIAL"><I>Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net
assets</I></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="10" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="10" COLSPAN="2"></TD>
<TD HEIGHT="10" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><A HREF="#tx137829_15">Notes to Financial Statements</A></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; font-size:9pt; font-family:ARIAL"><I>Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and
descriptions of certain investment risks</I></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><B><A HREF="#tx137829_17">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</A></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">43</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><B><A HREF="#tx137829_18">OTHER INFORMATION</A></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9.5pt; font-family:ARIAL"><B><A HREF="#tx137829_19">TRUSTEES AND OFFICERS</A></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE> <P STYLE="margin-top:105pt; margin-bottom:0pt; margin-left:4%; margin-right:21%; font-size:8.5pt; font-family:ARIAL">Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy
shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information. </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="25%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="61%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top">
<IMG SRC="g137829dsp1.jpg" ALT="LOGO">
</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle" ALIGN="center"><A NAME="tx137829_1"></A> Letter to Shareholders</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Dear Shareholder: </B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The fiscal year ending December 31, 2020, was a volatile period for financial markets that featured a dramatic selloff and extraordinary rebound amid the
unprecedented global effort to stop the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic. Early in the year, equities achieved new record highs against the backdrop of a healthy economy and strong investor sentiment. However, a broad-based
selloff occurred amid a global flight to quality as investors assessed the scope of the unfolding <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic, a deteriorating economy, and skyrocketing unemployment. An oil price war initiated between
Saudi Arabia and Russia only made matters worse. From its peak in <FONT STYLE="white-space:nowrap">mid-February</FONT> 2020, the S&P 500<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Index declined (33.79)% over the span of a few
weeks, halting the eleven-year equity bull market. In response to the crisis, global central banks and governments were quick to flood the market with massive fiscal and monetary stimulus which helped to stabilize the market and led to an impressive
recovery in risk assets, albeit a very uneven one. So despite the volatility, the S&P 500<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Index still achieved an 18.40% return for 2020 while effective
<FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccines and further government stimulus bolstered investor optimism for a brighter future in 2021. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">During the year
there was very wide dispersion in performance across sectors, with information technology and consumer discretionary sectors leading the market with returns of 43.88% and 33.30%, respectively. On the other hand, companies in the energy sector fell
(33.69)%, and financials and real estate also produced slightly negative returns. Growth stocks significantly outperformed value stocks for the period with returns of 38.49% and 2.80% for the Russell
1000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth and Russell 1000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Value Indexes, respectively. Small cap stocks endured a wild ride in 2020 as the Russell 2000<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> Index experienced both its best quarter (fourth quarter 2020) and worst quarter (first quarter 2020) on record. For the year as a whole, small cap returns were relatively in line with the broader
market as the Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Index gained 19.96% in 2020. Outside the U.S., emerging markets outperformed developed markets with an 18.31% return for the MSCI Emerging Markets Index compared to
a 7.82% return for the MSCI EAFE Index. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Interest rates fell dramatically and led to strong returns for bond investors as the U.S. Federal Reserve (the Fed) slashed
short-term rates in response to the slowing economy. The <FONT STYLE="white-space:nowrap">10-year</FONT> Treasury yield ended the year near a historic low yield of 0.93%. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad measure of U.S. bond
market performance, returned 7.51% over the period. Investment grade corporate bonds rebounded from the selloff early in the year and returned 9.89% in 2020. Riskier high yield bonds lagged the investment grade market with a 7.11% return as measured
by the return of the Bloomberg Barclays U.S. Corporate High Yield Bond Index.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Funds appreciates the privilege of providing investment tools to you and your clients. Our foremost goal is to provide
investment solutions that help our shareholders successfully reach their long-term investment goals. AMG Funds provides access to a distinctive array of actively managed return-oriented investment strategies. We thank you for your continued
confidence and investment in AMG Funds. You can rest assured that under all market conditions our team is focused on delivering excellent investment management services for your benefit. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Respectfully, </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt;margin-bottom:0pt">
<IMG SRC="g137829dsp4.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Keitha Kinne </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">President </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Funds </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" COLSPAN="3" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><B>Average Annual Total Returns</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="10" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Periods ended</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>December 31, 2020*</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" NOWRAP STYLE="BORDER-BOTTOM:1px solid #000000"><B>Stocks:</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>1 Year</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>3 Years</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>5 Years</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Large Cap</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">(S&P 500<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Index)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">18.40%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14.18%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15.22%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Small Cap</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">(Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Index)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19.96%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10.25%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13.26%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">International</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">(MSCI All Country World Index ex USA)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10.65%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4.88%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8.93%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Bonds:</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Investment Grade </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">(Bloomberg Barclays U.S. Aggregate Bond Index)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7.51%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5.34%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4.44%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">High Yield</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">(Bloomberg Barclays U.S. Corporate High Yield Bond Index)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7.11%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6.24%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8.59%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Tax-exempt</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">(Bloomberg Barclays Municipal Bond Index)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5.21%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4.64%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.91%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Treasury Bills</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">(ICE BofAML U.S. <FONT STYLE="white-space:nowrap">6-Month</FONT> Treasury Bill Index)</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.05%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.84%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.43%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">*Source: FactSet. Past performance is no guarantee of future results.
</P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">2 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:12pt" ALIGN="center">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:12pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:12pt; font-family:ARIAL"><A NAME="tx137829_2"></A>About Your Fund’s Expenses</P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">
<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs, which may include sales charges (loads) on purchase payments;
redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution <FONT STYLE="white-space:nowrap">(12b-1)</FONT> fees; and other Fund expenses. This example is intended to help you understand your ongoing costs
(in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on $1,000 invested at the beginning of the period and held for the entire period as indicated below.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>ACTUAL EXPENSES</B></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">The first line of the following table provides information about the actual account values
and</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the
period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to
estimate the expenses you paid on your account during this period.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and
an assumed annual rate of return of 5% before expenses, which is not the Fund’s</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the
period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">Please note that the expenses shown in the table are meant to highlight your ongoing costs only and
do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of
owning different funds.</P></TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="43%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B> Six Months Ended</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><B> December 31, 2020</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Expense<BR>Ratio for</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>the Period</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Beginning<BR>Account<BR>Value<BR>07/01/20</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Ending<BR>Account<BR>Value<BR>12/31/20</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><B>Expenses<BR>Paid<BR>During<BR>the Period*</B></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> AMG Managers Loomis Sayles Bond Fund</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B> </B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> Based on Actual Fund Return</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.71%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,067</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$3.69</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.50%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,068</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$2.60</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> <B>Based on Hypothetical 5% Annual Return</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.71%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,022</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$3.61</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class I</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.50%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,023</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2.54</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> AMG Managers Special Equity Fund</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B> </B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> <B>Based on Actual Fund Return</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,366</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$8.09</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.11%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,368</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$6.61</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> <B>Based on Hypothetical 5% Annual Return</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,018</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$6.90</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">1.11%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,000</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$1,020</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">$5.63</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">*</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period,
multiplied by the number of days in the most recent fiscal half-year (184), then divided by 366.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
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<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">3 </P>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_4"></A>AMG Managers Loomis Sayles Bond Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; font-size:11pt; font-family:ARIAL"><A NAME="tx137829_3"></A>Portfolio Manager’s Comments <I><FONT STYLE="font-size:9pt" COLOR="#00573d">(unaudited)</FONT></I></P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>THE YEAR IN REVIEW</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond Fund’s Class N (the “Fund”) shares returned 7.34% for the year ended December 31, 2020, underperforming the
Bloomberg Barclays U.S. Government/Credit Bond Index, which returned 8.93%.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The
underperformance can be partially attributed to our shorter-than-benchmark duration as yields fell throughout the year. The underweight allocation to U.S. Treasuries dampened performance during the year. U.S. Treasuries were a safe haven during the
first half of the year once <FONT STYLE="white-space:nowrap">COVID-19</FONT> struck the U.S. and economic lockdowns followed. Investors flocked to safety as the U.S. Federal Reserve (the “Fed”) began implementing a stimulus package and
quantitative easing (“QE”). We still see U.S. Treasuries as somewhat overvalued as the Fed continues with QE into 2021. We remain underweight in U.S. Treasuries and look for richer returns in other market segments. The treasury impact was
the largest detractor during the year.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Our exposure to securitized markets, specifically
asset-backed securities, detracted from performance for the year. Similarly, our allocation to equity detracted from performance. AT&T was the largest detractor from performance in this sector.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">On an absolute and excess basis, high yield credit positively contributed to performance. Security
selection was the major driver in this sector. The sector benefited from the change in investor risk sentiment as positive vaccine news and economic recovery seemed within reach.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">Despite the sharp downturn in March, investment grade credit generated positive return for the Fund
and was the top performing segment for the year. Throughout the period, basic industry, consumer cyclical, and insurance names moderately increased excess return. Investors began to return to high quality corporates during the second half of the
year rather than flocking to U.S. Treasuries as before in search of higher yields. We will continue to be selective and opportunistic as we add credit to the portfolio during 2021.</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>LOOKING FORWARD</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Looking ahead to the upcoming year, there are a number of structural economic factors in place that pose risks to our market outlook, including the ongoing impact of the
pandemic, further delay in reaching a fiscal package, and any resurgence of trade tensions between the U.S. and China. That said, we are optimistic that economic conditions could continue to show improvement over the next year. This view is
reflected in current market prices and appears to be shared by the consensus.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">While the recent
rise in coronavirus cases has led to renewed containment measures across the U.S., the arrival of a vaccine has been priced into markets along with expectations for a fiscal package to arrive in the first quarter of the year. These measures help
give us some confidence that the economic recovery could continue to show steady, if uneven, progress. Gross Domestic Product (GDP) growth rebounded from the steep declines earlier this year, and we expect this trend to continue into next year.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">We anticipate limited changes in monetary policy, with the Fed likely maintaining its zero interest
rate policy until at least 2023. The Fed has also indicated that full employment and longer-term inflation averages are additional factors in considering any future rate hikes. This accommodative stance should continue to boost investor confidence
and demand for yield in a low global rate environment. In addition, we believe the overall health of the consumer, a strong housing market, and expected inventory rebuilding provide support to our outlook.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The markets have been progressing through the credit cycle,<SUP
STYLE="font-size:85%; vertical-align:top">1</SUP> and we believe there are increasing signs of a shift toward recovery with corporate profits rebounding, easing monetary policy, balance sheet improvement, and potential for large-scale vaccine
distribution.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">We have been maintaining a balance of liquidity, diversification, and risk
exposure in the Fund. Within our credit allocation, we continue to focus on areas where we still see value based on our fundamental research. We are specifically focused on some of the</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">sectors that were hardest hit by the pandemic, including the transportation, recreation, and hospitality industries. These areas of the economy include
credits that have been cheap for their rating, have been able to access the capital markets for liquidity, and are likely in a good position to benefit from the recovery.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Despite the higher valuations, we believe there are still selective opportunities in both the investment grade and high yield corporate sectors. Spreads have compressed
but can potentially tighten further on improving fundamentals. We are selectively adding corporate credit, particularly in areas of the market that have lagged the recovery.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Our emerging market allocation largely represents U.S. <FONT STYLE="white-space:nowrap">dollar-pay</FONT> exposure to high quality securities with strong balance sheets
and currently attractive real yields. We are holding modest foreign currency but continue to evaluate opportunities in markets outside the U.S. as we look for clarity on the outlook for global growth.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Market conditions in the past year have highlighted the notion that investors tend to overreact.
The speed and severity of the recession and subsequent sharp rebound were unexpected, but also presented some favorable investment opportunities. These developments have served to reinforce our investment philosophy that markets are highly
inefficient in the short term. We believe we were able to capitalize on these developments in 2020 and that the Fund is well positioned to benefit from the expected economic growth and recovery in the new year.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP>A credit cycle is a cyclical pattern that
follows credit availability and corporate health.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><I>This commentary reflects the viewpoints of
the portfolio manager, Loomis, Sayles & Company, L.P. as of December 31, 2020, and is not intended as a forecast or guarantee of future results.</I></P></TD></TR>
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<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">4 </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Portfolio Manager’s Comments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:63%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>CUMULATIVE TOTAL RETURN PERFORMANCE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and
distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG Managers Loomis Sayles Bond Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the Bloomberg Barclays U.S.
Government/Credit Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net expenses and the
returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced. </P> <P STYLE="font-size:4pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt;margin-bottom:0pt">
<IMG SRC="g137829dsp7.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The table below shows the average annual total returns for the AMG Managers Loomis Sayles Bond Fund and the Bloomberg Barclays U.S.
Government/Credit Bond Index for the same time periods ended December 31, 2020. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="11%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Average Annual Total Returns<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>One </B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Year </B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Five<BR>Years</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Ten </B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Years </B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Since<BR>Inception</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Inception<BR>Date</B></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="16"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> AMG Managers Loomis Sayles Bond
Fund</B><SUP STYLE="font-size:85%; vertical-align:top"></SUP><FONT STYLE="font-size:5.5pt"><SUP STYLE="font-size:85%; vertical-align:top">2, 3, 4, 5, 6, 7, 8, 9, 10<B></B></SUP><B></B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B><SUP STYLE="font-size:85%; vertical-align:top"></SUP><FONT STYLE="font-size:5.5pt"><SUP
STYLE="font-size:85%; vertical-align:top"><B></B></SUP><B> </B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7.34%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5.63</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5.04%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7.97%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">06/01/84 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">7.57%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">5.78</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">% </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.12%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">04/01/13 </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Bloomberg Barclays U.S. Government/Credit Bond Index<SUP
STYLE="font-size:85%; vertical-align:top">11 </SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">8.93%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.98</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">% </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">4.19%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">7.24%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">06/01/84<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><I>The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may
be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.</I> </P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><I>Investors should carefully consider the Fund’s investment
objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at
amgfunds.com for a free prospectus. Read it carefully before investing or sending money. </I></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Distributed by AMG Distributors, Inc., member FINRA/SIPC. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:6pt">†</FONT></SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Date reflects inception date of the Fund, not the index. </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain
distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for
periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2020. All returns are in U.S. dollars($).
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:34%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">2</SUP>  From time to time, the Fund’s advisor has waived fees and/or absorbed Fund expenses, which has resulted in higher returns.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>  The Fund is subject to the risks associated with investments
in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes
the value of bonds and other fixed income securities to fall.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>  To the extent that the Fund invests in asset-backed or
mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other fixed income securities.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>  The Fund may invest in derivatives such as options and
futures; the complexity and rapidly changing structure of derivatives markets may increase the possibility of market losses.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">6</SUP>  High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated securities. These
securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings, reorganizations, or
financial restructurings, and are not as strong financially as higher-rated issuers.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">7</SUP>  Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues,
or in response to events that affect particular industries or companies.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">8</SUP>  Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could
result in significant market fluctuations. These risks are magnified in emerging markets.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">9</SUP>  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on a <FONT STYLE="white-space:nowrap">non-U.S.</FONT> Dollar
investment when converted back to U.S. Dollars.</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">10</SUP> The Fund is subject to the risks associated with investments in emerging markets, such as erratic earnings patterns, economic and political instability, changing exchange controls, limitations
on repatriation of foreign capital and changes in local governmental attitudes toward private investment, possibly leading to nationalization or confiscation of investor assets.</P></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">5 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond
Fund</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Portfolio Manager’s Comments <I><FONT STYLE="font-size:9pt" COLOR="#00573d">(continued)</FONT></I></TD></TR></TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">
<TR>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP> The Bloomberg Barclays U.S. Government/Credit
Bond Index is an index of investment grade government and corporate bonds with a maturity date of more than one year. Unlike the Fund, the Bloomberg Barclays U.S. Government/Credit Bond Index is unmanaged, is not available for investment and does
not incur expenses.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">Bloomberg Index Services Limited. BLOOMBERG<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> is a trademark and service mark of Bloomberg Finance</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> is a trademark and
service mark of Barclays Bank PLC (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither
Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability
or responsibility for injury or damages arising in connection therewith.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">Not FDIC insured, nor
bank guaranteed. May lose value.</P></TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">6 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="96%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1.00pt solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Fund Snapshots <I><FONT
STYLE="font-size:10pt" COLOR="#00573d">(unaudited)</FONT></I></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d">December 31, 2010</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#00573d"><B>PORTFOLIO BREAKDOWN </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="82%"></TD>
<TD VALIGN="bottom" WIDTH="9%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B> Category</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>% of<BR> Net Assets </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Corporate Bonds and Notes</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">68.1 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Government and Agency Obligations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">13.4 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Foreign Government Obligations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">4.1 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Common Stocks</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.3 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Municipal Bonds</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.2 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Preferred Stocks</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.2 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Asset-Backed Securities</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.9 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mortgage-Backed Securities</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.0<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Short-Term Investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">9.3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Other Assets Less
Liabilities</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> (0.5)<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1 </SUP>Less than 0.05% </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="font-size:30pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="70%"></TD>
<TD VALIGN="bottom" WIDTH="22%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B> Rating</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" NOWRAP ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B> % of Market Value<SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Government and Agency Obligations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">21.1 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Aaa/AAA</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.6</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Aa/AA</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.5</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">24.3 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Baa/BBB</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">40.0 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ba/BB</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">10.4 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">B</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center"> 2.1<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD></TR></TABLE>
<P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1 </SUP>Includes market value of long-term fixed-income securities only.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#00573d"><B>TOP TEN HOLDINGS </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B> Security Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>% of<BR> Net Assets </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bonds, 1.250%, 05/15/50</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">6.7</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bills, 0.103%, 04/29/21</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">4.5</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Notes, 1.500%, 11/30/21</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">4.1</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Verizon Communications, Inc., 1.680%,
10/30/30</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.8</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ford Motor Credit Co. LLC, 4.389%,
01/08/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.7</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bonds, 3.000%, 08/15/48</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.5</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mexican Bonos, Series M 20, 10.000%, 12/05/24
(Mexico)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.5</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Lloyds Banking Group PLC, 4.582%, 12/10/25 (United
Kingdom)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.2</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Banco Santander, S.A., 5.179%, 11/19/25
(Spain)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.8</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bills, 0.088%, 1/28/21</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.8</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Top Ten as a Group</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">31.6</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD></TR>
</TABLE> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt"> </P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:90pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Credit quality ratings shown above
reflect the highest rating assigned by either Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch. These rating agencies are independent, nationally recognized statistical
rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by any of the rating agencies.
Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Because a fund’s strategy may
result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these
and other risk considerations, please see the Fund’s prospectus. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Any sectors, industries, or securities discussed should not be perceived as
investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of
investments by the time you receive this report. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">7 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.23em; text-indent:0.23em; font-size:13pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond
Fund</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.27em; text-indent:0.27em; font-size:11pt; font-family:ARIAL">Schedule of Portfolio
Investments</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.30em; text-indent:0.30em; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d">December 31, 2020</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Corporate Bonds and Notes - 68.1%</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B> </B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Financials - 26.7%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ally Financial, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.000%, 11/01/31</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,267,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $1,859,791</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Alta Wind Holdings LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.000%, 06/30/35<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,072,845</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,786,309</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">American International Group, Inc.</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.875%, 06/01/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">560,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">594,139</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Banco Santander Mexico, S.A., Institucion de Banca Multiple, Grupo Financiero Santander Mexico
(Mexico)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.375%, 04/17/25<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,995,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,291,976</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Banco Santander, S.A. (Spain)</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.179%, 11/19/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,200,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">20,168,608</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bank of America Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">(3.419% to 12/20/27 then 3 month LIBOR + 1.040%)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.419%, 12/20/28<SUP STYLE="font-size:85%; vertical-align:top">2,3</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,410,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">14,017,642</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Brighthouse Financial Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.700%, 06/22/47</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">890,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">929,379</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cooperatieve Centrale</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Raiffeisen-Boerenleenbank (Netherlands)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.875%, 02/08/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,090,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,451,942</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.950%, 11/09/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,190,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,324,994</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Equifax, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.000%, 07/01/37</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,421,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">6,078,624</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GE Capital Funding LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.550%, 05/15/32</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,290,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">11,149,097</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Goldman Sachs Group, Inc.</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.750%, 10/01/37</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,880,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,117,991</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">iStar, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.125%, 09/15/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,055,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,417,979</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Jefferies Group LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.125%, 01/20/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,800,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,613,425</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JPMorgan Chase & Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.125%, 12/15/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,005,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">12,865,549</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Lloyds Banking Group PLC (United Kingdom)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.582%, 12/10/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,972,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">23,986,346</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Marsh & McLennan Cos., Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.875%, 08/01/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,295,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">11,930,617</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MBIA Insurance Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">11.497%, 01/15/33<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">525,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">183,750</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Morgan Stanley</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.950%, 04/23/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,265,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">19,960,912</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GMTN, 4.350%, 09/08/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,894,941</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MTN, 6.250%, 08/09/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">14,034,910</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">National Life Insurance Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">10.500%, 09/15/39<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">7,978,908</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Nationwide Mutual Insurance Co.</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.350%, 04/30/50<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,840,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,083,432</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Navient Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.000%, 03/15/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">155,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $156,356</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.500%, 01/25/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,070,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">14,703,150</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.625%, 08/01/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,160,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,113,600</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.875%, 10/25/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">895,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">950,938</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.125%, 03/25/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">48,038</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.750%, 06/15/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,105,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,200,306</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Old Republic International Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.875%, 10/01/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,915,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,603,706</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">OneMain Finance Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.250%, 10/01/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,015,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,197,212</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Owl Rock Capital Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.250%, 01/15/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,340,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,838,089</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Prudential Financial, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.700%, 03/13/51</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,685,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,044,479</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Quicken Loans LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.250%, 01/15/28</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,080,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,220,400</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Societe Generale, S.A. (France)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.750%, 11/24/25<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,535,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">8,542,692</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.200%, 04/15/21<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">7,095,832</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Weyerhaeuser Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.875%, 12/15/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,890,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">18,487,530</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Financials</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">293,923,589</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Industrials - 38.6%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">America Movil SAB de CV (Mexico)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.450%, 12/05/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">169,300,000</TD>
<TD NOWRAP VALIGN="bottom"> MXN </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">8,654,085</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">American Airlines 2016-3 Class B Pass</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.750%, 10/15/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,919,212</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,446,328</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">American Airlines 2017-1B Class B Pass</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.950%, 02/15/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,824,308</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,387,982</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">American Airlines 2017-2 Class B Pass</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.700%, 10/15/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,163,244</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,828,826</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ArcelorMittal, S.A. (Luxembourg)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.000%, 03/01/41<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,065,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,248,440</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.250%, 10/15/39<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,604,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,266,204</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">AT&T, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.400%, 05/15/25<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,530,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,037,935</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.300%, 02/15/30</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,685,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">17,541,782</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Boeing Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.100%, 05/01/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">90,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">96,372</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.250%, 02/01/35</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">70,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">71,785</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.550%, 03/01/38</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">460,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">469,288</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.625%, 03/01/48</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,124</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.750%, 02/01/50</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">255,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">268,155</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.850%, 11/01/48</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">410,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">422,899</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.950%, 08/01/59</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,920,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,054,894</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Booking Holdings, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">0.900%, 09/15/21<SUP STYLE="font-size:85%; vertical-align:top">6</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,970,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">12,714,536</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">8 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P>
<P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR></TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Industrials - 38.6% </B>(continued)<B></B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B></B><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Continental Airlines, Inc. 2007-1 Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pass Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 071A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.983%, 04/19/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,408,006</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $9,519,383</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Continental Airlines, Inc. 2007-1 Class B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pass Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 071B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.903%, 04/19/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">384,207</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">382,088</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Continental Resources, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.800%, 06/01/24<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,025,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,091,035</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.500%, 04/15/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">78,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">80,426</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Corning, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.850%, 03/01/29</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,142,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">12,409,054</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cox Communications, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.800%, 02/01/35<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,369,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,260,634</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cummins, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.650%, 03/01/98</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,460,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,554,542</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dell International LLC/EMC Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.100%, 07/15/36<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,110,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,599,318</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.350%, 07/15/46</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,990,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,523,323</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Delta Air Lines, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 071B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.021%, 08/10/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,994,645</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,948,502</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dillard’s, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.000%, 12/01/28</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">225,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">242,286</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">DISH Network Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.375%, 08/15/26<SUP STYLE="font-size:85%; vertical-align:top">6</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,340,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,277,330</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Embraer Netherlands Finance BV (Netherlands)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.400%, 02/01/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,325,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,470,336</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enable Midstream Partners, LP</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.000%, 05/15/44<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,725,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,625,500</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enbridge Energy Partners, LP</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.375%, 10/15/45</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,870,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,853,589</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Energy Transfer Partners, LP/Regency</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Energy Finance Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.500%, 11/01/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">700,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">757,905</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enterprise Products Operating LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.050%, 02/15/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,219,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,308,725</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ERAC USA Finance LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.000%, 10/15/37</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">18,611,402</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Fenix Marine Service Holdings, Ltd.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.000%, 01/15/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">250,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">227,188</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ford Motor Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.375%, 02/01/29</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,990,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,234,372</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ford Motor Credit Co. LLC, GMTN</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.389%, 01/08/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">28,075,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">29,469,766</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">General Motors Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.200%, 04/01/45</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,550,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,311,214</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.250%, 10/02/43</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">365,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">492,374</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">General Motors Financial Co., Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.600%, 06/21/30</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,855,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $9,873,181</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.250%, 03/01/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,680,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">11,384,790</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">HCA, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.500%, 02/15/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,040,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,536,134</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.500%, 11/06/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">75,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">104,250</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Hewlett Packard Enterprise Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.350%, 10/15/45<SUP STYLE="font-size:85%; vertical-align:top">4</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,243,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,956,449</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kinder Morgan Energy Partners, LP</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.500%, 09/01/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,685,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">7,160,573</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.150%, 03/01/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,620,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,858,109</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.800%, 03/01/21</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,320,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,355,170</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">KLA Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.650%, 11/01/34</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,590,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">6,188,786</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Marks & Spencer PLC (United Kingdom)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.125%, 12/01/37<SUP STYLE="font-size:85%; vertical-align:top">1,5</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,725,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,250,217</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Masco Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.500%, 08/15/32</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">254,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">339,134</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.750%, 08/01/29</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">499,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">693,638</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MDC Holdings, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.000%, 01/15/43</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">510,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">683,678</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mileage Plus Holdings LLC / Mileage Plus</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Intellectual Property Assets, Ltd.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.500%, 06/20/27<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,150,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Noble Energy, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.900%, 11/15/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,670,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,095,448</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Nuance Communications, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.250%, 04/01/25<SUP STYLE="font-size:85%; vertical-align:top">6</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,360,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,094,523</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.500%, 11/01/35</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">21,398</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ONEOK Partners, LP</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.900%, 03/15/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,736,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,623,016</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.200%, 09/15/43</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">245,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">297,535</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Owens Corning</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.000%, 12/01/36</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,715,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,870,921</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PulteGroup, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.000%, 02/15/35</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,860,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">12,046,942</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.375%, 05/15/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,135,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">7,035,463</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Qwest Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.250%, 09/15/25<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">990,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,170,675</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Reliance Industries, Ltd. (India)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.400%, 02/14/22<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,250,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,402,772</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Samsung Electronics Co., Ltd. (South Korea)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.700%, 10/01/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,540,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,769,756</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sealed Air Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.500%, 09/15/25<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,580,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,767,625</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SM Energy Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">10.000%, 01/15/25<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,357,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,458,775</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Southwest Airlines Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.250%, 05/01/25<SUP STYLE="font-size:85%; vertical-align:top">6</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">160,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">232,400</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Telecom Italia Capital, S.A. (Luxembourg)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.000%, 09/30/34</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,665,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,682,390</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.375%, 11/15/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,530,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,341,900</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">9 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Industrials - 38.6% </B>(continued)</P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B></B> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Telefonica Emisiones SAU (Spain)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.570%, 04/27/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">900,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $983,951</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Time Warner Cable LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.500%, 09/01/41</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">805,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,034,306</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Toro Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.625%, 05/01/37</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,810,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,024,008</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Transcontinental Gas Pipe Line Co. LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.850%, 02/01/26</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,800,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">16,778,316</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TransDigm, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.000%, 12/15/25<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,870,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,066,911</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">UAL 2007-1 Pass Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 071A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.636%, 07/02/22</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,625,326</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">6,758,996</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">United Airlines 2016-2 Class B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pass Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 16-2</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.650%, 10/07/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,747,667</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,693,697</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">United Airlines, Inc. Pass Through Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 20-1</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.875%, 10/15/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,170,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,504,486</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">United States Steel Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.650%, 06/01/37<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,685,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,255,400</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">US Airways 2011-1 Class A Pass Through</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.125%, 10/22/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,659,348</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,523,550</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Vale Overseas, Ltd. (Cayman Islands)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.875%, 11/21/36</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,759,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,578,043</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Verizon Communications, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.680%, 10/30/30<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">31,215,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">31,088,707</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ViacomCBS, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.950%, 05/19/50</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,115,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,330,244</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">WestRock MWV LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.550%, 03/01/47</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">970,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,374,862</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Whirlpool Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.600%, 05/15/50</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,460,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,477,015</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Industrials</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">425,693,067</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Utilities - 2.8%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">DCP Midstream Operating, LP</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.450%, 11/03/36<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">870,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">939,600</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Edison International</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.950%, 04/15/25</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">460,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">523,606</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Empresa Nacional de Electricidad S.A.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">(Chile)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.875%, 02/01/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,900,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,445,196</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enel Finance International, N.V. (Netherlands)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.000%, 10/07/39<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,152,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">15,911,426</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enterprise Products Operating LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.900%, 02/15/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,400,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">6,996,429</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Tenaga Nasional Bhd (Malaysia)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">7.500%, 11/01/25<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $2,542,880</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Utilities</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">30,359,137</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Corporate Bonds and Notes<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $621,973,621)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">749,975,793</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"><FONT COLOR="#00573d"><B>Asset-Backed Securities - 0.9%</B></FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CSMC Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2018-RPL8, Class A1</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.125%, 07/01/58</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,069,404</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,073,454</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FAN Engine Securitization, Ltd. (Ireland)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2013-1A, Class 1A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.625%, 10/15/43<SUP STYLE="font-size:85%; vertical-align:top">1,7</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,351,435</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,105,499</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">HPEFS Equipment Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2019-1A, Class C</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">2.490%, 09/20/29</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">700,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">713,752</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Legacy Mortgage Asset Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2018-GS2,</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">4.000%, 04/25/58<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,536,128</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,546,089</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Progress Residential Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2020-SFR3, Class B</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.495%, 10/17/27<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">110,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">109,632</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">S-Jets, Ltd.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2017-1, Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.967%, 08/15/42<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">931,593</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">903,966</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Asset-Backed Securities<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $12,610,689)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">9,452,392</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"><FONT COLOR="#00573d"><B>Mortgage-Backed Securities - 0.0%#</B></FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">BBCMS Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2013-TYSN, Class A2</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.756%, 09/05/32<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">217,297</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">216,805</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Commercial Mortgage Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2014-UBS4, Class A2</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">2.963%, 08/10/47</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">91,095</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">91,442</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">WFRBS Commercial Mortgage Trust</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 2011-C3, Class D</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.642%, 03/15/44<SUP STYLE="font-size:85%; vertical-align:top">1,3</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">435,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">202,844</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Mortgage-Backed Securities<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $711,171)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">511,091</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"><FONT COLOR="#00573d"><B>Municipal Bonds - 1.2%</B></FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Illinois State</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.100%, 06/01/33</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,070,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,151,545</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Virginia Tobacco Settlement Financing Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.706%, 06/01/46</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,390,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">11,917,015</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Municipal Bonds<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $11,869,680)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">13,068,560</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"><FONT COLOR="#00573d"><B>U.S. Government and Agency Obligations - 13.4%</B></FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Fannie Mae - 0.1%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FNMA,</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.000%, 07/01/27</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">878,031</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">923,060</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">10 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center">Principal </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center">Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Fannie Mae - 0.1% </B>(continued)<B></B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B></B><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FNMA,</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">6.000%, 07/01/29</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">615</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">$702</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Fannie Mae</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">923,762</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Freddie Mac - 0.0%<SUP STYLE="font-size:85%; vertical-align:top">#</SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FHLMC Gold,</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">5.000%, 12/01/31</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,015</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">11,096</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>U.S. Treasury Obligations - 13.3%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bonds,</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.250%, 05/15/50<SUP STYLE="font-size:85%; vertical-align:top">5</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">81,340,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> 73,790,631</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.000%, 08/15/48</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21,295,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">28,013,739</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Notes,</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">1.500%, 11/30/21</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">44,555,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">45,111,938</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total U.S. Treasury Obligations</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">146,916,308</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total U.S. Government and Agency Obligations<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $142,819,228)<B></B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B></B></FONT></P>
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">147,851,166</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Foreign Government Obligations - 4.1%</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B> </B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Brazilian Government International Bonds</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">8.500%, 01/05/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,650,000</TD>
<TD NOWRAP VALIGN="bottom"> BRL </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,389,738</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">10.250%, 01/10/28</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,750,000</TD>
<TD NOWRAP VALIGN="bottom"> BRL </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,306,696</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">European Investment Bank Bonds</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">0.000%, 03/10/21<SUP STYLE="font-size:85%; vertical-align:top">8</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,000,000</TD>
<TD NOWRAP VALIGN="bottom"> AUD </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,851,040</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mexican Bonos</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series M 7.750%, 05/29/31</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">49,000,000</TD>
<TD NOWRAP VALIGN="bottom"> MXN </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,893,067</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series M 8.000%, 12/07/23</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">122,500,000</TD>
<TD NOWRAP VALIGN="bottom"> MXN </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">6,754,783</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series M 20 10.000%, 12/05/24</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">461,500,000</TD>
<TD NOWRAP VALIGN="bottom"> MXN </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">27,738,934</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Norway Government Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Series 474</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">3.750%, 05/25/21<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,210,000</TD>
<TD NOWRAP VALIGN="bottom"> NOK </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,561,987</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Foreign Government Obligations<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $67,122,578)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">45,496,245</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Shares</TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Common Stocks - 2.3%</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><B>Communication Services - 0.8%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">AT&T, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">314,704</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">9,050,887</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><B>Health Care - 0.5%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Bristol-Myers Squibb Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">91,569</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,680,025</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><B>Information Technology - 1.0%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Corning, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">297,381</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">10,705,716</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Common Stocks<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $21,899,963)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"><B> </B></FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d"><B>25,436,628</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"><B> </B></FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Preferred Stocks - 1.2%</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><B>Financials - 1.2%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Bank of America Corp., 7.25%</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,808</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">11,857,073</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Navient Corp., 6.00%</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">41,250</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,037,437</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"> Total Financials</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">12,894,510</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center">Shares </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><B>Utilities - 0.0%</B><B><SUP STYLE="font-size:85%; vertical-align:top">#</SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Wisconsin Electric Power Co., 3.60%</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,946</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d"> $389,865</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Preferred Stocks<BR></B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> </B>(Cost $8,303,211)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">13,284,375</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="13"></TD>
<TD HEIGHT="13" COLSPAN="4"></TD>
<TD HEIGHT="13" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Short-Term Investments - 9.3%</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B> </B></FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL"><B>Joint Repurchase Agreements - 1.3%</B><SUP STYLE="font-size:85%; vertical-align:top">9</SUP></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cantor Fitzgerald Securities, Inc., dated 12/31/20, due 01/04/21, 0.070% total to be received $2,499,145
(collateralized by various U.S. Government Agency Obligations, 0.000% - 9.500%, 01/25/21 - 10/15/62, totaling $2,549,109)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,499,126</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,499,126</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Citadel Securities LLC, dated 12/31/20, due 01/04/21, 0.130% total to be received $2,448,762
(collateralized by various U.S. Treasuries, 0.000% - 7.875%, 01/31/21 - 05/15/49, totaling $2,497,740)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,448,727</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,448,727</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Deutsche Bank Securities, Inc., dated 12/31/20, due 01/04/21, 0.060% total to be received $1,358,693
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 01/15/21 - 01/01/51, totaling $1,385,858)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,358,684</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,358,684</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JVB Financial Group LLC, dated 12/31/20, due 01/04/21, 0.130% total to be received $1,087,247
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.125% - 7.000%, 07/01/22 - 12/01/50, totaling $1,108,976)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,087,231</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,087,231</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mirae Asset Securities USA, Inc., dated 12/31/20, due 01/04/21, 0.130% total to be received $1,116,529
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 8.125%, 02/18/21 - 01/15/62, totaling $1,138,860)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,116,513</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,116,513</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.080% total to be received $3,423,391
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 01/05/21 - 12/20/50, totaling $3,491,828)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,423,361</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,423,361</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">State of Wisconsin Investment Board, dated 12/31/20, due 01/04/21, 0.160% total to be received $2,480,501
(collateralized by various U.S. Treasuries, 0.125% - 3.875%, 07/15/22 - 02/15/47, totaling $2,536,372)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,480,457</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,480,457</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Joint Repurchase Agreements</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">14,414,099</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>U.S. Government Obligations - 6.4%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bills, 0.088%, 01/28/21<SUP STYLE="font-size:85%; vertical-align:top">10</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">19,998,687</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">11 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal <BR>Amount<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP>
</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>U.S. Government Obligations - 6.4% </B>(continued)<B></B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B></B><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Treasury Bills, 0.103%, 04/29/21<SUP STYLE="font-size:85%; vertical-align:top">10</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$50,000,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $49,986,424</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total U.S. Government Obligations</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT STYLE="font-size:8.5pt" COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT STYLE="font-size:8.5pt" COLOR="#00573d">69,985,111</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT STYLE="font-size:8.5pt" COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Other Investment Companies - 1.6%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dreyfus Government Cash Management Fund, Institutional Shares,<BR>0.03%<SUP
STYLE="font-size:85%; vertical-align:top">11</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,876,698</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">5,876,698</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dreyfus Institutional Preferred Government Money Market Fund, Institutional
Shares, 0.03%<SUP STYLE="font-size:85%; vertical-align:top">11</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" ALIGN="right">5,876,699</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4" ALIGN="right">5,876,699</TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"> </TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center">Shares </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"> Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JPMorgan U.S. Government Money Market Fund,<BR>IM Shares, 0.03%<SUP
STYLE="font-size:85%; vertical-align:top">11</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,054,781</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $6,054,781</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total Other Investment Companies</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">17,808,178</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Short-Term Investments</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">(Cost $102,204,165)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">102,207,388</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total Investments - 100.5%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">(Cost $989,514,306)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,107,283,638</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Other Assets, less Liabilities - (0.5)%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">(5,461,959</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Net Assets - 100.0%</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"><B> </B></FONT></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d"><B>$1,101,821,679</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"><B> </B></FONT></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Principal amount stated in U.S. dollars unless otherwise stated. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">#</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Less than 0.05%. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in
transactions exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the value of these securities amounted to $131,048,586 or 11.9% of net assets. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will
reset at a future date. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Variable rate security. The rate shown is based on the latest available information as of December 31, 2020.
Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their
description above. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times
during its term. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Some of these securities, amounting to $71,118,320 or 6.5% of net assets, were out on loan to various borrowers and are
collateralized by cash and various U.S. Treasury and U.S. Government Agency Obligations. See Note 4 of Notes to Financial Statements. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Convertible Security. A corporate bond or preferred stock, usually a junior debenture, that can be converted, at the
option of the holder, for a specific number of shares of the company’s preferred stock or common stock. The market value of convertible bonds and convertible preferred stocks at December 31, 2020, amounted to $17,318,789 or 1.6% of net
assets. </P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Security’s value was determined by using significant unobservable inputs. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Zero Coupon Bond. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Cash collateral received for securities lending activity was invested in these joint repurchase agreements.
</P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">10</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Represents yield to maturity at December 31, 2020. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">11</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Yield shown represents the December 31, 2020, seven day average yield, which refers to the sum of the previous
seven days’ dividends paid, expressed as an annual percentage. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">FHLMC</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Freddie Mac </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">FNMA</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Fannie Mae </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">GMTN</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Global Medium-Term Notes </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">LIBOR</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">London Interbank Offered Rate </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">MTN</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Medium-Term Note </P></TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><FONT
COLOR="#00573d"><B>CURRENCY ABBREVIATIONS: </B></FONT></P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">AUD</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Australian Dollar </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">BRL</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Brazilian Real </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">MXN</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Mexican Peso </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="46" VALIGN="top" ALIGN="left">NOK</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Norwegian Krone
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">12 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels
as of December 31, 2020: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="83%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Level 1</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Level 2<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Level 3</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Total</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Investments in
Securities</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Corporate Bonds and
Notes<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$749,975,793</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$749,975,793</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Asset-Backed Securities</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,346,893</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$5,105,499</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,452,392</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Mortgage-Backed Securities</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">511,091</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">511,091</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Municipal Bonds</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,068,560</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,068,560</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>U.S. Government and Agency Obligations<SUP STYLE="font-size:85%; vertical-align:top"><FONT
STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top"> </SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">147,851,166</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">147,851,166</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Foreign Government Obligations</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45,496,245</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45,496,245</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Common
Stocks<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top">
</SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$25,436,628</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,436,628</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Preferred
Stocks<SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP><SUP STYLE="font-size:85%; vertical-align:top">
</SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,284,375</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,284,375</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Short-Term Investments</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Joint Repurchase Agreements</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">U.S. Government Obligations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">69,985,111</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">69,985,111</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Other Investment Companies</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,808,178</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,808,178</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total Investments in Securities</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$56,529,181</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,045,648,958</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$5,105,499</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,107,283,638</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT></SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">All corporate bonds and notes and U.S. government and agency obligations held in the Fund are Level 2 securities.
For a detailed breakout of corporate bonds and notes and U.S. government and agency obligations by major industry or agency classification, please refer to the Fund’s Schedule of Portfolio Investments. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top"><FONT STYLE="font-size:5.5pt">†</FONT><FONT STYLE="font-size:5.5pt">†</FONT></SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">All common stocks and preferred stocks held in the Fund are Level 1 securities. For a detailed breakout of common
stocks and preferred stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio Investments. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">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. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table below is a reconciliation of investments in
which significant unobservable inputs (Level 3) were used in determining fair value at December 31, 2020: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap"> Asset-Backed </FONT></B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Securities</B></P></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> Balance as of
December 31, 2019</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:ARIAL"><B></B><B> </B></P></TD>
<TD VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="right"><B></B>—<B></B></P></TD>
<TD NOWRAP VALIGN="bottom"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-bottom:1pt; margin-top:0pt; font-size:8.5pt; font-family:ARIAL"><B></B><B> </B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Accrued discounts (premiums)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$5,901</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Realized gain (loss)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Change in unrealized appreciation/depreciation</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3,251,602</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Purchases</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sales</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Transfers in to Level 3</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,351,200</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Transfers out of Level 3</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Balance as of December 31, 2020</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$5,105,499</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net change in unrealized appreciation/depreciation on investments still held at December 31,
2020</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(3,251,602)</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">An asset-back security valued at $8,351,200 was transferred from Level 2 to Level 3 during the period ended December 31,
2020. At December 31, 2019, this security was valued on the basis of evaluated bids furnished to the Fund by an independent pricing service in accordance with the Fund’s security valuation policy. At September 30, 2020, this security
was valued using a combination of evaluated bids furnished to the Fund by an independent pricing service and broker-dealer bid prices, which are based on inputs unobservable to the Fund. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">13 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3
of the fair value hierarchy as of December 31, 2020. The table below is not intended to be <FONT STYLE="white-space:nowrap">all-inclusive,</FONT> but rather provides information on the significant Level 3 inputs as they relate to the
Fund’s fair value measurements: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Quantitative Information about Level 3 Fair Value Measurements </B></P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8pt" ALIGN="center">
<TR>
<TD WIDTH="19%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="15%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="14%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="17%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Fair Value as of</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Valuation</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Unobservable</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Impact to Valuation from</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>December 31, 2020</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Technique(s)</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Inputs(s)</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Range</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>Median</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL" ALIGN="center"><B>an Increase in Input<SUP STYLE="font-size:85%; vertical-align:top">(a)
</SUP></B></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"><B><FONT STYLE="white-space:nowrap">Asset-Backed Securities</FONT></B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$5,105,499</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">Market Approach</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">Broker Quote (75% of Value)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">Increase</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(a)</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Represents the directional change in the fair value of the Level 3 investments that could have resulted from an
increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period
end. </P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The country allocation in the Schedule of Portfolio Investments at December 31, 2020, was as follows: </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B> Country</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B><FONT STYLE="white-space:nowrap"> % of Long-Term </FONT><BR>Investments</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Bermuda</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.1</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Brazil</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Cayman Islands</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Chile</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> France</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.6</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> India</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.3</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Ireland</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.5</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Luxembourg</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.8</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Malaysia</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Mexico</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4.8</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Netherlands</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.0</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Norway</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> South Korea</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.2</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Spain</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2.1</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> United Kingdom</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2.9</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> United States</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">79.4</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">100.0</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
</div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">14 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_5"></A> AMG Managers Special Equity Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Portfolio Manager’s Comments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(unaudited)</FONT></I></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">
<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the fiscal year ended December 31, 2020, AMG Managers Special Equity Fund’s (the “Fund”) Class N shares returned 38.74%,
compared to the 34.63% return for the Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>FEDERATED MDT LLC</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the full year, the Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index, the benchmark for the MDTA sleeve of the Fund, returned
34.63%. While the MDTA sleeve had strong returns, its return of 29.05% trailed the benchmark substantially.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">It is an understatement to say that the coronavirus pandemic, the subsequent selloff in markets followed by a sharp and speedy recovery, and the political environment
made 2020 a year unlike most, and one where the market did not trade according to the historical norms on which MDTA bases its models. Most notably, in the second half of the year, stocks with high valuations, low earnings, low ROE, and high beta
led the market recovery. Long term, our research shows that companies with weaker financial characteristics such as these do not outperform, so we avoid most of the companies with these characteristics and we were not in the sweet spot of the market
during the sharp recovery. As a systematic manager, there are years like this when our models do not do well. We stay focused on what we do, because over the long run the market returns to its usual patterns and we can offset losses.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Notwithstanding the market environment, MDTA continued to follow its disciplined investment process
in 2020. The MDTA sleeve did benefit from the stronger risk controls that have been added to the strategy over the last decade to make it more resilient to changes in the market environment. The sleeve is now much better diversified: It is roughly
sector-neutral, it is less concentrated, and it holds companies with varied fundamental and technical characteristics. Because of our tighter risk constraints, the underperformance in 2020 was less severe than it was in 2009—another year in
which we underperformed a strong bull market—and leaves us with less to offset.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">Stocks
within the health care and consumer discretionary sectors detracted the most from relative performance during the year, while performance of stocks in the financial sector contributed positively. Individual stocks that had the largest contribution
to performance were PROG Holdings, Inc., Wingstop, Inc., and Five9, Inc., while the largest detractors were Crocs, Inc., Atkore International Group, Inc., and Quidel Corporation. While the sleeve’s sector positioning was roughly</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">neutral to the benchmark, a modest underweight to the consumer discretionary sector detracted from relative performance while modest underweights to the
industrials and materials sectors made a positive contribution.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">In years like this, it is
important to note that MDTA’s model-based process has three important aspects that are very different from most qualitative processes. First, it is virtually impossible for us to be whip-sawed by chasing the latest “thing” or factor
that happened to work last year. By using a robust investment model based on years of research, our process does not allow an emotional response that might cause one poor year to be followed by a second or even a third. Second, our process, though
slow moving, is in fact dynamic. Our stock selections, driven by our factors, adjust over time if the key drivers of market returns have shifted. Third, our research approach is continuous, with each update taking into account the latest data from
the market and the latest thinking in academic circles. The outcome of this continuous research is typically a new model implementation every six months, which allows the investment model to adjust well to changing environments.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>LORD, ABBETT & CO., LLC</B></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>PERFORMANCE SUMMARY</B></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the fiscal year ended December 31, 2020, Lord Abbett’s sleeve of the Fund returned
72.75%, significantly outperforming its benchmark, the Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index, which returned 34.63% over the same period.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>MARKET REVIEW</B></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">The trailing twelve-month period was characterized by several market-moving events. After trade
tensions continued to ebb and flow in the final months of 2019, U.S. President Donald Trump signed a “phase one” trade deal with China on January 15, 2020, and markets priced in a likelihood of two more interest rate cuts in 2020. The
tide turned abruptly in February and March 2020, as the outbreak of the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic and the expected economic damage resulting from a sudden slowdown in corporate spending, individual spending, consumer
confidence, and thus recessionary and deflationary pressures, triggered a severe selloff. As the pandemic fueled fears of slowing global growth, oil prices fell precipitously, with the primary U.S. oil contract closing in negative territory for the
first time in history, although it has since rebounded. During the month of March, the S&P 500<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Index experienced</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">its fastest transition to a bear market since 1987 and the longest U.S. economic expansion in history ended at 128 months. The U.S. Federal Reserve
(Fed) responded to the <FONT STYLE="white-space:nowrap">COVID-19</FONT> outbreak with a breadth of policy measures which lifted investors’ confidence in the markets. The Fed launched a $700 billion quantitative easing program, decreased
reserve requirements to zero for thousands of banks, and cut the federal funds rate to the current target range of 0–0.25%. Next, the Fed announced additional stimulus programs, including open-ended asset purchases, purchases of corporate debt,
and a commitment to a new small business lending program. Additionally, the central bank announced $2.3 trillion of credit support by expanding the Primary Market Corporate Credit Facility (PMCCF), the Secondary Market Corporate Credit Facility
(SMCCF), and the Term Asset-Backed Securities Loan Facility (TALF). Most notably, the expanded measures included the purchase of select fallen angels.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Risk assets began to stage a recovery in April and May on the back of progress with respect to <FONT STYLE="white-space:nowrap">COVID-19</FONT> treatments and vaccines,
commentary from several corporations that indicated stabilization, and massive monetary and fiscal policy globally. Positive market sentiment continued into the third quarter of 2020 as well. In addition to the factors listed above, tailwinds for
the continued rally in risk assets included a rebound in earnings revisions and further progress in <FONT STYLE="white-space:nowrap">COVID-19</FONT> treatments, as evidenced by multiple drugs reaching Phase III trials. In September, however, market
sentiment soured amid political volatility related to the U.S. Supreme Court vacancy, heightened <FONT STYLE="white-space:nowrap">COVID-19</FONT> concerns in Europe as global deaths topped one million, heightened uncertainty leading up to the U.S.
election, and worries about stalled fiscal stimulus talks in Washington. Despite volatility in the fall, the markets rallied in the month of November with the Dow Jones Industrial Average having its best month since 1987. The rally was largely
attributed to the conclusion of the U.S. election and positive vaccine news.</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Specifically, Former U.S. Vice President Biden defeated President Trump in the
presidential election, while the Republicans narrowed the Democratic majority in the House. Soon after, Pfizer/BioNTech, Moderna, and AstraZeneca each announced a <FONT STYLE="white-space:nowrap">COVID-19</FONT> vaccine with greater than 90%
efficacy rate. In December, as expected, the Food and Drug Administration (FDA) granted emergency use authorization for the Pfizer/BioNTech and Moderna vaccines. Monetary and fiscal policy remained largely supportive, as the Fed maintained interest
rates near zero in its December meeting and</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
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Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Portfolio Manager’s Comments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">noted that it would continue its monthly pace of at least $120 billion of asset purchases until “substantial further progress has been made
toward the Committee’s maximum employment and price stability goals.” Additionally, Congress passed a fifth <FONT STYLE="white-space:nowrap">COVID-19</FONT> relief package, worth roughly $900 billion, with approximately
$325 billion in small business relief.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>PORTFOLIO
REVIEW</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Security selection within the health care and information technology sectors
were the two largest contributors to the Sleeve’s relative performance over the trailing twelve months. Within the health care sector, Natera, Inc., a medical diagnostics company focused on genetic testing services, was a major contributor.
Natera executed well during the period and expanded its reach, as the company’s Signatera molecular residual disease test proved to be effective at detecting tumors. The Sleeve’s allocation to Immunomedics, Inc., a developer and
manufacturer of biopharmaceutical products, also contributed to relative performance as Gilead Sciences, Inc. announced it would acquire the company for a large premium.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Within the information technology sector, the Sleeve’s holding of Appian Corp., a provider of business process management solutions , contributed to relative
performance as the company reported robust revenues and gross margins. Appian benefited from cost reductions related to <FONT STYLE="white-space:nowrap">COVID-19</FONT> and has continued to aggressively reinvest capital back into the business.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Within the consumer discretionary sector, shares of Overstock.com, Inc., a provider of electronic
payment and transaction processing solutions, detracted from relative performance. Despite reporting strong third quarter results, Overstock.com’s positive results were offset by investors’ concerns of continued rising <FONT
STYLE="white-space:nowrap">COVID-19</FONT> cases, uncertainty around U.S. fiscal stimulus, and, to a lesser extent, shipping constraints due to the upcoming holiday season. The Sleeve’s position in Caesars Entertainment, Inc., which manages
casinos and resorts, also detracted from relative performance as the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic’s negative impact on economic and business activity caused uncertainty around the pending merger of Caesars and
Eldorado Resorts.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">The Sleeve’s underweight position in Sunrun, Inc., a designer and
developer of residential solar energy systems, detracted from relative performance as the company benefited from continued execution and optimism that Democratic political wins would foretell favorable regulatory and tax policies.</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>RANGER INVESTMENT MANAGEMENT, L.P.</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the fiscal year ended December 31, 2020, Ranger’s sleeve of the Fund returned 34.50%, performing in line with its benchmark, the Russell 2000<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index, which returned 34.63% over the same period.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>MARKET REVIEW</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">We entered 2020 poised to sign a détente trade agreement with China on January 15. The markets were anticipating an acceleration in economic activity, and a
rotation into cyclical industries was in full motion. Literally the day following the signing of the trade agreement we began to hear news of the novel coronavirus, or <FONT STYLE="white-space:nowrap">COVID-19,</FONT> shutting down a city in China
called Wuhan. At first, concern and questions centered on supply chain disruptions of goods coming from China and to what degree these product flows from the manufacturing center of the world would interrupt global commerce. The quietude of a year
seemingly poised to benefit from reduced trade tensions and an improving economy was upended. Early market gains reversed, and we entered the most volatile trading environment since 2008–2009. The magnitude of daily selloffs was eerily
reminiscent of the markets during that prior financial crisis.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">As days morphed into weeks, we
learned more about viruses and epidemiology, particularly as it became clear that we weren’t dealing with the isolated spread of a virus in a large Chinese city that was unfamiliar to most of us. The virus was in Asia, Europe, the United
States, and, in fact, was everywhere. Unfortunately, the initial magnitude of the health crisis was not well understood and the response by governments was neither uniform nor coordinated. The playbook from the Spanish influenza a century ago needed
dusting off.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The necessary response to contain the virus spread was the complete seizure of
economic activity globally. To say that the degree and magnitude of this health and economic crisis was unprecedented in our lifetimes is clearly a minimization of what occurred. There was no trivializing how the markets responded to the uncertainty
of the tragic health crisis and devastating economic data that unfolded during the first and second quarters. Rapid spread of the virus and death rates at highly concerning levels, record levels of unemployment, and massive GDP contractions led to
the largest and quickest quarterly market decline ever during the March quarter.</P> <P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">While there was little global coordination in reaction to the health crisis, the ensuing economic crisis was impressively and proactively handled by
global central banks providing monetary stimulus in conjunction with governmental fiscal stimulus packages. These large proactive measures helped ameliorate the economic devastation by providing important liquidity to individuals and companies to
bridge the uncertainty.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">What followed these measures was a surprisingly strong recovery by the
markets. With a seemingly endless backstop by the Fed, the extreme amount of liquidity unleashed a dramatic rebound by equities. At first, this market recovery was led by the largest public corporations and those well positioned to uniquely benefit
from the dramatically changed environment. As the year progressed and economies gradually reopened, the most dire predictions proved wrong and many companies adapted more quickly to the new reality of life with
<FONT STYLE="white-space:nowrap">COVID-19.</FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The ensuing rally in the second and third
quarters was impressive; however, we ended 2020 with the small cap market just completing its highest single quarterly return ever! While fears persisted due to spikes of <FONT STYLE="white-space:nowrap">COVID-19</FONT> cases over the course of the
summer and fall, investor optimism improved as economic progress continued to be much better than feared. The ongoing lack of financial guidance and the resulting low level of street expectations created a backdrop for better-than-expected financial
results and continued positive sales and earnings revisions. Offsetting these positives is a small cap market trading at its highest valuation level ever and leadership concentrated in low quality companies.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>PORTFOLIO COMMMENTARY</B></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Ranger Sleeve’s increase of 34.50% was in line with the Russell 2000<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index gain of 34.63% this past year. The sleeve benefited from allocations across sectors, but this was offset by stock selection within sectors.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">The sleeve’s overweight to the information technology sector, as well as its lack of exposure
to the real estate sector, contributed positively to relative performance during the period. An underweight to the industrials sector also helped relative performance. A modest allocation to cash as well as a small overweight to the energy
sector</P></TD></TR>
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Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Portfolio Manager’s Comments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">partially offset those gains. Stock selection was strongest within the consumer discretionary and industrials sectors, though this was more than offset
by results within the information technology, consumer staples, and health care sectors. The top contributing stocks during the year were Chegg, Inc., Magnite, Inc., and Repligen Corporation, while the largest detractors were WNS Holdings, Ltd.,
Inter Parfums, Inc., and Select Energy Services, Inc.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>LOOKING
FORWARD</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">While the economic landscape was dramatically altered by the global
pandemic, the actions of policy makers, politicians, and central bankers have engendered a durable recovery after a deep contraction created by the virus-driven shutdowns. Additionally, the market was buoyed by many companies’ impressive
adaptation to the environment.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The economic outlook appears much better today, as ongoing
fiscal and monetary support coupled with the rollout of vaccines should further improve companies’ financial results much faster than expected. The election results potentially add a level of uncertainty as investors grapple with major changes
in economic and tax policy. Meanwhile, any pretense of fiscal discipline has been abandoned, and the U.S. seems to be tacitly embracing many of the tenets of modern monetary theory. The long-term repercussions of this embrace are unknowable.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">While business activity remains impaired by the deepening path of the virus, and the unemployment
rate remains at levels associated with severe recessionary conditions, investors are more keenly focused on the slope of economic recovery as 2021 progresses and the virus is contained by the vaccines. Given the above, companies continue to take an
understandably cautious approach to forecasting, which interestingly has thus far served more as a catalyst than hindrance to stock performance. After investors initially gravitated toward large and mega cap stocks, the fourth quarter leadership
rotated into smaller capitalization companies that should be more levered to the expected economic recovery and were more attractively valued.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">However, small cap valuations are now at peak levels, and leadership by <FONT STYLE="white-space:nowrap">non-earning,</FONT> low return companies is cause for caution,
particularly in certain industries. While easy monetary policy provided significant liquidity, there were two more speculative trends in 2020 that bear watching. The</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">dramatic increase in retail trading volume and issuance of new IPOs likely had an influence on outsized moves in certain industries and individual
stocks.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">While we wouldn’t go so far as to say there is broad-based speculation, there are
definitely individual companies where there is unbridled mania that is dissociated from a fundamental underpinning of support. As we always do, we come back to Ranger’s foundational investment philosophy and investment process. We firmly
believe that our selectivity of quality companies in a rapidly changing economic environment positions the portfolio to differentiate itself as we progress through 2021. The mere fact that high return companies so meaningfully underperformed low
quality, <FONT STYLE="white-space:nowrap">non-earning</FONT> companies should ultimately serve as a tailwind to both relative and absolute performance. After a period of relative quiet in the market and the portfolio, Ranger suspects that the
prospect of higher taxes and regulation and relative underperformance by high return companies could lead to increased merger and acquisition activity as we enter 2021.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>SMITH ASSET MANAGEMENT GROUP, L.P.</B></FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the fiscal year ended December 31, 2020, the Smith Group sleeve of the Fund returned 17.43%. During the same period, the Russell 2000<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index posted a return of 34.63%.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">A
key aspect of the Smith Group investment process is that all portfolios embed an earnings growth premium—the difference between expected and realized earnings growth—that ultimately is reflected in stock prices. Over the past year, Fund
holdings fell short of their expected growth rates from one year prior due to the economic shutdown brought on by the pandemic as Fund holdings delivered 6.7% earnings growth versus an expectation of 7.2%. Benchmark holdings fell <FONT
STYLE="white-space:nowrap">-9.1%</FONT> short of expectations for the same period.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The strategy
seeks out stocks with key fundamental characteristics that are consistent with companies exceeding growth expectations. Those characteristics are grouped into models that help us in screening and ranking stocks. In contrast to the historic strong
price discrimination pattern of the Smith Group models, returns to Smith Group’s models were generally negative for the period as poor returns to value and quality factors overwhelmed positive returns to growth factors.</P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Model returns were more favorable in October and December but were significantly inverted in November, in large part attributable to market reversals in
response to the positive COVID vaccine news.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">In terms of specific drivers of performance, stock
selection was negative across a number of sectors, but most notably within the information technology, industrials, and real estate sectors. Stock selection within the consumer discretionary and materials sectors modestly offset some of that
negative performance. An overweight to the health care sector and an underweight to the real estate sector contributed positively to relative performance. At the stock level, the largest contributors to performance were RH, Personalis, Inc., and
Concept Therapeutics Inc., while the largest detractors were Newmark Group, Inc., and Cardtronics PLC.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Looking forward, there is no lack of very smart investors wringing their hands about market valuations these days. However, valuation has historically been a poor market
timing tool. Alan Greenspan’s “irrational exuberance” speech was on December 5, 1996, but the return for the S&P 500 in 1997 was 33%. In total, the S&P 500 returned 115% after the Greenspan speech. Warren Buffett
described the market as expensive and noted in his 1997 annual letter “we get relatively little in prospective earnings when we commit fresh money.” The market continued to surge for another two years.</P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">We, too, fret about high valuations, but we also acknowledge that a risk-free rate at 0% creates
all kinds of problems for traditional valuation metrics. It’s a challenge to argue the market is cheap on any basis, except relative to interest rates. But fortunes of companies this year have been widely disparate. Yes, there have been some
phenomenal stock stories this year. But more than a fifth of the constituents in the S&P 500 are still more than 20% below their <FONT STYLE="white-space:nowrap">pre-pandemic</FONT> high, and of those the median <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">price-per-peak</FONT></FONT> earnings is only 11 times. Some of those companies will take years to achieve their previous peak earnings. Some will snap back in a timely fashion. Some will not survive. But many of those
that do survive will someday look reasonably priced at current levels. Our tendency is to lump index constituents into the same basket. But indexes are made of individual companies. Today some are early in a growth cycle and some are closer to peak
earnings momentum.</P></TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">17 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Portfolio Manager’s Comments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">
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<TD VALIGN="top"><FONT STYLE="font-size:9pt">A reasonable base case would be for earnings to continue to improve, but with valuations already high, we would not expect much appreciation in overall stock prices. Last year, however, put an exclamation
point on the difficulty in predicting market moving events and how dramatically those events can impact the direction of the market. This early in the economic cycle there is a wide range of outcomes, especially when dealing with a medical condition
that has wide ranging impacts and no historic precedent that can be modelled. The virus could mutate into a form that is not protected by current vaccines, with significant economic</FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">implications. On the other hand, herd immunity could give consumers and companies the confidence to spend some of the cash hoard they have been
accumulating.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">There is no doubt there is considerable suffering in the world. Small businesses
are closing and there are still many workers in stress from the employment picture. But from an economic standpoint those are idle resources that can be put to productive use with little cost to the overall economy. Inflation could raise its head
sooner than the Fed expects, forcing their hand and causing a “taper tantrum” when the Fed takes the punchbowl away. We believe we are in</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> </TD>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">the early stages of an economic expansion and the risks are elevated. But that is generally the case early in an economic expansion, and those that are
willing to ride through the volatility are ultimately rewarded.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL"><I>This commentary reflects the
viewpoints of the portfolio managers, Federated MDTA LLC., Lord, Abbett & Co. LLC, Ranger Investment Management, L.P., and Smith Asset Management Group, L.P., is not intended as a forecast or guarantee of future results, and is subject to change
without notice.</I></P></TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">18 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Portfolio Manager’s Comments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:63%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>CUMULATIVE TOTAL RETURN PERFORMANCE </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Managers Special Equity Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions
were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG Managers Special Equity Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the Russell 2000<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns
for the Fund are net expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced. </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt;margin-bottom:0pt">
<IMG SRC="g137829dsp21.jpg" ALT="LOGO">
</P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The table below shows the average annual total returns for the AMG Managers Special Equity Fund and the Russell 2000<SUP
STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index for the same time periods ended December 31, 2020. </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="72%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Average Annual Total Returns<SUP STYLE="font-size:85%; vertical-align:top">1</SUP></B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="right"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="right"><B> One</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="right"><B>Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Five</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Years</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Ten</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Years</B></P></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="2" COLSPAN="13"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="12"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> <B>AMG Managers Special Equity Fund</B><SUP STYLE="font-size:85%; vertical-align:top">2,
3, 4, 5, 6, 7, 8</SUP></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><B></B> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">38.74</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17.95</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14.29%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Class I</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">39.08</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">% </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">18.24</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">% </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">14.55%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Russell
2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index<SUP STYLE="font-size:85%; vertical-align:top">9 </SUP></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">34.63</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">% </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">16.36</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">% </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">13.48%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><I>The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may
be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.</I> </P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL"><I>Investors should carefully consider the Fund’s investment
objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at
amgfunds.com for a free prospectus. Read it carefully before investing or sending money.</I> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Distributed by AMG Distributors, Inc., member FINRA/SIPC. </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="12" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:9pt; font-family:ARIAL; " ALIGN="left">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain
distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for
periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2020. All returns are in U.S. dollars ($). </P></TD></TR></TABLE>
<P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="font-size:1pt; margin-top:0pt; margin-bottom:0pt">
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:34%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:9pt" ALIGN="center">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:10pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP
STYLE="font-size:85%; vertical-align:top">2</SUP>  From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP>  The Fund is subject to risks associated with investments in
small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited number of products.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP>  The Fund is subject to risks associated with investments in <FONT
STYLE="white-space:nowrap">mid-capitalization</FONT> companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP>  The Fund invests in growth stocks, which may be more
sensitive to market movements because their prices tend to reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP>  Investments in international securities are subject to
certain risks of overseas investing including currency fluctuations and changes in political and economic conditions, which could result in significant market fluctuations. These risks are magnified in emerging markets.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP>  Companies that are in similar businesses may be similarly
affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that sector increase.</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP>  Market prices of investments held by the Fund may fall
rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.</P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP>  The Russell
2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index measures the performance of the Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> companies with higher <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">price-to-book</FONT></FONT> ratios and higher forecasted growth values. Unlike the Fund, the Russell 2000<SUP STYLE="font-size:85%; vertical-align:top">®</SUP> Growth Index is unmanaged, is not available for investment
and does not incur expenses.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Russell Indices are trademarks of the London Stock Exchange
Group companies.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:9pt; font-family:ARIAL">Not FDIC insured, nor bank guaranteed. May lose value.</P></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:3pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">19 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Fund
Snapshots <FONT STYLE="font-size:10pt" COLOR="#00573d"><I>(unaudited)</I></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"> December 31, 2020</FONT></P></TD></TR>
</TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d">
</P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#00573d"><B>PORTFOLIO BREAKDOWN </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B> Sector</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>% of<BR>Net Assets</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Health Care</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">32.6</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Information Technology</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">28.1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Consumer Discretionary</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">14.2</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Industrials</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">11.7</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Financials</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">4.3</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Consumer Staples</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">2.9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Materials</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.9</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Real Estate</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Communication Services</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.0</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Energy</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Utilities</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Short-Term Investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">6.1</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Other Assets Less
Liabilities</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">(4.4)</TD></TR>
</TABLE>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL" ALIGN="center"><FONT COLOR="#00573d"><B>TOP TEN HOLDINGS </B></FONT></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="98%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"><B> Security Name</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>% of<BR>Net Assets</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Repligen Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.9</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Workiva, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.8</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Magnite, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.7</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pegasystems, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Medpace Holdings, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.4</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">WNS Holdings, Ltd., ADR (India)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.4</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Evo Payments, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.2</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mimecast, Ltd.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.2</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">NeoGenomics, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.1</TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kratos Defense & Security Solutions,
Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.1</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Top Ten as a Group</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">14.2</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:200pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="font-size:24pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of
those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:8pt; font-family:ARIAL">Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be
considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">20 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Schedule
of Portfolio Investments</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"> December 31, 2020</FONT></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Common Stocks - 98.3%</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Communication Services - 1.0%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cardlytics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,916</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $1,272,937</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CarGurus, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,258</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">293,756</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cars.com, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,221</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">138,097</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Clear Channel Outdoor Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">37,881</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">62,504</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Meredith Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">192,000</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TechTarget, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,900</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">230,529</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Yelp, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,562</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">410,401</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Communication Services</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">2,600,224</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Consumer Discretionary - 14.2%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Asbury Automotive Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,753</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">255,482</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Big Lots, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,500</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">107,325</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bloomin’ Brands, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,004</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">38,918</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Boot Barn Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,976</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">909,519</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Brinker International, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">28,616</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,618,807</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Camping World Holdings, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">22,304</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">581,019</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Core-Mark Holding Co., Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,773</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">81,443</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Crocs, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21,141</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,324,695</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Deckers Outdoor Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,969</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,711,790</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Fiverr International, Ltd. (Israel)<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,921</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">569,887</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Helen of Troy, Ltd.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,724</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">827,436</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Hibbett Sports, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,011</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">647,028</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Installed Building Products, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,654</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">474,382</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Jack in the Box, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,312</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">771,354</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">KB Home</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">127,376</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">La-Z-Boy,</FONT></FONT> Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,920</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">395,213</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LGI Homes, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,359</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">884,800</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Magnite, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">135,608</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> 4,164,522</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Malibu Boats, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,893</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">742,599</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Marriott Vacations Worldwide Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,121</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">291,044</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Meritage Homes Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,900</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">157,358</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Murphy USA, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,592</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">339,215</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">National Vision Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,570</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,158,065</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Papa John’s International, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,723</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">146,197</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Patrick Industries, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">123,030</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Penn National Gaming, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,202</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">881,147</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Perdoceo Education Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,907</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">49,345</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Planet Fitness, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,596</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">512,048</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Rent-A-Center,</FONT></FONT> Inc.<SUP
STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">23,948</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">916,969</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">RH<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,291</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,472,788</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shake Shack, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,648</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">224,497</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shutterstock, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,587</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">543,988</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Skyline Champion Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">74,031</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">$2,290,519</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sleep Number Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,993</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">326,867</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sonos, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21,853</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">511,142</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sportsman’s Warehouse Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">29,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">522,990</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Stamps.com, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,037</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">792,019</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Stitch Fix, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,038</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">706,871</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Texas Roadhouse, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,289</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,976,588</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TopBuild Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,218</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,249,089</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Visteon Corp.<SUP STYLE="font-size:85%; vertical-align:top">*</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,814</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">353,213</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Wingstop, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,944</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">787,877</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">WW International, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,104</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">197,738</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">YETI Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">23,965</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,640,884</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Consumer Discretionary</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">35,405,083</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Consumer Staples - 2.9%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">B&G Foods, Inc.<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,827</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">272,503</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">BJ’s Wholesale Club Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">23,817</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">887,898</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Boston Beer Co., Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">665</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">661,203</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Central Garden & Pet Co.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,300</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">436,293</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">elf Beauty, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">74,614</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,879,526</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Freshpet, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,620</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">655,994</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Grocery Outlet Holding Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">58,691</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,303,622</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">John B Sanfilippo & Son, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">426</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">33,594</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL">Vector Group, Ltd.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,241</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">107,657</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Consumer Staples</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">7,238,290</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Energy - 0.4%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cactus, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">208,560</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Magnolia Oil & Gas Corp., Class A<SUP STYLE="font-size:85%; vertical-align:top">*,1
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,946</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">183,179</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ProPetro Holding Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,921</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">154,606</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Select Energy Services, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">86,405</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">354,260</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Energy</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">900,605</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Financials - 4.3%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Artisan Partners Asset Management, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,957</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,054,975</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Banc of California, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">98,019</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,441,860</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Brightsphere Investment Group, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,822</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">208,648</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">BRP Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,462</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">103,756</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cowen, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,256</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">84,623</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Federated Investors, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">514,242</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Goosehead Insurance, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,490</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">934,452</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Green Dot Corp., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,470</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">249,426</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Heritage Insurance Holdings, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,923</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">120,780</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Home BancShares, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">96,015</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,870,372</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Houlihan Lokey, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,299</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">87,332</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kinsale Capital Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,588</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">317,807</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">21 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
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<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
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<TD></TD>
<TD></TD>
<TD></TD>
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<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Financials - 4.3% </B>(continued)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Lemonade, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,666</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $326,585</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LendingTree, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,390</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">928,148</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PJT Partners, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,648</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">650,762</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PROG Holdings, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,100</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">59,257</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Selective Insurance Group, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,935</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">263,566</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Trupanion, Inc. <SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,876</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">703,416</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Walker & Dunlop, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">404,888</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Western Alliance Bancorp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,107</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">306,165</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Financials</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">10,631,060</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Health Care - 32.6%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Acceleron Pharma, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,136</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">657,100</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">AdaptHealth Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,405</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">127,892</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Adaptive Biotechnologies Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,421</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">497,934</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Addus HomeCare Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,600</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">304,434</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Adeptus Health, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,2,3 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">24,574</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">0</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Akero Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,608</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">41,486</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Allakos, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,848</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">258,720</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Allogene Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,900</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">47,956</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Amedisys, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,840</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">539,727</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Amicus Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">26,052</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">601,541</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Amneal Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">101,904</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">465,701</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">AnaptysBio, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,994</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">193,371</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ANI Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,770</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">254,681</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Apellis Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,078</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">404,862</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Arena Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,257</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">557,555</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Arrowhead Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,428</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">416,490</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Axonics Modulation Technologies, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,930</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">745,306</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Beam Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,820</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">311,865</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Berkeley Lights, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,815</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">430,509</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">BioDelivery Sciences International, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">61,113</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">256,675</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Biohaven Pharmaceutical Holding Co., Ltd.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,392</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">547,858</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">BioLife Solutions, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36,510</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,456,384</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">BioTelemetry, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">26,775</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,929,942</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Blueprint Medicines Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,773</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,544,642</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bridgebio Pharma, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">16,276</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,157,386</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CareDx, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">18,006</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,304,535</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Castle Biosciences, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,011</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">336,489</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Certara, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,626</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">88,549</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Chemed Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">865</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">460,708</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ChemoCentryx, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,568</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">592,451</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Collegium Pharmaceutical, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,784</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">75,794</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CONMED Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">16,320</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,827,840</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Constellation Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,759</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $511,459</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Corcept Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">31,700</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">829,272</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CRISPR Therapeutics AG (Switzerland)<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,809</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">583,196</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cross Country Healthcare, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">55,600</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">493,172</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Deciphera Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,484</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">255,902</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Denali Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,155</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">599,303</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Editas Medicine, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">664</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">46,553</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Emergent BioSolutions, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,504</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">403,558</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enanta Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,288</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">96,325</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Encompass Health Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,100</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">339,029</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Ensign Group, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,106</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">299,410</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Fate Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,240</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">658,333</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FibroGen, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,688</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">173,878</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">G1 Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,019</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">54,312</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GenMark Diagnostics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,600</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">96,360</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Globus Medical, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,549</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">231,466</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Guardant Health, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,120</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">402,106</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Halozyme Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,423</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">530,586</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">HealthStream, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,700</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">168,168</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Heron Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,600</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">76,194</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Heska Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,938</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,030,070</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">HMS Holdings Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,300</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">488,775</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Immunovant, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,890</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">318,249</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Inari Medical, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,058</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">616,093</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Inogen, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,261</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">101,021</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Inovalon Holdings, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,723</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">249,347</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Inovio Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,200</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">46,020</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Insmed, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,805</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">859,048</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Inspire Medical Systems, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,452</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,777,827</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Intellia Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,270</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">341,088</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Intercept Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">24,700</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Invitae Corp.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,672</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">613,436</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Iovance Biotherapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,939</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">600,370</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">iRhythm Technologies, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,239</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">531,113</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ironwood Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,713</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">292,871</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Karuna Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,406</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">346,016</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Keros Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,124</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">79,287</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kodiak Sciences, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,016</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">443,081</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kura Oncology, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,556</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">312,099</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LeMaitre Vascular, Inc.<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30,343</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,228,891</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LHC Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,219</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,179,917</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ligand Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,563</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">155,440</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Luminex Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">138,720</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">22 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Health Care - 32.6% </B>(continued)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Medpace Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,393</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $3,534,706</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mesa Laboratories, Inc. <SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,844</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,248,404</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mirati Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,101</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,559,664</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Myovant Sciences, Ltd. (United Kingdom)<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">16,374</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">452,250</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Natera, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,909</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,782,304</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Neogen Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">32,421</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,570,985</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">NeoGenomics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">52,168</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,808,725</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Nevro Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,845</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">838,669</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">NextCure, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,007</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">32,776</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ocular Therapeutix, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,795</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">202,756</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Omnicell, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,085</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">490,282</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Osmotica Pharmaceuticals PLC<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">50,300</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">207,236</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pacific Biosciences of California, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36,581</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">948,911</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pacira BioSciences, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,736</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">462,922</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PDL BioPharma, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,3 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30,996</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">68,811</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Personalis, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">24,102</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">882,374</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Phreesia, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,755</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">366,526</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PRA Health Sciences, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,158</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,148,780</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Protagonist Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,614</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">32,538</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Providence Service Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,200</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">582,246</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PTC Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,988</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">304,418</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Puma Biotechnology, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,815</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">110,962</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">R1 RCM, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,859</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">212,793</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">REGENXBIO, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,100</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">49,896</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Repligen Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">24,893</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,770,246</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Replimune Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,248</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">47,611</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Rocket Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,825</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">758,163</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Schrodinger, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,524</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">358,210</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Select Medical Holdings Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">22,839</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">631,727</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Seres Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,915</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">389,917</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shockwave Medical, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,549</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,405,302</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">SI-BONE,</FONT> Inc.<SUP STYLE="font-size:85%; vertical-align:top">*
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,490</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">313,651</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Silk Road Medical, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,366</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">337,951</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Simulations Plus, Inc.<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30,706</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,208,376</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SpringWorks Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,570</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">186,376</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Supernus Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19,731</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">496,432</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Surgery Partners, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,837</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">169,331</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sutro Biopharma, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,106</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">67,431</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Syneos Health, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,347</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">568,681</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Tabula Rasa HealthCare, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,581</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">881,690</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Tandem Diabetes Care, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,733</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">165,813</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TG Therapeutics Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">24,918</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,296,234</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Tivity Health, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">$407,472</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Translate Bio, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,509</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">64,671</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Travere Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,474</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">258,214</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Turning Point Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,504</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,158,062</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Twist Bioscience Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,007</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">990,019</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ultragenyx Pharmaceutical, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,076</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">702,671</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">US Physical Therapy, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,178</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">261,904</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Vanda Pharmaceuticals, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,133</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">146,288</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Veracyte, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,898</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">92,888</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Vocera Communications, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,335</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">553,803</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Voyager Therapeutics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,799</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">70,063</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Xencor, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,450</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">455,933</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Y-mAbs</FONT> Therapeutics, Inc.<SUP
STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,451</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">71,839</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Health Care</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">81,245,347</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Industrials - 11.7%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Advanced Drainage Systems, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,579</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">633,453</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Aerojet Rocketdyne Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,926</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">101,789</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">AeroVironment, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,035</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">263,742</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Albany International Corp., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,275</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">93,611</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Altra Industrial Motion Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,418</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">411,180</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">American Woodmark Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,900</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">366,015</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Apogee Enterprises, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,842</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">501,875</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ASGN, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">417,650</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Atkore International Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,312</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">547,256</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Atlas Air Worldwide Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,670</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">472,862</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Axon Enterprise, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,460</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">914,074</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The AZEK Co., Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,733</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">451,134</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Builders FirstSource, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,878</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">239,881</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Chart Industries, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,906</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,402,408</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cimpress PLC (Ireland)<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,488</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">130,557</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Comfort Systems USA, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">421,280</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CSW Industrials, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,754</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">196,290</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">EMCOR Group, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">530,468</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Evoqua Water Technologies Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">32,286</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">871,076</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Exponent, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,406</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">306,642</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Foundation Building Materials, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">84,524</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Franklin Electric Co., Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,200</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">290,682</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FuelCell Energy, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,412</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">60,452</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Generac Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,366</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">765,462</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GMS, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">22,450</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">684,276</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Great Lakes Dredge & Dock Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,637</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">61,069</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Helios Technologies, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,233</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">332,157</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kforce, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">143,106</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">23 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Industrials - 11.7% </B>(continued)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Kratos Defense & Security Solutions, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">100,848</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> $2,766,261</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Marten Transport, Ltd.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">90,088</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,552,216</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MasTec, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,080</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">414,534</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mercury Systems, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">23,184</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,041,583</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MYR Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,684</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">401,708</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">PGT Innovations, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,934</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">59,678</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Plug Power, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,440</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">489,660</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Rexnord Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,976</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">235,992</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Saia, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,203</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,206,302</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Shyft Group, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,701</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">48,274</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SiteOne Landscape Supply, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,229</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,257,146</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SPX Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,490</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">135,805</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sunrun, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,863</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">684,295</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Terex Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,686</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">128,605</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Tetra Tech, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">555,744</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Thermon Group Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,613</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">87,731</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TPI Composites, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,338</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">387,300</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Trex Co., Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,224</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">437,353</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TriNet Group, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,967</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">803,340</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">UFP Industries, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,800</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">488,840</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Upwork, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,672</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">540,997</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Watts Water Technologies, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,698</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">206,647</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">XPO Logistics, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,979</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">474,297</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Industrials</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">29,099,279</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Information Technology - 28.1%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Advanced Energy Industries, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,293</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">125,382</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Appfolio, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,753</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,575,890</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Appian Corp.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,789</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,424,609</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Avalara, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,797</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">461,197</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Avaya Holdings Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,848</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">246,039</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Axcelis Technologies, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,239</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">239,920</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Blackbaud, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,262</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">302,881</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Blackline, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,659</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,154,937</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Box, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">105,944</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,912,289</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Brooks Automation, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,522</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">306,818</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Calix, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21,530</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">640,733</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cambium Networks Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">250,800</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cerence, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19,299</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,939,164</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CEVA, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,209</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">555,510</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CMC Materials, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,548</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">839,412</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Commvault Systems, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">16,379</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">906,905</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Datto Holding Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,055</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">190,485</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000">Shares</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Digital Turbine, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,232</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">$861,522</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Diodes, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,607</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">959,293</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Domo, Inc., Class B<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,167</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">648,350</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Endava PLC, ADR (United Kingdom)<SUP STYLE="font-size:85%; vertical-align:top">*</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">32,042</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"> 2,459,223</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Enphase Energy, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,928</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">513,776</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Envestnet, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,077</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">253,206</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Everbridge, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,622</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">539,932</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">EVERTEC, Inc. (Puerto Rico)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">28,797</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,132,298</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Evo Payments, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">111,965</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,024,175</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ExlService Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,360</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">456,297</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Five9, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,314</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,101,162</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">FormFactor, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,325</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">659,282</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Globant SA (Argentina)<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,649</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">794,059</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Inphi Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,790</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">768,651</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Intelligent Systems Corp.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,562</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">223,092</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">InterDigital, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,900</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">418,692</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">J2 Global, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,585</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">447,909</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Jamf Holding Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,247</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">336,510</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Lightspeed POS, Inc. (Canada)<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,935</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">347,375</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Littelfuse, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,823</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">464,245</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LiveRamp Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,989</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">365,145</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Lumentum Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,249</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">592,405</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MACOM Technology Solutions Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,323</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">623,218</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">ManTech International Corp., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">266,820</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MAXIMUS, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25,785</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,887,204</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MaxLinear, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,459</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">323,049</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mimecast, Ltd.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">51,512</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,927,942</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">MKS Instruments, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,434</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">967,995</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Monolithic Power Systems, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,662</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">608,674</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">NeoPhotonics Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">56,900</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">517,221</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">NIC, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,200</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">108,486</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">OSI Systems, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,052</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">564,167</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Paylocity Holding Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,481</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">922,683</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pegasystems, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">26,974</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,594,555</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Perspecta, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">18,000</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">433,440</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Plantronics, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,769</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">264,056</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Plexus Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,500</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">430,155</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Progress Software Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,500</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">429,305</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Q2 Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,911</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">747,919</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Qualys, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">18,818</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,293,350</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Rapid7, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,588</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">954,614</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Repay Holdings Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">64,997</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,771,168</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sailpoint Technologies Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,563</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">828,574</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR></TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">24 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="95%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL">Shares</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Information Technology - 28.1%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> (continued)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sanmina Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,200</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">$133,938</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sapiens International Corp. NV (Israel)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,700</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">327,527</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Semtech Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">16,485</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,188,404</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shift4 Payments, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">16,435</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,239,199</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Silicon Laboratories, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,832</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">869,987</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SiTime Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,769</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">309,934</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Skillz, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21,221</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">424,420</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sprout Social, Inc., Class A<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,454</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">565,536</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SPS Commerce, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13,834</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,502,234</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SunPower Corp.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,273</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">109,560</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">SVMK, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">29,390</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">750,914</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sykes Enterprises, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">316,428</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Tenable Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,979</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">416,983</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Triterras, Inc., Class A (Singapore)<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">86,604</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">955,242</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TTEC Holdings, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,520</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">475,504</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Varonis Systems, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,448</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">727,737</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">WNS Holdings, Ltd., ADR (India)<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">48,590</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">3,500,909</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Workiva, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">48,079</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,404,998</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Information Technology</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">70,123,619</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Materials - 1.9%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Balchem Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,557</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">409,838</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Boise Cascade Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,955</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">762,649</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Compass Minerals International, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,408</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">210,342</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">HB Fuller Co.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,835</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">250,840</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Koppers Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,274</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">257,818</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Louisiana-Pacific Corp.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">200,718</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Quaker Chemical Corp.<SUP STYLE="font-size:85%; vertical-align:top">*,1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,960</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,016,984</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Trinseo, S.A.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,621</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">83,011</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Worthington Industries, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,700</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">549,338</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Materials</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">4,741,538</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Real Estate - 1.1%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">eXp World Holdings, Inc.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,164</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">325,952</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LTC Properties, Inc., REIT</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,067</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">274,977</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Redfin Corp.<SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,973</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,439,377</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The RMR Group, Inc., Class A</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,499</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">598,571</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Uniti Group, Inc., REIT</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,930</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">210,319</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d">Total Real Estate</FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">2,849,196</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Utilities - 0.1%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Chesapeake Utilities Corp.<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,155</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">233,193</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Common Stocks</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">(Cost $163,465,317)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">245,067,434</FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR></TABLE>
</DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Principal<BR>Amount</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">Value</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Short-Term Investments - 6.1%</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Joint Repurchase Agreements - 4.1%<SUP STYLE="font-size:85%; vertical-align:top">4
</SUP></B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cantor Fitzgerald Securities, Inc., dated 12/31/20, due 01/04/21, 0.070% total to be received $2,172,490
(collateralized by various U.S. Government Agency Obligations, 0.000% -9.500%, 01/25/21 - 10/15/62, totaling $2,215,922)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,172,473</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">$2,172,473</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Citadel Securities LLC, dated 12/31/20, due 01/04/21, 0.130% total to be received $2,441,309
(collateralized by various U.S. Treasuries, 0.000% - 7.875%, 01/31/21 -05/15/49, totaling $2,490,137)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,441,274</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,441,274</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.070% total to be received $2,224,323
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 4.000%, 09/15/21 -01/01/51, totaling $2,268,792)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,224,306</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,224,306</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JVB Financial Group LLC, dated 12/31/20, due 01/04/21, 0.130% total to be received $1,071,998
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.125% - 7.000%, 07/01/22 - 12/01/50, totaling $1,093,423)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,071,983</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">1,071,983</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.080% total to be received $2,463,814
(collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 01/05/21 -12/20/50, totaling $2,513,068)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,463,792</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">2,463,792</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.60em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Joint Repurchase Agreements</B></FONT></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B></B> </FONT></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">10,373,828</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000">Shares</TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD COLSPAN="2" VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:9pt">
<TD VALIGN="top" COLSPAN="4"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:9pt; font-family:ARIAL"><B>Other Investment Companies - 2.0%</B></P></TD>
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0em; text-indent:0em; font-size:9pt; font-family:ARIAL"><B> </B></P></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dreyfus Government Cash Management Fund, Institutional Shares, 0.03%<SUP
STYLE="font-size:85%; vertical-align:top">5 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,424,539</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">4,424,539</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.03%<SUP
STYLE="font-size:85%; vertical-align:top">5 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">241,738</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">241,738</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JPMorgan U.S. Government Money Market Fund, IM Shares,
0.03%<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">249,063</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">249,063</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total Other Investment Companies</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">4,915,340</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Total Short-Term Investments<BR></B>(Cost $15,289,168)<B></B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d">15,289,168</FONT></TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"> </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total Investments - 104.4%<BR></B>(Cost $178,754,485)<B></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">260,356,602</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Other Assets, less Liabilities - (4.4)%</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4" ALIGN="right">(10,970,069</TD>
<TD NOWRAP VALIGN="bottom" BGCOLOR="#c7dbd4">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4" BGCOLOR="#c7dbd4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="padding-bottom:6pt ;"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Net Assets - 100.0%</B></FONT></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom" BGCOLOR="#c7dbd4"> </TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"><B> </B></FONT></TD>
<TD VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4" ALIGN="right"><FONT COLOR="#00573d"><B>$249,386,533</B></FONT></TD>
<TD NOWRAP VALIGN="bottom" STYLE="padding-bottom:6pt ;" BGCOLOR="#c7dbd4"><FONT COLOR="#00573d"><B> </B></FONT></TD></TR>
</TABLE> </div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">25 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left"><FONT STYLE="white-space:nowrap">Non-income</FONT> producing security. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Some of these securities, amounting to $33,497,548 or 13.4% of net assets, were out on loan to various borrowers and are
collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Escrow shares </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Security’s value was determined by using significant unobservable inputs. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Cash collateral received for securities lending activity was invested in these joint repurchase agreements.
</P></TD></TR></TABLE></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Yield shown represents the December 31, 2020, seven day average yield, which refers to the sum of the previous
seven days’ dividends paid, expressed as an annual percentage. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">ADR </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">American Depositary Receipt </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11" VALIGN="top" ALIGN="left">REIT </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Real Estate Investment Trust
</P></TD></TR></TABLE></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as
of December 31, 2020: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Level 1</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Level 2</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Level 3</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Total</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Investments in
Securities</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Common Stocks</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Health Care</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$81,176,536</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,811</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$81,245,347</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Information Technology</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">70,123,619</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">70,123,619</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Consumer Discretionary</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">35,405,083</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">35,405,083</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Industrials</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">29,099,279</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">29,099,279</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Financials</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,631,060</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,631,060</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Consumer Staples</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,238,290</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,238,290</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Materials</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,741,538</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,741,538</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Real Estate</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,849,196</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,849,196</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Communication Services</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,600,224</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,600,224</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Energy</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">900,605</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">900,605</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Utilities</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">233,193</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">233,193</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Short-Term Investments</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Joint Repurchase Agreements</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,373,828</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,373,828</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Other Investment Companies</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,915,340</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,915,340</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total Investments in Securities</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">249,913,963</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">10,373,828</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">68,811</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">260,356,602</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table below is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining
fair value at December 31, 2020: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="97%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Common<BR>Stocks</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B> Balance as of December 31, 2019</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Accrued discounts (premiums)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Realized gain (loss)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Change in unrealized appreciation/depreciation</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(7,749</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Purchases</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Sales</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Transfers in to Level 3</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">76,560</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Transfers out of Level 3</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> <B>Balance as of December 31, 2020</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$68,811</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#ffffff">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#ffffff" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.30em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Net change in unrealized appreciation/depreciation on investments still held at
December 31, 2020</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(7,749</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
</TABLE> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">A common stock valued at $76,560 was transferred from Level 2 to Level 3 during the period ended December 31, 2020. For
the period January 1, 2020 to December 30, 2020, this security was valued using the last quoted sale price on the primary exchange in accordance with the Fund’s security valuation policy. On December 31, 2020, this security was
delisted and valued based on unobservable inputs. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">26 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers
Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"> Schedule of Portfolio Investments <I><FONT STYLE="font-size:10pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table summarizes the quantitative inputs and assumptions used for investments categorized in Level 3
of the fair value hierarchy as of December 31, 2020. The table below is not intended to be <FONT STYLE="white-space:nowrap">all-inclusive,</FONT> but rather provides information on the significant Level 3 inputs as they relate to the
Fund’s fair value measurements: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="22%"></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="4%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" COLSPAN="13" ALIGN="center"><B>Quantitative Information about Level 3 Fair Value Measurements</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="24"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD>
<TD HEIGHT="24" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><B>Fair Value as of<BR>December 31, 2020</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" NOWRAP STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><B>Valuation</B><br><B>Technique(s)</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><B>Unobservable<BR>Inputs(s)</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><B>Range</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><B>Median</B> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE="border-bottom:1.00pt solid #000000" ALIGN="center"><B>Impact to Valuation from<BR>an Increase in Input<SUP STYLE="font-size:85%; vertical-align:top">(a) </SUP></B>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Common Stock</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$68,811</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Market Approach-Last Trade Price</FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">Discount Rate</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">10%</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">N/A</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">Decrease</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">(a)</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:ARIAL; " ALIGN="left">Represents the directional change in the fair value of the Level 3 investments that could have resulted from an
increase in the corresponding input as of period end. A decrease to the unobservable input would have had the opposite effect. Significant changes in these inputs may have resulted in a significantly higher or lower fair value measurement at period
end. </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">27 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL">
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_7"></A>Statement of Assets and Liabilities</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#00573d">December 31, 2020</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt">
<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers<BR>Loomis</B><br><B>Sayles</B><br><B>Bond Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers<BR>Special</B><br><B>Equity Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Assets:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Investments at value<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP>(including securities on loan
valued at $71,118,320, and $33,497,548, respectively)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,107,283,638</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$260,356,602</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cash</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,050</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Receivable for investments sold</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21,472</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">550,479</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dividend and interest receivables</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,602,281</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36,320</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Securities lending income receivable</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,149</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,492</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Receivable for Fund shares sold</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">472,299</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45,852</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Receivable from affiliate</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9,474</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Prepaid expenses and other assets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">27,024</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,522</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total assets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,117,412,913</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">261,021,741</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Liabilities:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Payable upon return of securities loaned</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">10,373,828</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Payable for investments purchased</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">117,195</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">729,265</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Payable for Fund shares repurchased</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">339,806</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">199,771</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Accrued expenses:</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Investment advisory and management fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">255,987</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">185,473</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Administrative fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">139,811</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30,912</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shareholder service fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">135,834</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">42,331</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Other</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">188,502</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">73,628</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total liabilities</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">15,591,234</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,635,208</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:4pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Assets</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,101,821,679</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$249,386,533</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><SUP STYLE="font-size:85%; vertical-align:top">1 </SUP>Investments at cost</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$989,514,306</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$178,754,485</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">28 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Statement of Assets and Liabilities <FONT
STYLE="font-size:11pt" COLOR="#00573d"><I>(continued)</I></FONT></P></TD></TR></TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="60%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt">
<TR>
<TD WIDTH="93%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers<BR>Loomis</B><br><B>Sayles</B><br><B>Bond Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers<BR>Special</B><br><B>Equity Fund</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Assets Represent:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap">Paid-in</FONT> capital</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$987,891,087</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$164,911,883</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total distributable earnings</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">113,930,592</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">84,474,650</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Assets</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">1,101,821,679</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$249,386,533</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Class N:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net Assets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$555,123,557</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$204,793,974</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shares outstanding</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19,738,027</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,387,696</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net asset value, offering and redemption price per share</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$28.12</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$147.58</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Class I:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net Assets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$546,698,122</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$44,592,559</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shares outstanding</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19,435,847</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">288,048</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net asset value, offering and redemption price per share</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$28.13</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$154.81</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">29 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_9"></A> Statement of Operations</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><FONT COLOR="#00573d"> For the fiscal year ended December 31, 2020</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="80%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt">
<TR>
<TD WIDTH="94%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers<BR>Loomis</B><br><B>Sayles</B><br><B>Bond Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers<BR>Special</B><br><B>Equity Fund</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Investment Income:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Dividend income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,833,271</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$847,129</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Interest income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">43,863,207</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Securities lending income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">124,587</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">86,761</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Foreign withholding tax</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1,763</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(970</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total investment income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45,819,302</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">932,920</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Expenses:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Investment advisory and management fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,961,644</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,791,619</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Administrative fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,708,641</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">298,603</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shareholder servicing fees - Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,426,326</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">412,143</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Shareholder servicing fees - Class I</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">246,221</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Reports to shareholders</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">124,311</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,687</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Professional fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">113,557</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">40,975</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Trustee fees and expenses</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">103,080</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,561</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Custodian fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">100,234</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">96,191</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Registration fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">75,571</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36,216</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Transfer agent fees</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">64,514</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">23,547</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Miscellaneous</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">40,253</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,741</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total expenses before offsets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,964,352</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,745,283</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Expense reimbursements</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(51,532</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(120,416</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Expense reductions</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3,874</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net expenses</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6,912,820</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,620,993</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:4pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment income (loss)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">38,906,482</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1,688,073</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Realized and Unrealized Gain:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain (loss) on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1,676,881</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,151,747</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain on foreign currency transactions</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">113,864</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net change in unrealized appreciation/depreciation on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36,441,987</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">54,091,097</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net change in unrealized appreciation/depreciation on foreign currency translations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4,583</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized and unrealized gain</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">34,883,553</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">71,242,844</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:4pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net increase in net assets resulting from operations</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$73,790,035</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$69,554,771</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">30 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_11"></A> Statements of Changes in Net Assets</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><FONT
COLOR="#00573d"> For the fiscal years ended December 31,</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers Loomis<BR>Sayles Bond Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>AMG Managers</B><br><B>Special Equity Fund</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>2019</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Increase in Net Assets Resulting From Operations:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment income (loss)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$38,906,482</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$49,128,595</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(1,688,073</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(1,554,626</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain (loss) on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1,563,017</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,340,481</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">17,151,747</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12,387,467</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net change in unrealized appreciation/depreciation on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">36,446,570</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">88,163,713</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">54,091,097</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">37,417,823</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net increase in net assets resulting from operations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">73,790,035</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">148,632,789</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">69,554,771</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">48,250,664</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Distributions to Shareholders:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(19,831,473</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(28,980,193</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(8,646,696</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(40,634,625</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Class I</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(20,896,667</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(27,807,755</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1,785,052</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(8,707,900</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total distributions to shareholders</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(40,728,140</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(56,787,948</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(10,431,748</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(49,342,525</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Capital Share Transactions:<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net increase (decrease) from capital share transactions</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(154,973,478</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(678,399,950</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(19,630,632</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,988,862</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:4pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:5.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Total increase (decrease) in net assets</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(121,911,583</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(586,555,109</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">39,492,391</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7,897,001</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Assets:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Beginning of year</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,223,733,262</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,810,288,371</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">209,894,142</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">201,997,141</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">End of year</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,101,821,679</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,223,733,262</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$249,386,533</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$209,894,142</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">See Note 1(g) of the Notes to Financial Statements. </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">The accompanying notes are an integral part of these financial statements. </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">31 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL">
AMG Managers Loomis Sayles Bond Fund</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><A NAME="tx137829_13"></A> Financial Highlights</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"> For a share outstanding throughout each fiscal year</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="90%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt">
<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>For the fiscal years ended December 31,</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Class N</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2020</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2019</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2018</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2017<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2016<SUP STYLE="font-size:85%; vertical-align:top">2 </SUP></B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, Beginning of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$27.14</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$25.49</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.97</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.24</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.19</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Income (loss) from Investment Operations:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment income<SUP STYLE="font-size:85%; vertical-align:top">3,4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.90</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.94</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.84</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.91</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.95</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized and unrealized gain (loss) on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.03</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.85</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.33</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.85</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.40</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total income (loss) from investment operations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.93</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2.79</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.49</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.76</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.35</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Less Distributions to Shareholders from:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.88</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.98</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.80</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.87</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.96</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.07</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.16</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.19</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.16</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.34</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total distributions to shareholders</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.95</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.14</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.99</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.03</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.30</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, End of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$28.12</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$27.14</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$25.49</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.97</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.24</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total Return<SUP STYLE="font-size:85%; vertical-align:top">4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7.34</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11.10</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.82</TD>
<TD NOWRAP VALIGN="bottom">)%<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6.77</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5.19</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net expenses to average net assets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.71</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.72</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">6 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.98</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.99</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.00</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of gross expenses to average net assets<SUP STYLE="font-size:85%; vertical-align:top">7
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.72</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.73</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">6 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.98</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">8 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.99</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">8 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.02</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net investment income to average net assets<SUP STYLE="font-size:85%; vertical-align:top">4
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.31</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.53</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.19</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.38</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.52</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Portfolio turnover</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net assets end of year (000’s) omitted</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$555,124</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$618,381</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$715,468</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$971,359</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,234,229</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="20" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">32 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_14"></A> AMG Managers Loomis Sayles Bond Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Financial Highlights</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"> For a share
outstanding throughout each fiscal year</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000"><B>For the fiscal years ended December 31,</B></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Class I</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2020</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2019</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2018</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2017</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B> 2016<SUP STYLE="font-size:85%; vertical-align:top">2 </SUP></B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, Beginning of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$27.14</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$25.49</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.97</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.24</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.19</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Income (loss) from Investment Operations:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment income<SUP STYLE="font-size:85%; vertical-align:top">3,4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.95</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.99</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.86</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.94</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.97</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized and unrealized gain (loss) on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.05</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.85</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.32</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.85</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.40</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total income (loss) from investment operations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2.00</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2.84</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.46</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.79</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.37</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Less Distributions to Shareholders from:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.94</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.03</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.83</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.90</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.98</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.07</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.16</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.19</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.16</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.34</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total distributions to shareholders</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.01</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.19</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.02</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.06</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.32</TD>
<TD NOWRAP VALIGN="bottom">) </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, End of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$28.13</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$27.14</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$25.49</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.97</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$26.24</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total Return<SUP STYLE="font-size:85%; vertical-align:top">4,5 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">7.57</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11.32</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.72</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">6.87</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5.29</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net expenses to average net assets</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.50</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.52</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">6 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.88</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.89</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.90</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of gross expenses to average net assets<SUP STYLE="font-size:85%; vertical-align:top">7
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.51</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.53</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">6 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.88</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">8 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.89</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">8 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.93</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net investment income to average net assets<SUP STYLE="font-size:85%; vertical-align:top">4
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.52</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.73</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.29</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.48</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3.61</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Portfolio turnover</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">9</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">4</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net assets end of year (000’s) omitted</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$546,698</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$605,353</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,094,820</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$1,027,477</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$771,782</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="20" VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Effective February 27, 2017, Class S shares were renamed Class N shares. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Effective October 1, 2016, the Service Class and Institutional Class were renamed Class S and
Class I, respectively. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Per share numbers have been calculated using average shares. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Total returns and net investment income would have been lower had certain expenses not been offset.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">The total return is calculated using the published Net Asset Value as of fiscal year end. </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Includes 0.01% of extraordinary expense related to legal expense in support of an investment held in the portfolio.
</P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but
includes expense repayments and <FONT STYLE="white-space:nowrap">non-reimbursable</FONT> expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) </P></TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Ratio includes recapture of reimbursed fees from prior years amounting to 0.04% and 0.07% for the fiscal year ended
December 31, 2018 and December 31, 2017, respectively </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">33 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:10pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL">AMG Managers Special Equity Fund</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL">Financial Highlights</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d">For a share outstanding throughout each fiscal year</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the fiscal years ended December 31,</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Class N</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B> 2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B> 2019</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B> 2018</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B> 2017<SUP STYLE="font-size:85%; vertical-align:top">1 </SUP></B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B> 2016<SUP STYLE="font-size:85%; vertical-align:top">2 </SUP></B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, Beginning of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$111.15</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$114.95</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$119.45</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$99.33</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$87.84</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Income (loss) from Investment Operations:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment loss<SUP STYLE="font-size:85%; vertical-align:top">3,4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.03</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(1.03</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.91</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.79</TD>
<TD NOWRAP VALIGN="bottom">)<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.43</TD>
<TD NOWRAP VALIGN="bottom">)<SUP STYLE="font-size:85%; vertical-align:top">6 </SUP> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized and unrealized gain (loss) on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">43.88</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30.19</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3.59</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20.91</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11.92</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:4.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total income (loss) from investment operations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">42.85</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">29.16</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(4.50</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20.12</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11.49</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Less Distributions to Shareholders from:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(6.42</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(32.96</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, End of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$147.58</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$111.15</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$114.95</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$119.45</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>$99.33</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total Return<SUP STYLE="font-size:85%; vertical-align:top">4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">38.74</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">7 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">25.69</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">7 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3.76</TD>
<TD NOWRAP VALIGN="bottom">)%<SUP STYLE="font-size:85%; vertical-align:top">7 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20.25</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">7 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13.08</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net expenses to average net assets<SUP STYLE="font-size:85%; vertical-align:top">8 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.36</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of gross expenses to average net assets<SUP STYLE="font-size:85%; vertical-align:top">9
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.42</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.42</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.38</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.41</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.50</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net investment loss to average net assets<SUP STYLE="font-size:85%; vertical-align:top">4
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.89</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.76</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.69</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.73</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.49</TD>
<TD NOWRAP VALIGN="bottom">)% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Portfolio turnover</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net assets end of year (000’s) omitted</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$204,794</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$171,801</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$170,744</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$173,607</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$180,008</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
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<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">34 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> AMG Managers Special Equity Fund</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"> Financial Highlights</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"> For a share outstanding throughout each fiscal year</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="71%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
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<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="18" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>For the fiscal years ended December 31,</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B>Class I</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2019</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2018</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2017</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>2016<SUP STYLE="font-size:85%; vertical-align:top">2 </SUP></B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, Beginning of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>116.08</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118.57</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>122.90</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>101.95</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>89.92</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Income (loss) from Investment Operations:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net investment loss<SUP STYLE="font-size:85%; vertical-align:top">3,4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.77</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.72</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.60</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.54</TD>
<TD NOWRAP VALIGN="bottom">)<SUP STYLE="font-size:85%; vertical-align:top">5 </SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.22</TD>
<TD NOWRAP VALIGN="bottom">)<SUP STYLE="font-size:85%; vertical-align:top">6 </SUP> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized and unrealized gain (loss) on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45.92</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">31.19</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3.73</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">21.49</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12.25</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Total
income (loss) from investment operations</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">45.15</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">30.47</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(4.33</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20.95</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">12.03</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Less Distributions to Shareholders from:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net realized gain on investments</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(6.42</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(32.96</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Net Asset Value, End of Year</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>154.81</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>116.08</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>118.57</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>122.90</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B>$</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>101.95</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total Return<SUP STYLE="font-size:85%; vertical-align:top">4 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">39.08</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">26.02</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3.52</TD>
<TD NOWRAP VALIGN="bottom">)%<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20.55</TD>
<TD NOWRAP VALIGN="bottom">%<SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">13.38</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net expenses to average net assets<SUP STYLE="font-size:85%; vertical-align:top">8 </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.11</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of gross expenses to average net assets<SUP STYLE="font-size:85%; vertical-align:top">9
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.17</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.17</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.13</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.16</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1.25</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ratio of net investment loss to average net assets<SUP STYLE="font-size:85%; vertical-align:top">4
</SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.64</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.51</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.44</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.48</TD>
<TD NOWRAP VALIGN="bottom">)% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(0.24</TD>
<TD NOWRAP VALIGN="bottom">)% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Portfolio turnover</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">100</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">96</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">113</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">81</TD>
<TD NOWRAP VALIGN="bottom">% </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">120</TD>
<TD NOWRAP VALIGN="bottom">% </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:3.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net assets end of year (000’s) omitted</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">44,593</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">38,093</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">31,253</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">26,865</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">19,647</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD COLSPAN="20" VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
</TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Effective February 27, 2017, Class S shares were renamed Class N shares. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">2</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Effective October 1, 2016, the Service Class and Institutional Class were renamed Class S and
Class I, respectively. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">3</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Per share numbers have been calculated using average shares. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">4</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Total returns and net investment loss would have been lower had certain expenses not been offset. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">5</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Includes <FONT STYLE="white-space:nowrap">non-recurring</FONT> dividends. Without these dividends, net investment loss
per share would have been $(0.84) and $(0.59) for Class N and Class I respectively. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">6</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Includes <FONT STYLE="white-space:nowrap">non-recurring</FONT> dividends. Without these dividends, net investment loss
per share would have been $(0.49) and $(0.28) for Class N and Class I respectively. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">7</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">The total return is calculated using the published Net Asset Value as of fiscal year end. </P></TD></TR></TABLE>
<P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">8</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Includes reduction from broker recapture amounting to less than 0.01% for the fiscal years ended 2020, 2019, 2018, 2017
and 2016, respectively. </P></TD></TR></TABLE> <P STYLE="font-size:2pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">9</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL; " ALIGN="left">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but
includes expense repayments and <FONT STYLE="white-space:nowrap">non-reimbursable</FONT> expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.) </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">35 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt; padding-right:2pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_15"></A> Notes to Financial Statements</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL"><FONT
COLOR="#00573d"> December 31, 2020</FONT></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Funds III (the “Trust”) is an <FONT STYLE="white-space:nowrap">open-end</FONT> management investment company, organized as a Massachusetts business trust,
and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trust consists of a number of different funds, each having distinct investment management objectives, strategies, risks, and policies.
Included in this report are AMG Managers Loomis Sayles Bond Fund (“Bond”) and AMG Managers Special Equity Fund (“Special Equity”), each a “Fund” and collectively, the “Funds”. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Each Fund offers different classes of shares. Both Funds offer Class N and Class I shares. Each class represents an interest in the same assets of the
respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share classes may have different net asset values per share to the extent the share classes pay
different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current prospectus for additional information on each share class. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Market disruptions associated with the <FONT STYLE="white-space:nowrap">COVID-19</FONT> pandemic have had a global impact, and uncertainty exists as to the long-term
implications. Such disruptions can adversely affect assets of the Funds and thus Fund performance. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Certain instruments held by a Fund may pay an interest rate based
on the London Interbank Offered Rate (“LIBOR”), which is the offered rate for short-term loans between certain major international banks. LIBOR is expected to be phased out by the end of 2021. While the effect of the phase out cannot yet
be determined, it may result in, among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of some LIBOR-based investments or the effectiveness of new hedges placed against existing
LIBOR-based investments. These effects could occur prior to the end of 2021. There also remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of
the aforementioned may adversely affect a Fund’s performance or net asset value. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds’ financial statements are prepared in accordance with accounting
principles generally accepted in the United States of America (“U.S. GAAP”), including accounting and reporting guidance pursuant to Accounting Standards Codification Topic 946 applicable to investment companies. U.S. GAAP requires
management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates and such differences could be material. The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial
statements: </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>a. VALUATION OF INVESTMENTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Equity securities traded on a national securities exchange or reported on the NASDAQ national market system (“NMS”) are valued at the last quoted sales price on
the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price or the mean between the last quoted bid and ask prices (the
“mean price”). Equity securities traded in the <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">over-the-counter</FONT></FONT> market (other than NMS securities) are valued at the mean price. Foreign equity securities
(securities principally traded in markets other than U.S. markets) are valued at the official </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">closing price on the primary exchange or, for markets that either do not offer an official closing price or where the
official closing price may not be representative of the overall market, the last quoted sale price. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Fixed income securities purchased with a remaining maturity
exceeding 60 days are valued at the evaluated mean price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date
and other features (generally referred to as “matrix pricing”) or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, preferred stocks, convertible securities, derivatives
and other debt securities not traded on an organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships
between such securities and yield to maturity in determining value. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Fixed income securities purchased with a remaining maturity of 60 days or less are valued at
amortized cost, provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other <FONT STYLE="white-space:nowrap">open-end</FONT> registered investment
companies are valued at their end of day net asset value per share. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds’ portfolio investments are generally valued based on independent market quotations
or prices or, if none, “evaluative” or other market based valuations provided by third party pricing services approved by the Board of Trustees of the Trust (the “Board”). Under certain circumstances, the value of certain Fund
portfolio investments may be based on an evaluation of fair value, pursuant to procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees of the Board, and the
Pricing Committee, which is comprised of representatives from AMG Funds LLC (the “Investment Manager”) are the committees appointed by the Board to make fair value determinations. Each Fund may use the fair value of a portfolio investment
to calculate its net asset value (“NAV”) in the event that the market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation
procedures, if the Investment Manager or the Pricing Committee believes the quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and,
if required under the Trust’s securities valuation procedures, the Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction.
Fair value determinations shall be based upon consideration of all available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment;
and (iii) the value of other comparable securities or relevant financial instruments, including derivative securities, traded on other markets or among dealers. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in
the future, since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready
market for the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Funds, including a comparison
with the prior quarter end and the percentage of the Funds that the security represents at each quarter end. </P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">36 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Notes to Financial Statements <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that
securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a <FONT STYLE="white-space:nowrap">pre-established</FONT> confidence
level. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market
participants at the measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs
may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability
based on market data obtained from sources independent of the Funds. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market
participants would use in pricing the asset or liability developed based on the best information available in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall
valuation. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The three-tier hierarchy of inputs is summarized below: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Level 1
– inputs are quoted prices in active markets for identical investments (e.g., equity securities, <FONT STYLE="white-space:nowrap">open-end</FONT> investment companies) </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for
identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities,
credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, swaps, foreign securities utilizing international fair value pricing, fair valued securities
with observable inputs) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of
investments) (e.g., fair valued securities with unobservable inputs) </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Changes in inputs or methodologies used for valuing investments may result in a transfer in or
out of levels within the fair value hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>b. SECURITY TRANSACTIONS </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Security transactions
are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>c. INVESTMENT INCOME AND EXPENSES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Dividend income is recorded on the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date. Dividends from foreign securities are recorded on the <FONT
STYLE="white-space:nowrap">ex-dividend</FONT> date, and if after the fact, as soon as the Funds become aware of the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date. Interest income, which includes amortization of premium and accretion of
discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax. <FONT STYLE="white-space:nowrap">Non-cash</FONT> dividends included in dividend income, if any, are
reported at the fair market value of the securities received. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trust and other trusts or funds
within the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of
each Fund, and certain fund level expense reductions, if any, are allocated on a <FONT STYLE="white-space:nowrap">pro-rata</FONT> basis to each class based on the relative net assets of each class to the total net assets of each Fund. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Special Equity had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage recapture program are
earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Funds’ overall expense ratio. For the fiscal year ended December 31, 2020, the impact on the expenses and expense ratios was $3,874 or less
than 0.01%. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>d. DIVIDENDS AND DISTRIBUTIONS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Fund distributions resulting from either net investment income or realized net capital gains, if any, will normally be declared and paid at least annually in December.
Distributions to shareholders are recorded on the <FONT STYLE="white-space:nowrap">ex-dividend</FONT> date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment income and net realized
capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character. Permanent book and tax
basis differences, if any, relating to shareholder distributions will result in reclassifications to <FONT STYLE="white-space:nowrap">paid-in</FONT> capital. Temporary differences arise when certain items of income, expense and gain or loss are
recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are due to prior year REIT <FONT STYLE="white-space:nowrap">True-ups.</FONT> Temporary
differences are due to wash sale loss deferrals, the deferral of qualified late year losses, convertible bonds and contingent payment debt instrument adjustments.
</P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The tax character of distributions paid during the
fiscal years ended December 31, 2020 and December 31, 2019 were as follows: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="92%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B> </B></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><B>Bond</B></TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B> </B></TD>
<TD VALIGN="bottom" COLSPAN="5" ALIGN="center"><B>Special Equity</B></TD>
<TD VALIGN="bottom"><B> </B></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Distributions paid from:</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2020</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2019</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2020</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"><B> </B></TD>
<TD VALIGN="bottom" ALIGN="center"><B>2019</B></TD>
<TD NOWRAP VALIGN="bottom"><B> </B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ordinary income <SUP STYLE="font-size:85%; vertical-align:top">* </SUP></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$38,079,582</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$36,811,003</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$7,505,091</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Long-term capital gains</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,648,558</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19,976,945</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$10,431,748</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">41,837,434</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $40,728,140</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $56,787,948</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $10,431,748</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $49,342,525</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income distributions. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">37 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Notes to Financial Statements <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">As of December 31, 2020, the components of distributable earnings (excluding unrealized appreciation/depreciation)
on a tax basis consisted of: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="96%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Bond</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Special Equity</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Undistributed ordinary income</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">$200,763</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">$1,195,707</TD>
<TD NOWRAP VALIGN="middle"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Undistributed long-term capital
gains</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD NOWRAP VALIGN="middle" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">4,127,875</TD>
<TD NOWRAP VALIGN="middle"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Late-year loss deferral</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">3,865,403</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD NOWRAP VALIGN="middle" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="middle"> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">At December 31, 2020, the cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income
tax purposes were as follows: </P> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B>Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Cost</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Appreciation</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Depreciation</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Net Appreciation</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle">$</TD>
<TD VALIGN="middle" ALIGN="right">989,695,412</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle">$</TD>
<TD VALIGN="middle" ALIGN="right">154,130,741</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle">$</TD>
<TD VALIGN="middle" ALIGN="right">(36,535,509</TD>
<TD NOWRAP VALIGN="middle">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">$117,595,232</TD>
<TD NOWRAP VALIGN="middle"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">181,205,534</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">84,630,267</TD>
<TD NOWRAP VALIGN="middle"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">(5,479,199</TD>
<TD NOWRAP VALIGN="middle">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="middle"> </TD>
<TD VALIGN="middle" ALIGN="right">79,151,068</TD>
<TD NOWRAP VALIGN="middle"> </TD></TR>
</TABLE> <DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>e. FEDERAL TAXES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended,
and to distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. Therefore, no provision for federal income or excise tax is
included in the accompanying financial statements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Additionally, based on each Fund’s understanding of the tax rules and rates related to income, gains and
transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes. </P>
<P STYLE="font-size:12pt; margin-top:0pt; margin-bottom:0pt">
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:8pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Management has analyzed the Funds’ tax positions
taken on federal income tax returns as of December 31, 2020, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’ financial statements.
Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>f. CAPITAL LOSS CARRYOVERS AND DEFERRALS </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">As of
December 31, 2020, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended December 31, 2021, such amounts may be used to offset future realized capital
gains indefinitely, and retain their character as short-term and/or long-term. </P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>g. CAPITAL STOCK
</B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Trust’s Declaration of Trust authorizes for each Fund the issuance of an unlimited number of shares of beneficial interest, without par value.
Each Fund records sales and repurchases of its capital stock on the trade date. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the fiscal years ended December 31, 2020 and December 31, 2019, the
capital stock transactions by class for the Funds were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
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<TD WIDTH="81%"></TD>
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<TD></TD>
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<TD></TD>
<TD></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
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<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
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<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Bond</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="14" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Special Equity</B></P></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD>
<TD HEIGHT="5" COLSPAN="8"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2019</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="6" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>December 31, 2019</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Shares</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Shares</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Shares</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Shares</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Class N:</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Proceeds from sale of shares</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> 2,974,694 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$80,948,805 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,416,998 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$90,763,873 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">32,466 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$3,813,396 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">65,788 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$8,856,577 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Reinvestment of distributions</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">712,467 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">19,290,277 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,051,262 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">28,038,056 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">58,454 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,351,282 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">354,078 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">38,909,669 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cost of shares repurchased</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(6,734,473)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(180,090,308)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(9,751,128)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(261,380,964)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(248,844)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(27,811,616)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(359,581)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(46,144,528)</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net increase (decrease)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(3,047,312)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $(79,851,226)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> (5,282,868)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $(142,579,035)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> (157,924)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $(15,646,938)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> 60,285 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $1,621,718 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Class I:</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Proceeds from sale of shares</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">5,277,165 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$142,427,000 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,666,428 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$231,939,268 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">53,503 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$6,681,747 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">53,673 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$7,476,323 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Reinvestment of distributions</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">741,223 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">20,066,494 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,007,830 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">26,817,303 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">11,788 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,766,664 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">75,043 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">8,611,172 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cost of shares repurchased</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(8,884,854)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(237,615,746)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(30,324,739)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(794,577,486)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(105,414)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(12,432,105)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(64,117)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(8,720,351)</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Net increase (decrease)</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(2,866,466)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(75,122,252</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(20,650,481)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(535,820,915</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">(40,123)</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$(3,983,694</TD>
<TD NOWRAP VALIGN="bottom">) </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">64,599 </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$7,367,144 </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">38 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Notes to Financial Statements <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds may enter into third-party repurchase agreements for temporary cash management purposes and third-party or bilateral joint repurchase agreements for
reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”) (collectively, “Repurchase Agreements”). The value
of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements, the Funds participate on a pro rata basis with other clients of
BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral. The underlying collateral for all Repurchase Agreements is held
in safekeeping by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with respect to the seller of the security, realization of the
collateral by the Funds may be delayed or limited. Pursuant to the Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">At
December 31, 2020, the market value of Repurchase Agreements outstanding for Bond and Special Equity was $14,414,099 and $10,373,828, respectively. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT
COLOR="#00573d"><B>i. FOREIGN CURRENCY TRANSLATION </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets
and liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on
currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign
currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends
recorded and the amounts actually received. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds do not isolate the net realized and unrealized gain or loss resulting from changes in exchange rates from the
fluctuations in market prices of securities held. Such fluctuations are included with the net realized and unrealized gain or loss on investments. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT
COLOR="#00573d"><B>2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For each of the Funds, the Trust has entered into an investment advisory agreement
under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is responsible for the Funds’ overall administration and
operations. The Investment Manager selects one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings and investment strategies. Each Fund’s investment
portfolio is managed by one or more portfolio managers who serve pursuant to a subadvisory agreement with the Investment Manager. Bond is managed by Loomis, Sayles & Company, L.P. and Special Equity is managed by Ranger Investment
Management L.P., Lord, Abbett & Co. LLC (“Lord Abbett”), Smith Asset Management Group L.P. and Federated Hermes, Inc. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Investment management fees
are paid directly by the Funds to the Investment Manager based on average daily net assets. For the fiscal year ended
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">December 31, 2020, the Funds’ investment management fees were paid at the following annual rates of each
Fund’s respective average daily net assets: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="84%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.26% </TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.90% </TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Investment Manager has contractually agreed, through at least May 1, 2021, to waive management fees and/or pay or reimburse fund
expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities
sold short), shareholder servicing fees, distribution and service <FONT STYLE="white-space:nowrap">(12b-1)</FONT> fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees
and expenses and extraordinary expenses) of Bond and Special Equity to the annual rate of 0.46% and 1.11%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to
time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">In general, for a period of up to 36 months after the date
any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and
expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such
repayment by the Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment
manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor
to the accounting and performance information of a Fund. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">At December 31, 2020, the Funds’ expiration of reimbursements subject to recoupment is as follows:
</P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="60%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B> Expiration</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL"><B> Period</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Bond</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Special Equity</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"> Less than 1 year</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$54,349</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap"> 1-2</FONT> years</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$67,260</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">121,521</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><FONT STYLE="white-space:nowrap"> 2-3</FONT> years</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">51,532</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">120,416</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$118,792</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$296,286</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD> </TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Trust, on behalf of the Funds, has entered into an amended and restated Administration Agreement under which the Investment Manager
serves as the Funds’ administrator (the “Administrator”) and is responsible for all <FONT STYLE="white-space:nowrap">non-portfolio</FONT> management aspects of managing the Funds’ operations, including administration and
shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds are distributed by AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the
</P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">39 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Notes to Financial Statements <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">distributor and underwriter for each Fund and is a registered broker-dealer and member of the Financial Industry Regulatory
Authority, Inc. (“FINRA”). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling agreements with the
Distributor. Generally the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for sales purposes and any
advertising or sales literature. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For Class N shares of Bond and Special Equity and for Class I shares of Bond, the Board has approved reimbursement
payments to the Investment Manager for shareholder servicing expenses (“shareholder servicing fees”) incurred. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Shareholder servicing fees include payments
to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and other services. The Class N shares of Bond and Special Equity
and Class I shares of Bond may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class’s average daily net assets as shown in the table below. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The impact on the annualized expense ratios for the fiscal year ended December 31, 2020, were as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="16%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Maximum Annual</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Approved</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Actual </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount </B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Incurred </B></P></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Class N</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.25%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.25%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Class I*</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">0.04%</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">0.04%</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Class N</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">0.25%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="center">0.25%</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">* Prior to May 1, 2020, the maximum annual amount approved was 0.05%. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Board provides supervision of the affairs of the Trust and other trusts within the AMG Funds Family. The Trustees of the Trust who are not affiliated with the
Investment Manager receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses
incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment
Manager, AMG and/or the Distributor. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits the Funds to lend and
borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan is only made
if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the
exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and miscellaneous expense,
respectively. At December 31, 2020, the Funds had no interfund loans outstanding.
</P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following Fund utilized the interfund loan program during the fiscal year ended December 31, 2020 as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="11%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B>Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Average<BR>Borrowed</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Number<BR>of Days</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Interest<BR>Paid</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Average <BR>Interest Rate </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">$3,600,142</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$195</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">1.980%</TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">For the fiscal year ended December 31, 2020, Special Equity executed security transactions with other funds affiliated with Lord,
Abbett. Each of the transactions were executed at the closing price of the security transacted and with no commissions under Rule <FONT STYLE="white-space:nowrap">17a-7</FONT> procedures approved by the Board. The amounts purchased and sold during
the fiscal year ended December 31, 2020, are reflected in the following chart: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="15%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Number of<BR>Transactions</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Total<BR>Quantity</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B> Cost/Proceeds </B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Purchases</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">7</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">9,924</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center">$359,493 </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="4"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD>
<TD HEIGHT="4" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Sales*</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">4</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">1,785</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="center" STYLE="BORDER-BOTTOM:1px solid #000000">258,325 </TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL">* Realized gain was $167,997. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>3. PURCHASES AND SALES OF SECURITIES </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Purchases
and sales of securities (excluding short-term securities and U.S. Government Obligations) for the fiscal year ended December 31, 2020, were as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="52%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD WIDTH="18%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Long Term Securities</B></P></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Purchases</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><B>Sales</B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$75,498,355</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$110,814,773</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">194,982,036</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">226,839,891</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2020 were as follows: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="7%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="4" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>U.S. Government Obligations</B></P></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD>
<TD HEIGHT="8" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><B>Purchases</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"><B>Sales</B></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$195,946,225</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">260,972,003</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" ALIGN="right" STYLE="BORDER-BOTTOM:1px solid #000000">—</TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>4. PORTFOLIO SECURITIES LOANED </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds participate in the Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash
investments, plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is
accepted in cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments
on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral
held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and
</P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">40 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Notes to Financial Statements <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">to the extent that the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to
exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM that cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash
collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is
normally within three business days. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The value of securities loaned on positions held, cash collateral and securities collateral received at December 31, 2020,
were as follows: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="26%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Loaned</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Cash</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Collateral</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Received</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Securities</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Collateral</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Received</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="3" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Total</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Collateral</B></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Received</B></P></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.35em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$71,118,320</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$58,109,552</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$72,523,651</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:0.35em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">33,497,548</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">10,373,828</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">24,201,040</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000" ALIGN="right">34,574,868</TD>
<TD NOWRAP VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> </TD></TR>
</TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table summarizes the securities received as collateral for securities lending at December 31, 2020: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="27%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="20%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"><B> Fund</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Collateral</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Type</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Coupon</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Range</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Maturity</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Date Range</B></P></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Bond</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">U.S. Government Agency Obligations</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">0.000%-9.500%</FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">01/01/21-01/01/51 </FONT></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">U.S. Treasury Obligations</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">0.125%-5.250%</FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">09/30/21-08/15/49 </FONT></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Special Equity</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">U.S. Treasury Obligations</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">0.000%-8.125%</FONT></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="center"><FONT STYLE="white-space:nowrap">01/15/21-11/15/50 </FONT></TD></TR>
</TABLE> </DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>5. FOREIGN SECURITIES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Bond invests in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in
domestic securities. <FONT STYLE="white-space:nowrap">Non-domestic</FONT> securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company
information, differing auditing and legal standards, and, potentially, less liquidity. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each
jurisdiction. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>6. COMMITMENTS AND CONTINGENCIES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Under the Trust’s organizational documents, its trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to
the Trust. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under
these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote. </P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>7. RISKS ASSOCIATED WITH HIGH YIELD SECURITIES </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Investing in high yield securities involves greater risks and considerations not typically associated with U.S. Government and other high quality/investment grade
securities. High yield securities are generally below investment grade securities and do not have an established retail secondary market. Economic downturns may disrupt the high yield market and impair the issuer’s ability to repay principal
and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations and could cause the securities to become less liquid.
</P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>8. MASTER NETTING
AGREEMENTS </B></FONT></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The Funds may enter into master netting agreements with their counterparties for the securities lending program and Repurchase Agreements,
which provide the right, in the event of default (including bankruptcy or insolvency) for the <FONT STYLE="white-space:nowrap">non-defaulting</FONT> party to liquidate the collateral and calculate net exposure to the defaulting party or request
additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the Statement of Assets and Liabilities. For securities lending
transactions, see Note 4. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">41 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">Notes to Financial Statements <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(continued)</FONT></I></P></TD></TR></TABLE>
<P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting
agreement as of December 31, 2020: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="85%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD style="width:43pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:43pt"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD style="width:16pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:16pt"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD style="width:16pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:16pt"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD style="width:19pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:19pt"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD style="width:16pt"></TD>
<TD></TD>
<TD></TD>
<TD style="width:16pt"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD COLSPAN="4" VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="9" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Gross Amount Not Offset in the</B><br><B> Statement of Assets and Liabilities
</B></TD>
<TD VALIGN="bottom"> </TD>
<TD COLSPAN="4" VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD COLSPAN="4" VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B> Fund</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Gross Amounts of</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Assets Presented in</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>the Statement
of</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Assets and Liabilities</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Offset</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Net</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Asset</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Balance</B></P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Collateral</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Received</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" COLSPAN="4" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Net</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL" ALIGN="center"><B>Amount</B></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt" align="left"> </P></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Bond</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cantor Fitzgerald Securities, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,499,126</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,499,126</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,499,126</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Citadel Securities LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,448,727</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,448,727</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,448,727</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Deutsche Bank Securities, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,358,684</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,358,684</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,358,684</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JVB Financial Group LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,087,231</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,087,231</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,087,231</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Mirae Asset Securities USA, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,116,513</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,116,513</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,116,513</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">RBC Dominion Securities, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,423,361</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,423,361</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">3,423,361</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">State of Wisconsin Investment</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Board</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,480,457</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,480,457</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,480,457</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD>
<TD HEIGHT="8" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> —</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right"> $14,414,099</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right"> —</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD></TR>
<TR STYLE="font-size:1pt" BGCOLOR="#c7dbd4">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR BGCOLOR="#c7dbd4" STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Special Equity</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Cantor Fitzgerald Securities, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,172,473</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,172,473</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$2,172,473</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Citadel Securities LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,441,274</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,441,274</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,441,274</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Citigroup Global Markets, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,224,306</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,224,306</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,224,306</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">JVB Financial Group LLC</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,071,983</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,071,983</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">1,071,983</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">RBC Dominion Securities, Inc.</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,463,792</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,463,792</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">2,463,792</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:1.00px solid #000000"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD>
<TD HEIGHT="5" COLSPAN="5"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Total</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$10,373,828</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">— </TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$10,373,828</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" ALIGN="right">$10,373,828</TD>
<TD NOWRAP VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" > </TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">—</TD>
<TD NOWRAP VALIGN="bottom"></TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-top:3.00px double #000000"> </P></TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>9. SUBSEQUENT EVENTS </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:49%; font-size:9pt; font-family:ARIAL">The Funds have determined that no material events or transactions occurred through the issuance date of the Funds’ financial statements which
require an additional disclosure in or adjustment of the Funds’ financial statements. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">42 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_17"></A>Report of Independent Registered Public Accounting Firm</P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:26%; font-size:9.5pt; font-family:ARIAL"><FONT
COLOR="#00573d"><B>TO THE BOARD OF TRUSTEES OF AMG FUNDS III AND SHAREHOLDERS OF AMG MANAGERS LOOMIS SAYLES BOND FUND AND AMG MANAGERS SPECIAL EQUITY FUND </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B></B><B><I>Opinions on the Financial Statements</I></B><B> </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-right:26%; font-size:9pt; font-family:ARIAL">We have audited the accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG Managers Loomis Sayles
Bond Fund and AMG Managers Special Equity Fund (two of the funds constituting AMG Funds III, referred to hereafter as the “Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31,
2020, the statements of changes in net assets for each of the two years in the period ended December 31, 2020, including the related notes, and the financial highlights for each of the five years in the ended period December 31, 2020
(collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of December 31, 2020, the results of each of their
operations for the year then ended, the changes in each of their net assets for each of the two years in the period December 31, 2020, and each of the financial highlights for each of the five years in the period ended December 31, 2020,
in conformity with accounting principles generally accepted in the United States of America. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><B></B><B><I>Basis for Opinions</I></B><B> </B></P>
<P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:26%; font-size:9pt; font-family:ARIAL">These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:26%; font-size:9pt; font-family:ARIAL">We conducted our audits
of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether
due to error or fraud. </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:26%; font-size:9pt; font-family:ARIAL">Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the
accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31, 2020, by
correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. </P>
<P STYLE="margin-top:40pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">PricewaterhouseCoopers LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Boston, Massachusetts </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">February 23, 2021 </P> <P STYLE="margin-top:10pt; margin-bottom:0pt; margin-right:26%; font-size:9pt; font-family:ARIAL">We have served as the auditor of one or more
investment companies in AMG Funds Family since 1993. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">43 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:13pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_18"></A>Other Information <I><FONT STYLE="font-size:11pt" COLOR="#00573d">(unaudited)</FONT></I></P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="line-height:2.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:2.00pt solid #00573d"> </P> <P STYLE="margin-top:2pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>TAX INFORMATION </B></FONT></P>
<P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV STYLE="position:relative;float:left; width:48%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond Fund and AMG Managers Special Equity Fund each hereby designates the maximum amount
allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003. The 2020 Form <FONT STYLE="white-space:nowrap">1099-DIV</FONT> you receive for each Fund will show the tax status of
all distributions paid to you during the year. </P></DIV><DIV STYLE="position:relative;float:left; margin-left:3%; width:49%;padding-right:0%;padding-bottom:8pt;overflow:hidden;padding-top:3pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9pt; font-family:ARIAL">Pursuant to section 852 of the Internal Revenue Code, AMG Managers Loomis Sayles Bond Fund and AMG Managers Special Equity
Fund each hereby designates $2,648,558 and $10,431,748, respectively, as a capital gain distribution with respect to the taxable year ended December 31, 2020, or if subsequently determined to be different, the net capital gains of such fiscal
year. </P></div><div style="clear:both; height:0pt; font-size:0pt"> </div>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">44 </P>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:13pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="99%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:11pt">
<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"><A NAME="tx137829_19"></A>AMG Funds</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:11pt; font-family:ARIAL">Trustees and Officers</P></TD></TR>
</TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P> <P STYLE="font-size:10pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="1%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="30%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">The Trustees and Officers of the Trust, their business addresses, principal occupations for the past five years and ages are listed below. The
Trustees provide broad supervision over the affairs of the Trust and the Funds. The Trustees are experienced executives who meet periodically throughout the year to oversee the Funds’ activities, review contractual arrangements with companies
that provide services to the Funds, and</P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> </TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">review the Funds’ performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: One Stamford Plaza,
263 Tresser Blvd, Suite 949, Stamford, Connecticut 06901.</P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL">There is no stated term of office
for Trustees. Trustees serve until their resignation, retirement or removal in</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"> </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">accordance with the Trust’s organizational documents and policies adopted by the Board from time to time. The Chairman of the Trustees, President, Treasurer and Secretary of the Trust are elected by the Trustees annually. Other
officers hold office at the pleasure of the Trustees.</TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Independent Trustees </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">The following Trustees are not “interested persons” of the Trust within the meaning of the 1940 Act: </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:ARIAL; font-size:8.5pt" ALIGN="center">
<TR>
<TD WIDTH="23%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="76%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Number of Funds Overseen in</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.50em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Fund Complex</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee</B></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 2012</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 49 Funds in Fund Complex</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Bruce B. Bingham, 72</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL">Partner, Hamilton Partners (real estate development firm) (1987-2020); Director of The Yacktman Funds (2 portfolios) (2000-2012).</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 2013</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 52 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Kurt A. Keilhacker, 57</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Managing Partner, TechFund Capital (1997-Present); Managing Partner, TechFund Europe (2000-Present); Managing Partner, Elementum Ventures (2013-Present); Director,
MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Trustee, Board Member, 6wind SA, (2002-2019).</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 2000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 49 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Steven J. Paggioli, 70</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Independent Consultant (2002-Present); Trustee, Professionally Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent
Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment Counsel(2008–2019); Executive Vice President, Secretary and Director, Investment Company
Administration, LLC and First Fund Distributors, INC. (1990-2001).</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 2013</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 49 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Richard F. Powers III, 75</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Adjunct Professor, U.S. Naval War College (2016-Present); Adjunct Professor, Boston College (2011-2015); Director, Ameriprise Financial Inc. (2005-2009); President and
CEO of Van Kampen Investments Inc. (1998-2003); President, Morgan Stanley Client Group (2000-2002); Executive Vice President and Chief Marketing Officer of the Morgan Stanley Individual Investor Group (1984-1998).</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Independent Chairman</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 2000</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 52 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Eric Rakowski, 62</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Professor of Law, University of California at Berkeley School of Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T.
Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of Harding, Loevner Funds, Inc. (9 portfolios); Trustee of Third Avenue Trust (3 portfolios)
(2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).</P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 2013</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 52 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Victoria L. Sassine, 55</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Adjunct Professor, Babson College (2007–Present); Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present);
Adviser, EVOFEM Biosciences (2019-Present); Teaching Fellow, Goldman Sachs 10,000 Small Business Initiative (2010-Present); Chairperson of the Board of Directors of Business Management Associates (2018 to 2019).</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2" STYLE="BORDER-LEFT:1px solid #000000"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Trustee since 1987</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-0.59em; font-size:8.5pt; font-family:ARIAL">• Oversees 49 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-LEFT:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Thomas R. Schneeweis, 73</B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Professor Emeritus, University of Massachusetts (2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association
(“CAIA”) (2002-Present); Director, CAIA Foundation (2010-2019); Director, Institute for Global Asset and Risk Management (Education) (2010-Present); <FONT STYLE="white-space:nowrap">Co-Owner,</FONT> Quantitative Investment Technologies
(2014-Present); <FONT STYLE="white-space:nowrap">Co-Owner,</FONT> Yes Wealth Management (2018-Present); Director of Research, Yes Wealth Management (2018-Present); Partner, S Capital Wealth Advisors (2015-2018); Partner, S Capital Management, LLC
(2007-2015); President, Alternative Investment Analytics, LLC, (formerly Schneeweis Partners, LLC) (2001-2013); Finance Professor, University of Massachusetts (1977-2013).</P>
<P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000"> </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL" ALIGN="center">45 </P>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:13pt; font-family:ARIAL"> </P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:13pt; font-family:ARIAL">AMG Funds</P></TD></TR>
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<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Trustees and Officers <I><FONT STYLE="font-size:9pt" COLOR="#00573d">(continued)</FONT></I></TD></TR></TABLE> <P STYLE="line-height:16.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:16.00pt solid #00573d"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Interested Trustees </B></FONT></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL">Each Trustee in the following table is an “interested person” of the Trust within the meaning of the 1940 Act. Ms. Carsman is an interested person of the
Trust within the meaning of the 1940 Act by virtue of her position with, and interest in securities of, AMG. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="75%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Number of Funds Overseen in</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:2.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL"><B>Fund Complex</B></P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-TOP:1px solid #000000; BORDER-BOTTOM:1px solid #000000"><B>Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by Trustee</B></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Trustee since 2011</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Oversees 52 Funds in Fund Complex</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Christine C. Carsman, 68</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><B></B>Senior Policy Advisor, Affiliated Managers Group, Inc. (2019-Present); Chair of the Board of Directors, AMG Funds plc (2015-2018); Director, AMG Funds plc
(2010-2018); Executive Vice President, Deputy General Counsel and Chief Regulatory Counsel, Affiliated Managers Group, Inc. (2017-2018); Senior Vice President and Deputy General Counsel, Affiliated Managers Group, Inc. (2011-2016); Senior Vice
President and Chief Regulatory Counsel, Affiliated Managers Group, Inc. (2007-2011); Vice President and Chief Regulatory Counsel, Affiliated Managers Group, Inc. (2004-2007); Senior Counsel, Vice President and Director of Operational Risk Management
and Compliance, Wellington Management Company, LLP (1995-2004); Director of Harding, Loevner Funds, Inc. (9 portfolios) (2017-Present); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III
(2004-2011).<B></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" COLSPAN="3" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>Officers</B></FONT></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; font-size:8.5pt; font-family:ARIAL">Position(s) Held with Fund and Length of Time Served</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000">Name, Age, Principal Occupation(s) During Past 5 Years</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  President since 2018</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Principal Executive Officer since 2018</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Chief Executive Officer since 2018</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Chief Operating Officer since 2007</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Keitha L. Kinne, 62</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Chief Operating Officer, AMG Funds LLC (2007-Present); Chief Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc.
(2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating
Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal
Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC
(2006-2007); Managing Director, Citigroup Asset Management (2004-2006).</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Secretary since 2015</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Chief Legal Officer since 2015</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Mark J. Duggan, 55</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Senior Vice President and Senior Counsel, AMG Funds LLC (2015-Present); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG
Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015).</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Chief Financial Officer since 2017</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Treasurer since 2017</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Principal Financial Officer since 2017</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Principal Accounting Officer since 2017</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Thomas G. Disbrow, 54</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><B></B>Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer
and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing
Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015).<B></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Deputy Treasurer since 2017</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>John A. Starace, 50</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><B></B>Director, Mutual Fund Accounting, AMG Funds LLC (2017-Present); Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy
Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche
LLP.<B></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Chief Compliance Officer since 2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Patrick J. Spellman, 46</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><B></B>Vice President, Chief Compliance Officer, AMG Funds LLC (2017-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds,
AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Chief Compliance Officer, AMG Distributors, Inc., (2010-Present); Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Anti-Money Laundering Compliance
Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019); Anti-Money Laundering Officer, AMG Funds IV, (2016-2019); Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011).<B></B></P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Assistant Secretary since 2016</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:ARIAL"><B>Maureen A. Meredith, 35</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:ARIAL">Vice President, Counsel, AMG Funds LLC (2019-Present); Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant
Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015); Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011).</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:ARIAL; font-size:8.5pt">
<TD VALIGN="top" STYLE="BORDER-RIGHT:1px solid #000000; BORDER-BOTTOM:1px solid #000000; padding-left:8pt">
<P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8pt; font-family:ARIAL">•  Anti-Money Laundering Compliance Officer since 2019</P></TD>
<TD VALIGN="bottom" STYLE=" BORDER-BOTTOM:1px solid #000000"> </TD>
<TD VALIGN="bottom" STYLE="BORDER-BOTTOM:1px solid #000000"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><B>Hector D. Roman, 43</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL">Director, Legal and Compliance, AMG Funds LLC (2020-Present); Manager, Legal and Compliance, AMG Funds LLC (2017-2019); Director of Compliance, Morgan Stanley
Investment Management (2015-2017); Senior Advisory, PricewaterhouseCoopers LLP (2014-2015); Risk Manager, Barclays Investment Bank (2008-2014); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG
Funds IV (2019-Present).</P></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-LEFT:1px solid #000000; padding-left:8pt"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>INVESTMENT MANAGER AND ADMINISTRATOR</B></FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">AMG Funds LLC</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">One Stamford
Plaza</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">263 Tresser Blvd, Suite 949</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT
COLOR="#1a1a1a">Stamford, CT 06901</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">800.548.4539</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>DISTRIBUTOR</B></FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">AMG Distributors, Inc.</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">One
Stamford Plaza</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">263 Tresser Blvd, Suite 949</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT
COLOR="#1a1a1a">Stamford, CT 06901</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">800.548.4539</FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>CUSTODIAN</B></FONT></P> <P STYLE="font-size:2pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">The Bank of New York Mellon</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">111
Sanders Creek Parkway</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">East Syracuse, NY 13057</FONT></P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>LEGAL COUNSEL</B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT
COLOR="#1a1a1a">Ropes & Gray LLP</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">Prudential Tower, 800 Boylston Street</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">Boston, MA 02199-3600</FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:9.5pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>TRANSFER AGENT</B></FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">BNY Mellon
Investment Servicing (US) Inc.</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">Attn: AMG Funds</FONT></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">4400 Computer Drive</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">Westborough,
MA 01581</FONT></P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">800.548.4539</FONT></P></TD>
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<TD VALIGN="bottom" ROWSPAN="2"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT COLOR="#1a1a1a">This report is prepared for the Funds’ shareholders. It is authorized for distribution to prospective
investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund Trustees, please contact us by calling
800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT
COLOR="#1a1a1a">Current net asset values per share for each Fund are available on the Funds’ website at amgfunds.com. A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon
request, by calling 800.548.4539, or (ii) on the Securities and Exchange Commission’s (SEC) website at sec.gov. For information regarding each Fund’s proxy voting record for the <FONT STYLE="white-space:nowrap">12-month</FONT> period
ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.</FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8.5pt; font-family:ARIAL"><FONT
COLOR="#1a1a1a">The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form <FONT STYLE="white-space:nowrap">N-PORT.</FONT> The Funds’
portfolio holdings on Form <FONT STYLE="white-space:nowrap">N-PORT</FONT> are available on the SEC’s website at sec.gov and the Funds’ website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the
most recent semi-annual report or annual report, please visit amgfunds.com</FONT></P> <P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:1pt"> </P></TD></TR>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">amgfunds.com </P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
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<TD VALIGN="top"> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>AFFILIATE SUBADVISED FUNDS</B></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>BALANCED FUNDS</B></FONT></P>
<P STYLE="font-size:6pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Global Allocation</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GW&K Investment Management, LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG FQ Global Risk-Balanced</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">First Quadrant, L.P.</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>EQUITY FUNDS</B></FONT></P> <P STYLE="font-size:0pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG FQ <FONT STYLE="white-space:nowrap">Tax-Managed</FONT> U.S. Equity AMG FQ Long-Short Equity</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">First Quadrant, L.P.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Frontier Small Cap Growth</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Frontier Capital Management Co., LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Small Cap Core</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Small Cap Value</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Small/Mid Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Mid Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Emerging Markets Equity AMG GW&K Emerging Wealth Equity AMG GW&K International Small Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GW&K Investment Management, LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Renaissance Large Cap Growth</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">The Renaissance Group LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG River Road Dividend All Cap Value</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG River Road Focused Absolute Value</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG River Road Long-Short</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG River Road <FONT STYLE="white-space:nowrap">Small-Mid</FONT> Cap Value</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG River Road Small Cap Value</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">River Road Asset Management, LLC</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG TimesSquare Emerging Markets Small Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG TimesSquare Global Small Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG TimesSquare International Small Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG TimesSquare Mid Cap Growth</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG TimesSquare Small Cap Growth</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">TimesSquare Capital Management, LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Yacktman</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Yacktman Focused</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Yacktman Focused Fund - Security Selection Only</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Yacktman Special Opportunities</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Yacktman Asset Management LP</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>FIXED INCOME FUNDS</B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Core Bond ESG</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Enhanced Core Bond ESG</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K High Income</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Municipal Bond</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG GW&K Municipal Enhanced Yield</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">GW&K Investment Management, LLC</P> <P STYLE="font-size:0pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:11pt; font-family:ARIAL"><B>OPEN-ARCHITECTURE FUNDS</B></P>
<P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>EQUITY FUNDS</B></FONT></P>
<P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Brandywine</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Brandywine Blue</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Friess Associates, LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers CenterSquare Real Estate</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">CenterSquare Investment Management LLC</P></TD>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Emerging Opportunities</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">WEDGE Capital Management L.L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Next Century Growth Investors LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">RBC Global Asset Management (U.S.) Inc.</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Fairpointe Mid Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Fairpointe Capital LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers LMCG Small Cap Growth</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">LMCG Investments, LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Montag & Caldwell Growth</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Montag & Caldwell, LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Pictet International</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Pictet Asset Management Limited</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Silvercrest Small Cap</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Silvercrest Asset Management Group LLC</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Special Equity</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Ranger Investment Management, L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Lord, Abbett & Co. LLC</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Smith Asset Management Group, L.P.</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Federated MDTA LLC</P> <P STYLE="font-size:8pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; border-bottom:1px solid #000000; font-size:10pt; font-family:ARIAL"><FONT COLOR="#00573d"><B>FIXED INCOME FUNDS</B></FONT></P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers DoubleLine Core Plus Bond</P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">DoubleLine Capital LP</P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:0pt"> </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:ARIAL">AMG Managers Loomis Sayles Bond</P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:8.5pt; font-family:ARIAL">Loomis, Sayles & Company, L.P.</P></TD>
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<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:7.5pt; font-family:ARIAL">amgfunds.com </P> <P STYLE="font-size:4pt; margin-top:0pt; margin-bottom:1pt"> </P></TD>
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<TD VALIGN="top"><FONT STYLE="font-size:7.5pt">123120 AR078</FONT></TD></TR></TABLE>
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<TD STYLE="width: 90%; font-size: 10pt"><FONT STYLE="font-size: 18pt; font-variant: small-caps; color: rgb(0,78,56)">Annual Report</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="width: 94%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 18pt; color: rgb(0,78,56)"><B>AMG Funds</B></FONT></TD></TR>
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<TD>December 31, 2020</TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Enhanced Core Bond ESG Fund</B></FONT></TD></TR>
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<TD>Class N: <B>MFDAX | </B>Class I: <B>MFDSX | </B>Class Z: <B>MFDYX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K High Income Fund</B></FONT></TD></TR>
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<TD><I>(formerly AMG Managers Global Income Opportunity Fund)</I></TD></TR>
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<TD>Class N: <B>MGGBX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Municipal Bond Fund</B></FONT></TD></TR>
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<TD>Class N: <B>GWMTX | </B>Class I: <B>GWMIX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Municipal Enhanced Yield Fund</B></FONT></TD></TR>
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<TD>Class N: <B>GWMNX | </B>Class I: <B>GWMEX | </B>Class Z: <B>GWMZX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Global Allocation Fund</B></FONT></TD></TR>
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<TD><I>(formerly AMG Chicago Equity Partners Balanced Fund)</I></TD></TR>
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<TD>Class N: <B>MBEAX | </B>Class I: <B>MBESX | </B>Class Z: <B>MBEYX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Small Cap Core Fund</B></FONT></TD></TR>
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<TD>Class N: <B>GWETX | </B>Class I: <B>GWEIX | </B>Class Z: <B>GWEZX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Small/Mid Cap Fund</B></FONT></TD></TR>
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<TD>Class N: <B>GWGVX | </B>Class I: <B>GWGIX | </B>Class Z: <B>GWGZX</B></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 15pt"><B>AMG GW&K Small Cap Value Fund</B></FONT></TD></TR>
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<TD><I>(formerly AMG Managers Skyline Special Equities Fund)</I></TD></TR>
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<TD>Class N: <B>SKSEX | </B>Class I: <B>SKSIX | </B>Class Z: <B>SKSZX</B></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">amgfunds.com |</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG Funds</FONT></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)">Annual Report — December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="color: #004E38">TABLE OF CONTENTS</FONT></TD>
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<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">PAGE</FONT></TD></TR>
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<TD STYLE="vertical-align: top"><B>LETTER TO SHAREHOLDERS</B></TD>
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<TD STYLE="vertical-align: bottom; text-align: right">2</TD></TR>
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<TD STYLE="vertical-align: top"><B>ABOUT YOUR FUND’S EXPENSES</B></TD>
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<TD STYLE="vertical-align: bottom; text-align: right">3</TD></TR>
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<TD STYLE="vertical-align: top"><B>PORTFOLIO MANAGER’S COMMENTS, FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS</B></TD>
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<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD>
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<TD STYLE="vertical-align: bottom; text-align: right">5</TD></TR>
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<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K High Income Fund</FONT></TD>
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<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(formerly AMG Managers Global Income Opportunity Fund)</FONT></TD>
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<TD STYLE="vertical-align: bottom; text-align: right">14</TD></TR>
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<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Municipal Bond Fund</FONT></TD>
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<TD STYLE="vertical-align: bottom; text-align: right">21</TD></TR>
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<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">29</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Global Allocation Fund</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(formerly AMG Chicago Equity Partners Balanced Fund)</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">36</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small Cap Core Fund</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">46</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small/Mid Cap Fund</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">52</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small Cap Value Fund</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(formerly AMG Managers Skyline Special Equities Fund)</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">58</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"><B>FINANCIAL STATEMENTS</B></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Statement of Assets and Liabilities</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">63</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings
(loss)</I></FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Statement of Operations</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">67</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal year</I></FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Statements of Changes in Net Assets</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">69</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Detail of changes in assets for the past two fiscal years</I></FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financial Highlights</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">72</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net
assets</I></FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Notes to Financial Statements</FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">93</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and
descriptions of certain investment risks</I></FONT></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">105</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"><B>OTHER INFORMATION</B></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">106</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"><B>TRUSTEES AND OFFICERS</B></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">107</TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top"><B>APPROVAL OF SUBADVISORY AGREEMENTS</B></TD>
<TD STYLE="vertical-align: top"> </TD>
<TD STYLE="vertical-align: bottom; text-align: right">109</TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 80%">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.375in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of
Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.</FONT></TD> </TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif"> </P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 12%; font-size: 10pt">
<IMG SRC="g134249img001_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: Red"><B></B></FONT></TD>
<TD STYLE="width: 88%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Letter to Shareholders</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>Dear Shareholder:</B></FONT><B><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></B></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The fiscal year ending December 31, 2020, was a volatile period for financial markets that featured a dramatic selloff and extraordinary rebound amid the unprecedented global effort
to stop the COVID-19 pandemic. Early in the year, equities achieved new record highs against the backdrop of a healthy economy and strong investor sentiment. However, a broad-based selloff occurred amid a global flight to quality as investors
assessed the scope of the unfolding COVID-19 pandemic, a deteriorating economy, and skyrocketing unemployment. An oil price war initiated between Saudi Arabia and Russia only made matters worse. From its peak in mid-February 2020, the S&P
500<SUP>®</SUP> Index declined (33.79)% over the span of a few weeks, halting the eleven-year equity bull market. In response to the crisis, global central banks and governments were quick to flood the market with massive fiscal and monetary
stimulus which helped to stabilize the market and led to an impressive recovery in risk assets, albeit a very uneven one. So despite the volatility, the S&P 500<SUP>®</SUP> Index still achieved an 18.40% return for 2020 while effective
COVID-19 vaccines and further government stimulus bolstered investor optimism for a brighter future in 2021.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During the year there was very wide dispersion in performance across sectors, with information technology and consumer discretionary sectors leading the market with returns of 43.88%
and 33.30%, respectively. On the other hand, companies in the energy sector fell (33.69)%, and financials and real estate also produced slightly negative returns. Growth stocks significantly outperformed value stocks for the period with returns of
38.49% and 2.80% for the Russell 1000<SUP>®</SUP> Growth and Russell 1000<SUP>® </SUP>Value Indexes, respectively. Small cap stocks endured a wild ride in 2020 as the Russell 2000<SUP>®</SUP> Index experienced both its best quarter
(fourth quarter 2020) and worst quarter (first quarter 2020) on record. For the year as a whole, small cap returns were relatively in line with the broader market as the Russell 2000<SUP>®</SUP> Index gained 19.96% in 2020. Outside the U.S.,
emerging markets outperformed developed markets with an 18.31% return for the MSCI Emerging Markets Index compared to a 7.82% return for the MSCI EAFE Index.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest rates fell dramatically and led to strong returns for bond
investors as the U.S. Federal Reserve (the Fed) slashed short-term rates in response to the slowing economy. The 10-year Treasury yield ended the year near a historic low yield of 0.93%. The Bloomberg Barclays U.S. Aggregate Bond Index, a broad
measure of U.S. bond market performance, returned 7.51% over the period. Investment grade corporate bonds rebounded from the selloff early in the year and returned 9.89% in 2020. Riskier high yield bonds lagged the investment grade market with a
7.11% return as measured by the return of the Bloomberg Barclays U.S. Corporate High Yield Bond Index.</FONT></P> </DIV> <DIV STYLE="position: relative; float: right; width: 48%">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">AMG Funds appreciates the privilege of providing investment tools to you and your
clients. Our foremost goal is to provide investment solutions that help our shareholders successfully reach their long-term investment goals. AMG Funds provides access to a distinctive array of actively managed return-oriented investment strategies.
We thank you for your continued confidence and investment in AMG Funds. You can rest assured that under all market conditions our team is focused on delivering excellent investment management services for your benefit.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Respectfully,</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red">
<IMG SRC="g134249img012_v1.jpg" ALT=""><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: Red"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Keitha Kinne<BR> President<BR> AMG Funds</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD COLSPAN="5" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Periods ended</B><BR> <B>December 31, 2020*</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; width: 25%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Stocks:</B></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; width: 35%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>1 Year</B></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>3 Years</B></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; width: 12%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>5 Years</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Large Cap</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(S&P 500<SUP>® </SUP>Index)</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.40%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.18%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.22%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Russell 2000<SUP>® </SUP>Index)</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.96%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.25%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.26%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">International</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(MSCI All Country World Index ex USA)</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.65%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.88%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.93%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Bonds:</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment Grade</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Bloomberg Barclays U.S. Aggregate Bond Index)</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.51%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.34%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.44%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High Yield</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Bloomberg Barclays U.S. Corporate High Yield Bond Index)</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.11%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.24%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.59%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tax-exempt</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Bloomberg Barclays Municipal Bond Index)</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.21%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.64%</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.91%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: top"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Treasury Bills</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(ICE BofAML U.S. 6-Month Treasury Bill Index)</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.05%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.84%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.43%</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">*Source:
FactSet. Past performance is no guarantee of future results.</FONT></P> </DIV> <BR CLEAR="ALL"><br> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
2
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">About Your Fund’s Expenses</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As a shareholder of a Fund, you may incur two types of costs: (1) transaction costs,
which may include sales charges (loads) on purchase payments; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution (12b-1) fees; and other Fund expenses. This example is intended to help you understand
your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds. The example is based on $1,000 invested at the beginning of the period and held for the entire period as
indicated below.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>ACTUAL EXPENSES</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The first line of the following table provides information about the actual account values and</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">actual expenses. You may use the information in this line, together with the amount you
invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading
entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The second line of the following table provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed
annual rate of return of 5% before expenses, which is not the Fund’s</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 32%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">actual return. The hypothetical account values and expenses may not be used to estimate
the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds by comparing this 5% hypothetical example with the 5% hypothetical examples
that appear in the shareholder reports of other funds.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not
reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning
different funds.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD></TR> </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Six Months Ended</B><BR> <B>December 31, 2020</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expense</B><BR> <B>Ratio for</B><BR> <B>the Period</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Beginning</B><BR> <B>Account Value</B><BR> <B>07/01/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ending</B><BR> <B>Account Value</B><BR> <B>12/31/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expenses</B><BR> <B>Paid</B><BR> <B>During</B><BR> <B>the Period*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Enhanced Core Bond ESG Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,038</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.74</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.55%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,039</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2.82</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.48%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,039</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2.46</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: white">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,021</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.71</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.55%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,022</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2.80</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.48%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,023</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2.44</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K High Income Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.88%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,076</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$4.59</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.88%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,021</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$4.47</FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Six Months Ended</B><BR> <B>December 31, 2020</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expense</B><BR> <B>Ratio for</B><BR> <B>the Period</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Beginning</B><BR> <B>Account Value</B><BR> <B>07/01/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ending</B><BR> <B>Account Value</B><BR> <B>12/31/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expenses Paid</B><BR> <B>During</B><BR> <B>the Period*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Municipal Bond Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Actual Fund Return</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.71%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,023</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.61</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.39%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,025</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1.99</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.71%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,022</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.61</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.39%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,023</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1.98</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Municipal Enhanced Yield Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.99%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,060</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.64%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,061</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.32</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.59%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,062</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.06</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.99%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,020</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.64%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,022</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.25</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.59%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,022</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3.00</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL">
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>
<DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
3
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"> </P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"> </FONT></TD>
<TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; font-size: 10pt"> </TD>
<TD STYLE="font-size: 10pt"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"> </FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">About Your Fund’s Expenses
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six Months Ended</B><BR> <B>December 31, 2020</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expense</B><BR> <B>Ratio for</B><BR> <B>the Period</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Beginning</B><BR> <B>Account Value</B><BR> <B>07/01/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ending</B><BR> <B>Account Value</B><BR> <B>12/31/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expenses Paid</B><BR> <B>During</B><BR> <B>the Period*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AMG GW&K Global Allocation Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.07%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,219</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.97</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.92%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,219</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.13</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.82%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,221</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.58</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.07%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,020</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.92%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,021</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.67</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.82%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,021</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.17</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AMG GW&K Small Cap Core Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.30%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,310</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7.55</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.95%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,313</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.52</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.90%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,313</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.23</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.30%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,019</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.60</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.95%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,020</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.82</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.90%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,021</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.57</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AMG GW&K Small/Mid Cap Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.11%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,303</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.93%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,305</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.39</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.84%</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,305</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.87</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.11%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,020</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.63</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.93%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,020</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.72</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.84%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,021</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.27</FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 32%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Six Months Ended</B><BR> <B>December 31, 2020</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expense</B><BR> <B>Ratio for</B><BR> <B>the Period</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Beginning</B><BR> <B>Account Value</B><BR> <B>07/01/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ending</B><BR> <B>Account Value</B><BR> <B>12/31/20</B></FONT></TD>
<TD STYLE="width: 17%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Expenses Paid</B><BR> <B>During</B><BR> <B>the Period*</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>AMG GW&K Small Cap Value Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Actual Fund Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.17%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,345</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6.90</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.99%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,346</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.84</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.92%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,346</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.43</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="5"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Based on Hypothetical 5% Annual Return</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class N</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.17%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,019</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.94</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class I</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.99%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,020</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5.03</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.92%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,000</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,021</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4.67</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.15in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of
days in the most recent fiscal half-year (184), then divided by 366.</FONT></TD></TR></TABLE> </DIV> <BR CLEAR="ALL"> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
4
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: black 1pt solid"> </TD>
<TD STYLE="width: 97%"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: black 1pt solid"> </TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: black 1pt solid"> </TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Portfolio Manager’s Comments
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(unaudited)</I></FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004C38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; padding-top: 8pt; font-size: 10pt"> </TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 31%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004C38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>THE YEAR IN REVIEW</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004C38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Enhanced Core Bond ESG Fund’s (the “Fund”) Class N shares returned 9.41% for the year ended December 31, 2020, compared to the return of 7.51% for the
Bloomberg Barclays U.S. Aggregate Bond Index (the Index).</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At the start of 2020, fixed income markets experienced an extraordinarily volatile quarter as COVID-19 evolved
into a global pandemic and investors aggressively shed risk assets amid a massive, system-wide deleveraging. Measures enacted to slow the spread of the virus effectively shut down entire segments of the world economy, and the implications for
growth, liquidity, and inflation were profound. Expectations for second quarter growth pointed to declines of as much as a third of Gross Domestic Product (GDP), companies began hoarding cash by drawing down lines of credit, and break-evens fell to
their lowest level in two decades. Adding to the tumult was the start of a crude price war between Russia and Saudi Arabia, which exacerbated the selloff inspired by an already dire outlook for demand and helped oil post its worst quarter on record.
Sentiment was similarly dismal, as investors struggled to handicap the ultimate duration and severity of the slowdown. They pulled record amounts of cash from investment grade mutual funds and caused dislocations in even the safest corners of the
fixed income market, desperate to raise cash by selling anything they could. Fiscal and monetary authorities took significant steps to mitigate the fallout from the virus, but given the unprecedented nature of the threat it posed, the long-term
efficacy of these efforts remained an open question.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In the second quarter, fixed income markets enjoyed a second straight quarter of gains benefiting from ongoing
support from the U.S. Federal Reserve (the Fed) and renewed investor optimism amid the country’s gradual reopening. Data suggested the bottom was likely in, as green shoots across the economy drove the recovery narrative. The consumer proved
remarkably resilient, with a V-shaped rebound unfolding in the retail, housing, and auto sectors. Business activity also bounced, as manufacturing sentiment and new orders pointed to a steady pace of progress in returning to pre-pandemic levels.
Adding to the turnaround’s momentum were expectations of additional fiscal stimulus, which would not only provide an obvious boost to the economy but also, more importantly, narrow the range of potential adverse outcomes.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 37%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Despite the unprecedented size and scope of the Fed’s intervention, alarming news
of rising case counts, renewed lockdowns across the country, and uncertain progress on the development of treatments and vaccines tempered the rally in the closing weeks. The potential for a significant second wave in the fall loomed as well, and
posed a serious threat to investor optimism. On the one hand, the Fed’s relatively downbeat economic outlook ensures that it is likely to provide necessary support for the indefinite future. On the other hand, it paints a challenging picture
for the nation’s recovery. The key question fixed income markets faced was which of these two forces would prevail in the coming quarters.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed income markets were
remarkably subdued in the third quarter, trading in an extremely narrow range despite major economic advances and significant developments epidemiologically and politically. For much of the period, this calm was striking for its apparent
insensitivity to the steady progress of the U.S. recovery. The consumer continued to display astonishing resilience, the housing sector soared, and the labor market made major strides in its path back to normalcy. Encouraging results in the hunt for
a COVID-19 vaccine and improved outcomes for those infected also seemed to have little impact. Toward the end of the quarter, this muted trading was all the more notable, considering the looming uncertainty investors faced heading into year end.
Signs had already begun to emerge that the virus’s second wave was forming; negotiators were far apart in their efforts to agree on a second round of stimulus; and there was increasing concern that a protracted vote count could result in a
weeks-long delay in determining the outcome of the election. Yet the bond market exited the quarter essentially where it started. Of course, the cause of this apparent tranquility is no mystery: The Fed remains absolutely dominant across all corners
of the fixed income market. And as its influence continues to overwhelm fundamentals and distort pricing mechanisms, it has become increasingly challenging and all the more important for investors to be discerning in their yield curve positioning
and sector allocation.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The fourth quarter represented a major inflection point for fixed income markets, as the most dominant trading
narratives of 2020 were either resolved or significantly advanced. The closely contested U.S. election was decided, another round of fiscal</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 28%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">stimulus was passed, and, most importantly, several COVID-19 vaccines were approved for
worldwide distribution. But while some of 2020’s most salient overhangs have been removed, the year ahead promises challenges of its own. On the political front, the incoming administration certainly has its work cut out for itself at
advancing meaningful legislation, with implications ranging from additional stimulus to changes in the regulatory landscape. The speed at which vaccines are distributed is likewise a point of uncertainty, to say nothing of how effective it will
ultimately be at slowing the spread of the virus. Meanwhile, the economy continues its slow climb out of the recent downturn, as businesses and consumers adapt to a post-COVID-19 world. Importantly for the fixed income markets, the possibility of
adverse outcomes is likely to be mitigated by the Fed. The central bank continues to exert massive influence over capital markets, and policymakers remain clear in their intentions to ensure their smooth functioning.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004C38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>FUND REVIEW</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004C38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund outperformed during its fiscal year, helped by its overweight to spread product. Investment grade corporates scored eight months of positive returns in 2020, with
March’s (7.09)% plunge followed up with robust gains. Additionally, high yield corporates battled back from an extremely tough first quarter, which included a (11.46)% drop in March, to end the year with solid gains. The sector’s trough
came on March 23 when it was down almost (20)% for the year. However, like its investment grade counterpart, it roared back to make up for the losses and then some. The Fund’s above-benchmark allocation to investment grade corporate bonds and
the Fund’s out-of-benchmark allocation to high yield corporates contributed to returns. Security selection was another key positive, with solid selection in the investment grade corporate space. Good selection was most notable in the banking
and communications segments, while that for capital goods and basic industry lagged. Selection within mortgage backed securities (MBS) was also a plus, as the Fund’s lack of Ginnie Mae exposure, preference for specified pools, and tactical
trades to capture the Fed’s technical demand all worked well. On the other hand, selection within the taxable municipal bond sector subtracted from performance. The yield curve effect was net modestly positive. The Fund gained from its
underweight to the long end of the yield curve,</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD></TR> </TABLE>
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5
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
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<TD STYLE="border-left: black 1pt solid"> </TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Portfolio Manager’s Comments
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="width: 31%"> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">which experienced the smallest decrease in rates. However, the Fund’s moderately
shorter duration detracted from returns, as rates plunged during the year.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004C38"><B>OUTLOOK</B></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004C38"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We believe corporate credit remains the most compelling segment of the fixed income market as both a
beneficiary of the ongoing recovery and a defense against rising interest rates. Yields available in the Treasury market sit close to historic lows at the</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P></TD>
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<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">same time as the sector’s sensitivity to interest rates is near historic highs, providing a particularly asymmetrical risk profile. Credit,
meanwhile, is poised to benefit not only from an improving fundamental picture, but also a notable drop-off in issuance next year that is likely to fuel a constructive supply/demand imbalance in a world where positive yields are increasingly scarce.
We are consequently overweight credit, focusing on sectors most exposed to the recovery and the credits within them that we believe are best positioned to thrive in a post-COVID-19 world. We also have</FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"> </TD>
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<TD STYLE="width: 28%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">out-of-benchmark exposure to fixed-to-floating hybrid securities, which continue to
offer attractive total return prospects while being backed by conservatively managed balance sheets. We have maintained our securitized exposure close to neutral, given still-heightened prepayment uncertainty, while within the space we prefer
higher-coupon, seasoned pools with more attractive convexity profiles.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>This commentary reflects the viewpoints of the portfolio manager, GW&K, and is not intended as a
forecast or guarantee of future results.</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P></TD></TR> </TABLE> <P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
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6
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
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<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Portfolio Manager’s Comments
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"> </P>
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<TD STYLE="width: 100%; background-color: rgb(0,78,56)"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"> </P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:68%"> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><B>CUMULATIVE TOTAL RETURN PERFORMANCE</B></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K
Enhanced Core Bond ESG Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG
GW&K Enhanced Core Bond ESG Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the Bloomberg Barclays U.S. Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes
that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been
reduced.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<IMG SRC="g134249img013_v1.jpg" ALT="(GRAPHIC)"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The table below shows the average annual total returns for the AMG GW&K Enhanced Core Bond ESG Fund and the
Bloomberg Barclays U.S. Aggregate Bond Index for the same time periods ended December 31, 2020.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One</B><BR> <B>Year</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five</B><BR> <B>Years</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten</B><BR> <B>Years</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Since</B><BR> <B>Inception</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Inception</B><BR> <B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Enhanced Core Bond ESG Fund</B><SUP>2, 3, 4, 5, 6, 7, 8, 9</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.41%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.95%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.08%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.48%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.57%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.14%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.53%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11/30/12</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.65%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.20%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.33%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.85%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg Barclays U.S. Aggregate Bond Index<SUP>10</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.51%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.44%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.84%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.24%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97<SUP>†</SUP></FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The performance data shown
represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an
investor’s shares, when redeemed, may be worth more or less than their original cost.</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses
before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it
carefully before investing or sending money.</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date reflects the inception date of the Fund, not the index.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect
offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and </FONT></TD></TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:28%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 93%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the
published NAV as of December 31, 2020. All returns are in U.S. dollars ($).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay
its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other
fixed income securities.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments in higher rated
securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in bankruptcy proceedings,
reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions,
which could result in significant market fluctuations. These risks are magnified in emerging markets.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public
health issues, or in response to events that affect particular industries or companies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Obligations of certain government agencies are not backed by the full faith and credit of the U.S. government. If one of these agencies defaulted on a loan, there is no
guarantee that the U.S. government would provide financial support. Additionally, debt securities of the U.S. government may be affected by changing interest rates and subject to prepayment risk.</FONT></TD></TR> </TABLE> </div> <BR CLEAR="ALL">
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"> </P><BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
7
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif;font-size: 11pt">Portfolio Manager’s Comments <FONT STYLE="font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%; background-color: rgb(0,78,56)"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 34%; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9 </SUP> Applying the Fund’s ESG investment criteria may result in the selection or
exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of this strategy may affect the Fund’s exposure to certain
companies, sectors, regions, countries or types of investments, which could negatively impact the Fund’s performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and
subjective by nature, and there is no guarantee that the criteria utilized by the Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor.</FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 31%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>10 </SUP>The Bloomberg
Barclays U.S. Aggregate Bond Index is an index of the U.S. investment-grade fixed-rate bond market, including both government and corporate bonds. Unlike the Fund, the Bloomberg Barclays U.S. Aggregate Bond Index is unmanaged, is not available for
investment and does not incur expenses.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg Index Services Limited. BLOOMBERG<SUP>®</SUP> is a trademark and service mark of Bloomberg
Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS<SUP>®</SUP> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg
or</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 31%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg’s licensors, including Barclays, own all proprietary rights in the
Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained
therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not FDIC insured, nor bank
guaranteed. May lose value.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD></TR> </TABLE> <P STYLE="margin: 0"> </P>
<P STYLE="margin: 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
8
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fund Snapshots</FONT> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><I>(unaudited)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #004E38"><B>PORTFOLIO
BREAKDOWN</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Category</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B><BR> <B>Net Assets</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; width: 78%; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds and Notes</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54.1</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: left; width: 10%"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Government and Agency Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34.6</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: left"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bonds</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.1</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: left"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign Government Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.6</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: left"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Short-Term Investments</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.3</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: left"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets Less
Liabilities</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.7</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Rating</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of <BR> Market Value<SUP>1</SUP></B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; width: 78%; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Government and Agency Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35.5</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; width: 10%"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aaa/AAA</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aa/AA</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.8</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.5</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baa/BBB</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28.2</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ba/BB</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16.6</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">B</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.8</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; text-align: center"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="3"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1 </SUP>Includes market value of long-term fixed-income securities only.</FONT></TD></TR> </TABLE> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>TOP TEN HOLDINGS</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>% of</B><BR> <B>Net Assets</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; width: 77%; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Bonds, 4.500%, 02/15/36</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; width: 12%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.5</FONT></TD>
<TD STYLE="width: 10%"> </TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FNMA, 4.000%, 10/01/43</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.2</FONT></TD>
<TD> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FNMA, 4.500%, 04/01/41</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD>
<TD> </TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FNMA, 2.000%, 08/01/50</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD>
<TD> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FHLMC Multifamily Structured Pass Through Certificates, Series K071,
Class A2, 3.286%, 11/25/27</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD>
<TD> </TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">California State General Obligation, School Improvements, 7.550%,
04/01/39</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.8</FONT></TD>
<TD> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FHLMC, 5.000%, 10/01/36</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.6</FONT></TD>
<TD> </TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FNMA, 2.500%, 02/01/35</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.6</FONT></TD>
<TD> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Goldman Sachs Group, Inc., Series S, 4.400%, 02/10/25</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD>
<TD> </TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">FNMA, 3.500%, 01/01/47</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21.6</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double"> </TD></TR> </TABLE> </DIV> <BR CLEAR="ALL">
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc.
(“Moody’s”) or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade
ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Because a fund’s strategy may result in multiple investments in particular sectors
of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the
Fund’s prospectus.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Any sectors, industries, or securities discussed should not be perceived as investment
recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by
the time you receive this report.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
9
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font: 10pt Arial, Helvetica, Sans-Serif; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 52%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Value</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Corporate Bonds and Notes - 54.1%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financials - 14.1%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aircastle, Ltd. (Bermuda)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.000%, 04/01/23</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$475,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$506,628</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ally Financial, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.000%, 11/01/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">392,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576,553</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bank of America Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.375in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series MM, (4.300% to 01/28/25 then 3 month LIBOR + 2.664%), 4.300%,
01/28/25<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">531,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">548,157</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Bank of New York Mellon Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MTN, 2.450%, 08/17/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">485,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">528,263</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boston Properties, LP</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.400%, 06/21/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">489,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">546,642</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Charles Schwab Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series G, (5.375% to 01/06/25 then</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Yield Curve CMT 5 year + 4.971%), 5.375%, 01/06/25<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">707,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">789,189</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CIT Group, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.125%, 03/09/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">451,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">550,698</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crown Castle International Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.300%, 02/15/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">406,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">482,522</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Goldman Sachs Group, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series S, (4.400% to 02/10/25 then</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Yield Curve CMT 5 year + 2.850%), 4.400%, 02/10/25<SUP>1,2,3,4</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">818,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">838,450</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Host Hotels & Resorts LP</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series I, 3.500%, 09/15/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">515,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">543,669</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Iron Mountain, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.500%, 02/15/31<SUP>5</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">230,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">241,213</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">JPMorgan Chase & Co.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.950%, 10/01/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132,091</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.375in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.000% to 01/04/25 then SOFRRATE + 2.475%), 4.000%, 01/04/25<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">415,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">422,003</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Starwood Property Trust, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.500%, 11/01/23<SUP>5</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">282,487</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Truist Financial Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series N, (4.800% to 09/01/24 then</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Yield Curve CMT 5 year + 3.003%), 4.800%, 09/01/24<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">259,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">273,792</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Visa, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.300%, 12/14/45</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">377,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">518,109</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">Total Financials</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">7,780,466</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Industrials - 38.3%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AECOM</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.125%, 03/15/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">205,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">228,860</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.875%, 10/15/24</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">294,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">328,627</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aramark Services, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.750%, 06/01/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">264,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">272,171</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ArcelorMittal, S.A. (Luxembourg)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.550%, 03/11/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">489,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">549,670</FONT></TD></TR> </TABLE> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 52%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="width: 24%; border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Value</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Berry Global, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.625%, 07/15/27<SUP>5</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$242,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$260,679</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BorgWarner, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.650%, 07/01/27<SUP>4</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">490,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">527,353</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Campbell Soup Co.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.375%, 04/24/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">525,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">555,469</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CenturyLink, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.625%, 04/01/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">265,834</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Charter Communications Operating LLC/Charter</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Communications Operating Capital</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.908%, 07/23/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">470,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">546,203</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cheniere Corpus Christi Holdings LLC</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.875%, 03/31/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">232,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270,227</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Comcast Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.150%, 10/15/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">651,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">784,175</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CommonSpirit Health</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.347%, 10/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">458,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">503,829</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crown Americas LLC / Crown</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Americas Capital Corp. IV</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.500%, 01/15/23<SUP>4</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">238,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251,716</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Crown Americas LLC / Crown</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Americas Capital Corp. V</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.250%, 09/30/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">266,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">293,671</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CVS Health Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.125%, 07/20/45</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">402,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">542,066</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dana, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.375%, 11/15/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,928</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.625%, 06/15/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">487,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">525,164</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dell, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.100%, 04/15/28<SUP>4</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">408,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">537,536</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Elanco Animal Health, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.900%, 08/28/28<SUP>6</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">463,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">547,787</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fidelity National Information Services, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series 10Y, 4.250%, 05/15/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">428,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">510,077</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Ford Foundation</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series 2020, 2.415%, 06/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">488,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">499,863</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The George Washington University</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series 2018, 4.126%, 09/15/48</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">435,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">552,333</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HCA, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.375%, 02/01/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">476,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">535,983</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Howmet Aerospace, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.875%, 05/01/25<SUP>4</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">470,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">550,487</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Johnson Controls International plc/Tyco Fire & Security Finance SCA (Ireland)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.750%, 09/15/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">548,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">559,847</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lennar Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.750%, 05/30/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">232,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">265,495</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lowe’s Cos., Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.000%, 04/15/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">457,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">519,756</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MGM Resorts International</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.750%, 06/15/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">243,000</FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; padding-right: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">269,129</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><br>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
10
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 38.3% </B>(continued)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Microsoft Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.525%, 06/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$372,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$393,104</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Murphy Oil USA, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 05/01/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262,082</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Newell Brands, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.700%, 04/01/26<SUP>6</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">463,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">510,657</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Parker-Hannifin Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.250%, 06/14/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">467,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">530,541</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Penn National Gaming, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 01/15/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,638</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PulteGroup, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/15/27<SUP>4</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">290,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">342,744</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 03/01/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">165,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196,645</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Raytheon Technologies Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.950%, 08/16/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">460,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">527,798</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RELX Capital, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.000%, 05/22/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,941</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 03/18/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">463,452</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Service Corp. International</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.375%, 08/15/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">520,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">541,884</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sprint Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.125%, 06/15/24</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">438,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">513,012</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Starbucks Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.550%, 11/15/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">508,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">549,870</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Steel Dynamics, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.400%, 06/15/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">495,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">526,667</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sysco Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.400%, 02/15/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">497,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">518,195</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Toll Brothers Finance Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.375%, 04/15/23</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">267,001</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United Rentals North America Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.875%, 02/15/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">517,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">543,328</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Verizon Communications, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.875%, 02/08/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">447,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">526,887</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VF Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.800%, 04/23/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">496,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">542,993</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wyndham Destinations, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.650%, 04/01/24<SUP>6</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">516,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">559,161</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Xylem, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.250%, 01/30/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">477,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">503,033</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Industrials</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">21,108,568</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Utilities - 1.7%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dominion Energy, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.375in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series B, (4.650% to 12/15/24 then U.S. Treasury Yield
Curve CMT 5 year + 2.993%), 4.650%, 12/15/24<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">515,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">544,374</FONT></TD></TR> </TABLE> </div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"> </TD>
<TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">National Rural Utilities Cooperative Finance Corp.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.350%, 03/15/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$408,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$403,194</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Utilities</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">947,568</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Corporate Bonds and Notes</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $28,030,829)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">29,836,602</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Municipal Bonds - 8.1%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">California State General Obligation, School
Improvements</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.550%, 04/01/39</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">570,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,002,020</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">County of Miami-Dade FL Aviation Revenue, Series
C</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.280%, 10/01/41</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">700,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">771,533</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JobsOhio Beverage System Series B, 4.532%,
01/01/35</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,414</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JobsOhio Beverage System, Series B 3.985%,
01/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">325,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">374,095</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Los Angeles Unified School District, School
Improvements</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.750%, 07/01/34</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">550,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">776,655</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Massachusetts School Building Authority Series B,
1.753%, 08/15/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">518,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">525,351</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.687%, 11/15/40</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98,278</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority, Transit
Improvement</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.668%, 11/15/39</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">290,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">379,717</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University of California, University &
College Improvements <BR> Series BD, 3.349%, 07/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">440,000</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">507,764</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Municipal Bonds</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $4,127,526)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">4,441,827</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>U.S. Government and Agency Obligations
- 34.6%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Fannie Mae - 21.1%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FNMA</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.000%, 08/01/50 to 09/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,281,754</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,332,835</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.500%, 11/01/34 to 05/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,293,251</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,368,421</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 11/01/33 to 11/01/48</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,064,710</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,326,957</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/01/33 to 03/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,137,534</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,432,099</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.500%, 01/01/40 to 07/01/49</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,734,190</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,942,283</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/43</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,072</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">232,325</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Fannie Mae</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">11,634,920</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Freddie Mac - 10.0%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.500%, 11/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">516,262</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">521,940</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.000%, 08/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196,982</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">204,757</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.500%, 11/01/34 to 08/01/50</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">785,462</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">832,730</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 10/01/36</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">767,075</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">891,839</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC Gold Pool</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 02/01/30 to 04/01/46</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,339,120</FONT></TD>
<TD> </TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,457,724</FONT></TD></TR> </TABLE> </div>
<BR CLEAR="ALL"><BR> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
11
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Freddie Mac - 10.0% </B>(continued)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC Multifamily Structured Pass
Through Certificates <BR> Series K050, Class A2</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 25.9pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.334%, 08/25/25<SUP>3</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$46,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$51,565</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series K071, Class A2</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 25.9pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.286%, 11/25/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,035,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,198,038</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series K076, Class A2</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 25.9pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.900%, 04/25/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">291,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">349,179</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Freddie Mac</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">5,507,772</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>U.S. Treasury Obligations - 3.5%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Treasury Bonds</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.500%, 02/15/36</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,319,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,936,199</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total U.S. Treasury Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">1,936,199</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total U.S. Government and Agency Obligations</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $18,402,686)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">19,078,891</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Foreign Government Obligation - 0.6%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Korea Development Bank (South Korea)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.500%, 10/27/23</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 25.9pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $345,180)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">346,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">347,297</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Foreign Government Obligation</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $345,180)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">347,297</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Short-Term Investments - 4.3%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Joint Repurchase Agreements - 4.3%</B><SUP>7</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Citigroup Global Markets, Inc., dated 12/31/20, due
01/04/21, 0.070% total to be received</FONT><FONT STYLE="font-size: 8pt"> $1,000,008 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 4.000%, 09/15/21 - 01/01/51, totaling
$1,020,000)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD></TR> </TABLE> </div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morgan, Stanley & Co. LLC, dated 12/31/20,
due 01/04/21, 0.070% total to be received $379,189 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.000%, 02/04/21 - 12/20/50, totaling $386,770)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$379,186</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$379,186</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RBC Dominion Securities, Inc., dated 12/31/20, due
01/04/21, 0.080% total to be received $1,000,009 (collateralized by various</FONT><FONT STYLE="font-size: 8pt"> U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 01/05/21 - 12/20/50, totaling
$1,020,000)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Joint Repurchase Agreements</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">2,379,186</FONT></TD>
</TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Short-Term Investments</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $2,379,186)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">2,379,186</FONT></TD>
</TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Investments - 101.7%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $53,285,407)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,083,803</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other Assets, less Liabilities - (1.7)%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(938,221)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Net Assets - 100.0%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; background-color: #C9D7D2; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>$55,145,582</B></FONT>
</TD></TR> </TABLE> </div> <BR CLEAR="ALL"><BR> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="width: 98%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate
will reset at a future date.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Perpetuity Bond. The date shown represents the next call date.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable rate security. The rate shown is based on the latest available information as of December 31, 2020. Certain variable
rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Some of these securities, amounting to $2,928,951 or 5.3% of net assets, were out on loan to various borrowers and are
collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the value of these securities amounted to $784,379 or 1.4% of net assets.</FONT></TD></TR> </TABLE> </div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="width: 98%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific
times during its term.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash collateral received for securities lending activity was invested in these joint repurchase agreements.</FONT></TD></TR>
</TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 18%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CMT</FONT></TD>
<TD STYLE="width: 82%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Constant Maturity Treasury</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Freddie Mac</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FNMA</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fannie Mae</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIBOR</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">London Interbank Offered Rate</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MTN</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Medium-Term Note</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SOFRRATE</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Secured Overnight Financing Rate</FONT></TD></TR> </TABLE> </div> <BR CLEAR="ALL"><BR>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
12
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy
levels as of December 31, 2020:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 52%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="background-color: #C9D7D2; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in Securities</FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Corporate Bonds and Notes<SUP>†</SUP></B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$29,836,602</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$29,836,602</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bonds<SUP>†</SUP></B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,441,827</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,441,827</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>U.S. Government and Agency Obligations<SUP>†</SUP></B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,078,891</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,078,891</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Foreign Government Obligation</B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">347,297</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">347,297</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Short-Term Investments</B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 17.3pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joint Repurchase Agreements</FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,379,186</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,379,186</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$56,083,803</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; padding-bottom: 2.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 2.5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$56,083,803</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All corporate bonds and notes, municipal bonds, and U.S. government and agency obligations held in the Fund are Level 2
securities. For a detailed breakout of corporate bonds and notes, municipal bonds, and U.S. government and agency obligations by major industry or agency classification, please refer to the Fund’s Schedule of Portfolio
Investments.</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the fiscal year ended December 31, 2020, there were no transfers in or out of Level 3.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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13
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<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
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<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio Manager’s Comments <FONT STYLE="color: #004E38"><I>(unaudited)</I></FONT></FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: Red"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="text-align: left; width: 33%; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: top"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>THE YEAR IN REVIEW</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K High Income
Fund (the “Fund”) Class N shares returned 12.16% during the year ended December 31, 2020, compared to the 6.79% return for the Bloomberg Barclays U.S. High Yield 1–5 Year Ba Index. The Fund’s legacy benchmark, the Bloomberg
Barclays Global Aggregate Bond Index, returned 9.20% during the period.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective December 4, 2020, the Fund’s subadviser changed from Loomis, Sayles & Company, L.P.
(“Loomis Sayles”) to GW&K Investment Management, LLC (“GW&K”). Also effective December 4, 2020, the Fund changed its name from AMG Manager Global Income Opportunity Fund and changed its investment objective,
benchmark, principal investment strategies, and principal risks.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>PERFORMANCE</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Despite a negative return in the first quarter, the Fund generated strong performance for the full year and outperformed both the legacy benchmark (Bloomberg Barclays Global Aggregate
Bond Index) and its new benchmark (Bloomberg Barclays U.S. High Yield 1–5 Year Ba Index). In the first quarter, the Fund underperformed primarily due to spread sector allocation and currency positioning, while duration and yield curve
positioning was positive. The Fund subsequently outperformed in the</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 1%; border-right: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 31%; font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">following three quarters due
to spread sector allocation with notable contributions from an overweight in the investment grade bond sector. The Fund’s currency and yield curve positioning were also modest contributors to relative performance during the period.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>HIGH INCOME INVESTMENT STRATEGY</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GW&K believes that by
actively managing a diversified portfolio of non-investment grade corporate bonds, we can generate higher total return over the long term while assuming manageable levels of risk. We look to invest in companies that we believe offer the best
risk-adjusted value.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund seeks to achieve a high level of current income while minimizing price volatility. It seeks to minimize
interest rate risk by investing in bonds with maturities less than five years and seeks to minimize credit risk by targeting bonds with an average rating of BB.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>OUTLOOK</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yields across the curve have
struggled to break decisively out of their recent range, even as investors gained increasing confidence that a durable recovery is underway. Among the reasons for this apparent reticence is a lack of conviction that the U.S. Federal Reserve (Fed)
will be able to reach and sustain a long-term inflation target of 2%.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P></TD>
<TD STYLE="vertical-align: top; width: 1%; border-right: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 31%; font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Furthermore, even in the
event that they do, investors are skeptical that the still-fragile recovery could sustain meaningfully higher rates. As a result, we believe there is a fairly even balance of upside and downside risks to rates and we have kept our duration close to
its benchmark. With respect to curve positioning, we favor an underweight to the long end, where breakevens are especially unappealing, in favor of the more balanced risk/return profile of intermediate maturities.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We believe corporate credit remains the most compelling segment of the fixed income market as both a beneficiary of the ongoing recovery and a defense against rising interest rates.
Yields available in the Treasury market sit close to historic lows at the same time as the sector’s sensitivity to interest rates is near historic highs, providing a particularly asymmetrical risk profile. Credit, meanwhile, is poised to
benefit not only from an improving fundamental picture, but also a notable drop-off in issuance next year that is likely to fuel a constructive supply/demand imbalance in a world where positive yields are increasingly scarce.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>This commentary reflects the results from GW&K and Loomis Sayles during the period and the viewpoints of the current portfolio manager, GW&K, and is not </I>intended as a
forecast or guarantee of future result.</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
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<TD STYLE="vertical-align: top; border-right: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
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14
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD><P STYLE="margin-top: 0; margin-bottom: 0; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"> </P>
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<TD></TD> </TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"> </P> <DIV STYLE="position: relative; float: left; width: 58%">
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>CUMULATIVE TOTAL RETURN PERFORMANCE</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; color: #004E38"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K High
Income Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K High
Income Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the Bloomberg Barclays U.S. High Yield 1-5 Year Ba Index and Bloomberg Barclays Global Aggregate Bond Index for the same time period. The graph and table do not
reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had
certain expenses not been reduced.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0">
<IMG SRC="g134249img014_v1.jpg" ALT="" STYLE="height: 229px; width: 450px"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The table below shows the average annual total returns for the AMG GW&K High Income Fund and the Bloomberg Barclays U.S. High Yield 1-5 Year Ba Index and Bloomberg Barclays Global
Aggregate Bond Index for the same time periods ended December 31, 2020.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
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<TD STYLE="width: 59%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 18%; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One Year</B></FONT></TD>
<TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five</B><BR> <B>Years</B></FONT></TD>
<TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten Years</B></FONT></TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K High Income Fund</B><SUP>2, 3, 4, 5</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.16%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.04%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.74%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg Barclays U.S. High Yield 1-5 Year Ba Index<SUP>6</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.79%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.31%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.81%</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg Barclays Global Aggregate Bond Index<SUP>7</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.20%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.79%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.83%</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The performance data shown
represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an
investor’s shares, when redeemed, may be worth more or less than their original cost. </I></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt; margin-right: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%; margin-right: 0"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I></I></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><I> </I></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses
before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it
carefully before investing or sending money.</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees
and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are
annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2020. All returns are in U.S. dollars($).</FONT></TD></TR> </TABLE> </div>
<DIV STYLE="position: relative; float: right; width: 38%; margin-right: 0; border-left: Black 1pt solid; padding-left: 10pt; margin-right: 0">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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<TD STYLE="width: 5%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="width: 95%; padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From time to time the Fund’s advisor has waived it’s fees and/or absorbed Fund expenses, which has resulted
in higher returns.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"> </TD>
<TD STYLE="padding-right: 0; padding-left: 0"> </TD></TR>
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<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the
perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to
fall.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"> </TD>
<TD STYLE="padding-right: 0; padding-left: 0"> </TD></TR>
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<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors,
market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"> </TD>
<TD STYLE="padding-right: 0; padding-left: 0"> </TD></TR>
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<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity
risk than investments in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may
be involved in bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"> </TD>
<TD STYLE="padding-right: 0; padding-left: 0"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On December 4, 2020, the primary benchmark changed from the Bloomberg Barclays Global Aggregate Bond Index to the Bloomberg
Barclays U.S. High Yield Ba 1-5 Year Index. The Bloomberg Barclays U.S. High Yield Ba 1-5 Year Index, a subset of the Bloomberg Barclays High Yield Index, is an unmanaged index comprised of fixed rate, publicly issued, non-investment grade debt
registered with the Securities and Exchange Commission (SEC) where the middle rating of Moody’s, S&P and Fitch is BB and maturities range from 1 to 5 years. Unlike the Fund, the Bloomberg Barclays U.S. High Yield Ba 1-5 Year Index is
unmanaged, is not available for investment and does not incur expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"> </TD>
<TD STYLE="padding-right: 0; padding-left: 0"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="padding-right: 0; padding-left: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Bloomberg Barclays Global Aggregate Bond Index, the Fund’s prior benchmark provides a broad-based measure of the global
investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also includes Eurodollar and Euro-Yen corporate bonds, Canadian
government, agency and corporate securities, and USD investment grade 144A securities. Unlike the Fund, the Bloomberg Barclays Global Aggregate Bond Index is unmanaged, is not available for investment and does not incur expenses.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 0; padding-left: 0"> </TD>
<TD STYLE="padding-right: 0; padding-left: 0"> </TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg Index Services Limited.
BLOOMBERG<SUP>®</SUP> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”).</FONT></P> </div> <BR CLEAR="ALL"><BR> <BR CLEAR="ALL"><BR><BR CLEAR="ALL"><BR>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt; margin-right: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%; margin-right: 0"> </DIV></DIV>
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<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
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<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="width: 33%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BARCLAYS<SUP>®</SUP> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under
license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or</FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results
to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or</FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 31%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">responsibility for injury or damages arising in connection therewith.</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not FDIC insured, nor bank guaranteed. May lose value</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
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<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
16
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fund Snapshots
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><I>(unaudited)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>PORTFOLIO
BREAKDOWN</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 70%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Category</B></FONT>
</TD>
<TD STYLE="width: 30%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">% <B>of <BR> Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Corporate Bonds and Notes</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">96.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets Less Liabilities</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 3.2</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 70%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Rating</B></FONT></TD>
<TD STYLE="width: 30%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of Market Value<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baa/BBB</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ba/BB</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">B</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.2</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 15pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1 </SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">Includes market value of long-term fixed-income securities only.<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> </div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>TOP TEN
HOLDINGS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 69%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security
Name</B></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 30%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">% <B>of <BR> Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">QEP Resources, Inc., 5.625%, 03/01/26</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Apache Corp., 4.625%, 11/15/25</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Kohl’s Corp., 9.500%, 05/15/25</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ford Motor Co., 4.346%, 12/08/26</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Allegheny Technologies, Inc., 7.875%, 08/15/23</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Methanex Corp., 4.250%, 12/01/24 (Canada)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Howmet Aerospace, Inc., 6.875%, 05/01/25</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aramark Services, Inc., 4.750%, 06/01/26</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Delta Air Lines, Inc., 7.375%, 01/15/26</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Service Properties Trust, 7.500%, 09/15/25</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25.3</FONT></TD></TR> </TABLE> </div> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Credit quality ratings shown above
reflect the highest rating assigned by either Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch. These rating agencies are independent, nationally recognized statistical
rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by any of the rating agencies.
Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Because a fund’s
strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional
information on these and other risk considerations, please see the Fund’s prospectus.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy
or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
17
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="width: 59%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal <BR> Amount</FONT></TD>
<TD STYLE="width: 1%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Corporate Bonds and Notes - 96.8%</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 20.2%</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aircastle, Ltd. (Bermuda)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 04/01/23</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$237,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$252,619</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIT Group, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/23</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">174,800</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Citigroup, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series V</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.700% to 01/30/25 then SOFRRATE + 3.234%), 4.700%, 01/30/25<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,787</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Goldman Sachs Group, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series S</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.400% to 02/10/25 then U.S. Treasury Yield Curve CMT 5 year + 2.850%), 4.400%,
02/10/25<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">250,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">255,625</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JPMorgan Chase & Co.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series HH</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(4.600% to 02/01/25 then SOFRRATE + 3.125%), 4.600%, 02/01/25<SUP>1,2,3</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,963</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Service Properties Trust</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.500%, 09/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">223,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256,967</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SLM Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.200%, 10/29/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">241,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254,556</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Starwood Property Trust, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.750%, 03/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,150</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wynn Las Vegas LLC / Wynn Las Vegas Capital Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 03/01/25<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">120,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,250</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Financials</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">2,077,717</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 76.6%</B></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AECOM</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.875%, 10/15/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">227,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253,169</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allegheny Technologies, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.875%, 08/15/23<SUP>5</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">258,264</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Axle & Manufacturing, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.250%, 04/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,505</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Apache Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.625%, 11/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">265,312</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aramark Services, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.750%, 06/01/26</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">250,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257,362</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ball Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 07/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">215,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245,364</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CDW LLC / CDW Finance Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 12/01/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">228,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254,902</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CenturyLink, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 04/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">70,119</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crown Americas LLC / Crown <BR> Americas Capital Corp. IV</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.500%, 01/15/23</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,000</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,900</FONT></TD></TR> </TABLE> </div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 59%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; width: 20%; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT
STYLE="font-size: 8pt"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="width: 1%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CSC Holdings LLC</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 06/01/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$234,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$253,282</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">DCP Midstream Operating LP</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.375%, 07/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">137,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">150,538</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Delta Air Lines, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.375%, 01/15/26</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">225,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257,018</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Donnelley Financial Solutions, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.250%, 10/15/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">184,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195,040</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ford Motor Co.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.346%, 12/08/26</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">258,795</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Freeport-McMoRan, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.875%, 03/15/23</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">119,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,153</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Graphic Packaging International LLC</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.875%, 11/15/22</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97,418</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HCA, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.375%, 02/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">223,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">250,770</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Howmet Aerospace, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.875%, 05/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257,400</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kohl’s Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9.500%, 05/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">259,421</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Methanex Corp. (Canada)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.250%, 12/01/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">245,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257,936</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MGM Resorts International</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.000%, 03/15/23</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">234,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,257</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Netflix, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.875%, 02/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253,103</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Newell Brands, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.875%, 06/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">231,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254,169</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Newfield Exploration Co.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 07/01/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">235,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,717</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NuStar Logistics LP</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.750%, 02/01/22</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">123,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">124,845</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Occidental Petroleum Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.450%, 07/15/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">173,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">165,215</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Penske Automotive Group, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 09/01/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">243,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,949</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QEP Resources, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 03/01/26</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">250,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">274,137</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">QVC, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.450%, 02/15/25</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,001</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sprint Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; padding-left: 0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.125%, 06/15/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,870</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tenet Healthcare Corp.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.875%, 01/01/26<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">120,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">125,533</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Teva Pharmaceutical Finance<BR> Netherlands III BV (Netherlands)</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.200%, 07/21/21</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">249,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">248,378</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United Airlines Holdings, Inc.</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/24</FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">252,095</FONT></TD></TR> </TABLE> </div>
<BR CLEAR="ALL"><BR> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The
accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
18
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="vertical-align: top; width: 59%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal <BR> Amount</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 76.6% </B>(continued)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VeriSign, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 04/01/25</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$86,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$97,718</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WPX Energy, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 09/15/24</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">117,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">127,445</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wyndham Destinations, Inc.</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 0.25in; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.650%, 04/01/24<SUP>5</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">236,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">254,880</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Industrials</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">7,890,980</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Corporate Bonds and Notes</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $9,978,707)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">9,968,697</FONT></TD></TR>
</TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at
a future date.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Perpetuity Bond. The date shown represents the next call date.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable rate security. The rate shown is based on the latest available information as of December 31, 2020. Certain variable
rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the value of these securities amounted to $250,783 or 2.4% of net assets.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="vertical-align: top; width: 80%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; border-bottom: Black 1pt solid; font: 10pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Investments - 96.8%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; padding-left: 8.65pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $9,978,707)</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9,968,697</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other Assets, less Liabilities - 3.2%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">333,161</FONT></TD></TR>
<TR STYLE="font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Net Assets - 100.0%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 10pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>$10,301,858</B></FONT></TD>
</TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 10pt; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during
its term.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Arial, Helvetica, Sans-Serif"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 20%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CMT</FONT></TD>
<TD STYLE="width: 80%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Constant Maturity Treasury</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SOFRRATE</FONT></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Secured Overnight Financing Rate</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> </div>
<BR CLEAR="ALL"><BR> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
19
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; padding-top: 10pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"></P> </TD></TR> </TABLE>
<P STYLE="margin: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The following table summarizes the inputs used to value the Fund’s
investments by the fair value hierarchy levels as of December 31, 2020:</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 2</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="width: 47%"><FONT STYLE="font-size: 9pt">Investments in Securities</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 9pt"><B>Corporate Bonds and Notes<SUP>†</SUP></B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">9,968,697</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">9,968,697</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">9,968,697</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">9,968,697</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 10pt"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">All corporate bonds and notes held in the Fund are level 2 securities. For a detailed breakout of corporate bonds and notes by major industry classification, please refer to the Fund’s Schedule of Portfolio
Investments.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt">For the fiscal year ended December 31, 2020, there were no transfers in or out of Level 3.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">For the fiscal year ended December 31, 2020, the effect of derivative instruments on the Statement of Operations for the Fund and the amount of realized
gain/loss and unrealized appreciation/depreciation on derivatives recognized in income was as follows:</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Realized Gain/(Loss)</B></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"><B>Change in Unrealized Appreciation/Depreciation</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(201,215,210)">
<TD STYLE="vertical-align: top; width: 29%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 26%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 9%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 26%; padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; width: 10%"></TD></TR>
<TR STYLE="background-color: rgb(201,215,210)">
<TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt"><B>Derivatives not accounted for as hedging instruments</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt"><B>Statement of Operations</B><BR> <B> Location</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt"><B>Realized </B><BR> <B>Gain/(Loss)</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; padding-left: 10pt"><FONT STYLE="font-size: 9pt"><B>Statement of Operations</B><BR> <B>Location</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-size: 9pt"><B>Change in</B><BR> <B>Unrealized</B><BR> <B>Appreciation/ </B><BR> <B>Depreciation</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">Foreign currency exchange contracts </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt">Net realized gain on forward contracts</FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-size: 9pt">$134,979</FONT></TD>
<TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Net change in unrealized appreciation/ depreciation on forward contracts</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt">$10,553</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Interest rate contracts</FONT></TD>
<TD STYLE="text-align: left; vertical-align: bottom"><FONT STYLE="font-size: 9pt">Net realized gain on futures contracts</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">34,964</FONT></TD>
<TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Net change in unrealized appreciation/ depreciation on futures contracts</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt">4,541</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"><B>Totals</B></FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">$169,943</FONT></TD>
<TD STYLE="vertical-align: top; padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; text-align: right"><FONT STYLE="font-size: 9pt">$15,094</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
20
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; padding-top: 10pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"></P> </TD></TR> </TABLE>
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<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
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<TD STYLE="width: 33%; padding-right: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><B>THE YEAR IN REVIEW</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">For the year ended December 31, 2020, AMG
GW&K Municipal Bond Fund (the “Fund”) Class N shares returned 4.31%, underperforming its benchmark, the Bloomberg Barclays 10-Year Municipal Bond Index (the “Index”), which returned 5.62%.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The municipal bond market withstood
historic volatility in the first quarter as COVID-19 exploded across the globe and wreaked havoc on financial markets. After falling to all-time lows amid a global flight to safety, tax-exempt yields went on a wild ride, spiking more than 200 basis
points over a ten-day stretch in March only to abruptly reverse course and recapture nearly three-fourths of that sharp selloff. The generic 10-year AAA yield finished March up 40 basis points for the month, but still down 13 basis points from the
beginning of the year. Credit spreads, which had been on a years-long run of tightening leading up to the crisis, widened sharply amid the turmoil, led by high yield and low investment grade securities, but also extending to certain sectors and
credits viewed as particularly vulnerable to a prolonged economic shutdown. As the quarter came to a close, municipal bonds had regained some much needed stability thanks to unprecedented government intervention, but with the primary market still in
limbo, price discovery remained opaque, trading depth shallow, and volatility elevated.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The municipal bond market posted impressive returns in the second quarter, completing a remarkable turnaround from the most tumultuous selloff in its
history. Tax-exempt yields fell sharply across the curve, dropping back near all-time lows and narrowing a gap against Treasuries that had recently ballooned to all-time highs. The path toward normalcy passed many markers along the way. Short-term
financing costs, which had spiked in March, dropped to record lows by June. Mutual funds not only stemmed the tide of massive net redemptions, but also began seeing a surge of inflows. The new issue market, which was effectively closed in March and
most of April, eventually kicked into high gear, providing much needed price discovery and reflecting a growing confidence that the worst may have passed. The healing was broad based but not quite universal. Credit quality took on new importance as
investors became more skeptical of certain issuers and sectors perceived as vulnerable to the pandemic fallout. Also states are beginning to fear that additional federal aid may become a casualty of election-year politics, an outcome that could
spell trouble in some corners of the municipal bond space.</FONT></P> </TD>
<TD STYLE="width: 34%; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The municipal bond market
posted solid returns in the third quarter, extending a post-crisis rebound on the back of a robust technical environment. Over the first six weeks of the period, tax-exempt yields rallied to all-time lows across the entire curve. The major catalyst
was a flood of money pouring into the market, driven by a combination of seasonally high reinvestment demand and attractive valuations versus taxable alternatives. Industry mutual funds took in $26 billion of net new cash, the highest quarterly
inflows on record. Supply, on the other hand, was relatively modest. Headline volumes were actually well above average, but those numbers were inflated by a record jump in taxable issuance. Tax-exempt supply remained at more manageable levels. In
addition, dealer inventories dropped to all-time lows, setting the stage for a supply/demand dynamic that favored sellers. Lower rated credits continued to outperform, benefiting from a better-than-expected outlook for state finances and a still
heavy appetite for incremental yield. Over the second half of August and into September, investors turned more cautious amid a building forward calendar and uncertainty over federal relief aid, pushing rates up off their lows, but still down for the
quarter.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Municipal bonds
posted solid gains in the fourth quarter, driven by strong technical tailwinds. Coming into October, municipal bonds were out-yielding Treasuries on an absolute basis across most of the curve, a dynamic that reflected heavy issuance in the third
quarter and lingering concerns over the financial shape of state and local governments. But it had already become clear that tax revenues across the country were recovering much faster than feared, meaning credit fundamentals were improving even
before factoring in any federal relief. And after October, when municipalities floated a record volume of deals to get ahead of any federal election chaos, issuance fell off a cliff, leaving a market that was starving for yield chasing a
fast-dwindling supply of bonds. As we approached year end, heavy seasonal reinvestment demand and accelerating fund flows only added to the imbalance, as did the urgency of knowing that the supply drought would likely extend well into February. And
so municipal yields continued to grind lower.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt">While all this was going on, Treasury yields were moving higher, as a number of positive developments reduced the need for safe-haven assets. The November U.S. election proved decisive, removing the chance that a contested
result could destabilize markets. Federal stimulus talks proceeded in starts and stops, ultimately culminating</FONT></P> </TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">with a deal in late December. And perhaps most importantly, multiple highly effective
COVID-19 vaccines were approved for emergency use, providing confidence that the end of the crisis was finally in sight. All these factors put upward pressure on rates, though any runaway selloff in Treasuries was kept in check by a still-vigilant
U.S Federal Reserve (the “Fed”) and a worrisome surge in coronavirus cases, which led to another series of widespread lockdowns. With municipal bonds and Treasuries heading in opposite directions, relative value ratios plunged, and by
the end of the year had moved back to pre-virus levels. In fact, the 10-year municipal bond/Treasury ratio began the quarter at 127% and ended it at 78%.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The Fund underperformed the Bloomberg Barclays 10-Year Municipal Bond Index for the year. A shift in yield curve
positioning in the fourth quarter modestly helped performance late in the year, but the Fund’s overall shorter duration detracted from performance for the year as rates declined. The Fund’s higher quality positioning benefited relative
performance for the year.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">As
we enter 2021, it is important to revisit the lessons of last year. As we saw in March and April, the municipal bond market tends to be one-directional. With no effective way to short municipal bonds, price discovery is at the mercy of long-only
investors, and when demand dries up, air pockets of volatility can emerge. But underneath the trading dynamics, which were ultimately cured by aggressive Fed liquidity, municipal credits once again demonstrated their resilience in the face of
adversity and their importance as a hedge against riskier asset types. State tax receipts, expected to collapse amid the shutdown, held up remarkably well, buoyed by federal stimulus and the rebound in financial markets. Revenue sectors like toll
roads, health care, and higher education rebounded quickly after early setbacks. Water systems and electric utilities were barely affected, showing how airtight essential service industries can be. Even areas most plagued by the crisis, like
airports, showed only modest pressure, as large cash cushions and flexible airline agreement contracts provide a crucial bridge to recovery. So, while yields are once again back near absolute lows, municipal bonds remain a stable, sleep-at-night
component of a successful asset allocation strategy.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt"><I>This commentary reflects the viewpoints of GW&K Investment Management, LLC and is not intended as a forecast or guarantee of future results.</I></FONT></P> </TD></TR> </TABLE>
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<TD STYLE="width: 97%; padding-top: 10pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"></P> </TD></TR> </TABLE>
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<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:69%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 10pt; color: rgb(0,78,56)"><B>CUMULATIVE TOTAL RETURN PERFORMANCE</B></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">AMG GW&K Municipal Bond Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and
distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Municipal Bond Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the Bloomberg Barclays 10-Year Municipal
Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the
index exclude expenses. Total returns would have been lower had certain expenses not been reduced.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-size: 9pt">
<IMG SRC="g134249img015_v1.jpg" ALT="Description: C:\JOB FOLDER\GAURAV KOLAPTE\2021\FEB\27\001.jpg" STYLE="height: 229px; width: 450px"></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">The table below shows the average annual total returns for the AMG GW&K Municipal Bond Fund and the Bloomberg
Barclays 10-Year Municipal Bond Index for the same time periods ended December 31, 2020.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 57%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 14%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One Year</B></FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five <BR> Years</B></FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten Years</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Municipal Bond Fund</B><SUP>2, 3, 4, 5, 6, 7</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
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<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.31%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.09%</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.05%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.70%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.43%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.48%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bloomberg Barclays 10-Year Municipal Bond Index<SUP>8</SUP></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.62%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.05%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.80%</FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><I>The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or
higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.</I></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; border-bottom: Black 0.5pt solid"><FONT STYLE="font-size: 1pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information
through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending
money.</I></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Distributed by AMG
Distributors, Inc., member FINRA/SIPC.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect
offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed
returns on the Fund are net of expenses and based on the published NAV as of December 31, 2020. All returns are in U.S. dollars ($).</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
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<TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
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<TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to the risks associated with investments in debt securities, such as default risk and</FONT></TD></TR></TABLE> </DIV>
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<TD STYLE="width: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt">fluctuations in the perception of the debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of
bonds and other fixed income securities to fall.</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
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<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Factors unique to the municipal bond market may negatively affect the value of municipal bonds.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital
gains are not exempt from federal income tax.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 7.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public
health issues, or in response to events that affect particular industries or companies.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 7.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a
particular sector, the risks associated with that sector increase.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 7.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Bloomberg Barclays 10-Year Municipal Bond Index is the 10 Year (8-12) component of the Municipal Bond index. It is a rules-based, market-value-weighted index engineered
for the tax-exempt bond market. The Index tracks general obligation bonds, revenue bonds, insured bonds, and prerefunded bonds rated Baa3/BBB- or higher by at least two of the ratings agencies: Moody’s, S&P, Fitch. Unlike the Fund, the
Bloomberg Barclays 10-Year Municipal Bond Index is unmanaged, is not available for investment and does not incur expenses.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 11pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Bloomberg Index Services Limited. BLOOMBERG<SUP>®</SUP> is a trademark and service mark of Bloomberg Finance
L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS<SUP>®</SUP> is a trademark and service mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or
Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein,
or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 60pt"><FONT STYLE="font-size: 9pt">Not FDIC insured, nor bank
guaranteed. May lose value.</FONT></P> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
22
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fund Snapshots
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2020</FONT></P> </TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: #004E38"><B>PORTFOLIO BREAKDOWN</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; width: 80%; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Category</B></FONT></TD>
<TD STYLE="vertical-align: top; width: 20%; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt">%
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>of <BR> Net Assets</B></FONT></FONT> </P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Obligation</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Water</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 7.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Medical</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 7.4</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Education</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 5.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Power</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 2.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tobacco Settlement</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 0.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrial Development</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 0.5</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Short-Term Investments</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 7.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 5.4pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Rating</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of Market Value<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aaa/AAA</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aa/AA</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baa/BBB</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> 3.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-top: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1 </SUP>Includes market value of long-term fixed-income securities only.</FONT></TD>
<TD STYLE="text-align: center; padding-top: 6pt"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><B>TOP TEN HOLDINGS</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 78%; border-bottom: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt">% <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>of Net Assets</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State of Texas, 4.000%, 08/26/21</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State of Maryland, Series B, 5.000%, 08/01/25</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">New York State Dormitory Authority, Series B, 5.000%, 03/31/21</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Wisconsin State Revenue, Department of Transportation, Series 2, 5.000%, 07/01/29</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">North Carolina State Limited Obligation, Series B, 5.000%, 05/01/28</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Iowa Finance Authority, State Revolving Fund Green Bond, 5.000%, 08/01/30</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Metropolitan Transportation Authority,<BR> Transit Revenue, Green Bond,<BR> <FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Series B, 5.000%, 11/15/27</FONT></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt">1.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State of California, General Obligation, 5.000%, 11/01/30</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State of Maryland, Department of Transportation, 5.000%, 09/01/29</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 15.4pt; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">State of Maryland, Department of Transportation, 5.000%, 10/01/28</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.375in; text-indent: -10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.6</FONT></TD></TR> </TABLE> </div> <BR CLEAR="ALL"><BR>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”), Moody’s
Investors Service, Inc. (“Moody’s”) or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher.
Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to
change.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Because a fund’s
strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional
information on these and other risk considerations, please see the Fund’s prospectus.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt">Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be
considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
23
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<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD>
<TD STYLE="width: 97%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">December 31, 2020</FONT></P> </TD></TR> </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 60%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; text-align: center; padding-right: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; text-align: center; background-color: White; padding-right: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Municipal Bonds - 92.7%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Alabama - 0.8%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Alabama Public School and College Authority, Series A</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 11/01/34</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,280,925</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Arizona - 2.2%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arizona Department of Transportation State Highway Fund Revenue</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 07/01/28</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,040,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,274,548</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Arizona Water Infrastructure Finance Authority, Water Quality Revenue, Series A</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 10/01/26</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,714,500</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Salt River Project Agricultural Improvement & Power District</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 01/01/27 <SUP>1</SUP></FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,702,210</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/28 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,625,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,326,400</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/29 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,249,975</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Arizona</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">28,267,633</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>California - 11.0%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">California Municipal Finance Authority, Community Medical Centers, Series A</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">950,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,173,421</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,630,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,964,280</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">900,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,081,026</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/32</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,855,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,220,175</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 0.25in; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">California State Public Works Board</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 02/01/31 <SUP>1</SUP></FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,541,775</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">California State Public Works Board, Series A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/30 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,462,150</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/32 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,611,425</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">City of Los Angeles Department of Airports, Series C <BR> 5.000%, 05/15/30</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,515,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,080,111</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Los Angeles County Metropolitan Transportation</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Authority, Series R</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,940,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,450,337</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,284,500</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/32</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,035,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,754,172</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">Los Angeles Unified School District, Series A 5.000%, 07/01/28</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,625,550</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">San Diego County Water Authority, Series A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/28 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,770,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,328,028</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/29 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,455,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,309,659</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/30 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,800,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,479,338</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/31 <SUP>1</SUP></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,300,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,831,960</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">San Francisco City & County Airport Commission,</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">San Francisco International Airport, Series A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/34</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,358,700</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/35</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,800,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,361,302</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of California</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,235,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,993,539</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,075,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,323,704</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,575,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,166,108</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 04/01/32</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,166,550</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 60%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; text-align: center; padding-right: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; text-align: center; background-color: White; padding-right: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of California, Series C</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$7,715,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$9,385,375</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total California</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">143,953,185</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Colorado - 1.3%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Colorado Health Facilities Authority, Series A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/27</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,137,875</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,535,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,261,176</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/29</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,125,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,425,406</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/33</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,250,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,424,955</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; background-color: White; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Colorado</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt; background-color: White"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">17,249,412</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Connecticut - 2.8%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Connecticut Special Tax Revenue</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-size: 8pt">5.000%, 05/01/28</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,905,730</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Connecticut Special Tax Revenue, Transportation Infrastructure</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in"><FONT STYLE="font-size: 8pt">5.000%, 01/01/30</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,180,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,966,673</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Connecticut Special Tax Revenue, Series B <BR> 5.000%, 10/01/35</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,500,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,543,150</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Connecticut, Series A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/15/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,650,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,225,220</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Connecticut</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">36,640,773</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>District of Columbia - 2.8%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">District of Columbia, Series A</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/30</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,020,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,446,800</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">District of Columbia, Series B</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 10/01/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,100,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,493,055</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/31</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,080,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,159,238</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-indent: 0"><FONT STYLE="font-size: 8pt">Washington Convention & Sports Authority, Series A</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.125in; text-indent: 0"><FONT STYLE="font-size: 8pt">5.000%, 10/01/27</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,475,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,600,277</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total District of Columbia</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">36,699,370</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Florida - 3.8%</B></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 8pt">Escambia County Health Facilities Authority</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.125in"><FONT STYLE="font-size: 8pt">5.000%, 08/15/37</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,447,260</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.125in"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 8pt">Florida’s Turnpike Enterprise, Department of Transportation,
Series C</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/28</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt">7,075,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt">8,773,354</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Lee Memorial Health System, Series A 5.000%, 04/01/34</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,645,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,266,300</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Orange County Health Facilities Authority, Series A 5.000%, 10/01/31</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,525,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,500,138</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Orange County Health Facilities Authority, Series G</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 10/01/26</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,741,300</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Florida, Capital Outlay, Series B 5.000%, 06/01/27</FONT></P></TD>
<TD STYLE="vertical-align: bottom; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,045,000</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,479,537</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
24
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; padding-top: 8pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P> </TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 59%; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Florida - 3.8% </B>(continued)</FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 18%; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><FONT STYLE="font-size: 8pt">State of Florida, Department of Transportation,</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 8.65pt"><FONT STYLE="font-size: 8pt">Fuel Sales Tax Revenue, Series B</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 07/01/26</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5,780,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5,915,194</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Florida</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">49,123,083</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Georgia - 1.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Atlanta Water & Wastewater Revenue <BR> 5.000%, 11/01/25</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,100,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,139,584</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Georgia State University & College Improvements, Series A 5.000%, 07/01/27</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,600,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,929,912</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Private Colleges & Universities Authority, Series B <BR> 5.000%, 09/01/30</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,360,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,298,043</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Georgia</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">25,367,539</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Illinois - 7.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Chicago O’Hare International Airport, Series A 5.000%, 01/01/35</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,010,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,442,509</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Chicago O’Hare International Airport, Series B 5.000%, 01/01/28</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,670,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,462,560</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Chicago O’Hare International Airport, Senior Lien, Series A 5.000%, 01/01/36</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,286,900</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/38</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,500,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,720,175</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Illinois Finance Authority 5.000%, 01/01/29</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,310,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,090,780</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,755,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,850,418</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Illinois State Finance Authority Revenue, Clean Water Initiative Revenue<BR> 5.000%, 07/01/27</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,565,420</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Illinois State Toll Highway Authority, Series A<BR> 5.000%, 12/01/31</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,735,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,673,628</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Illinois State Toll Highway Authority, Senior Revenue Bonds, Series A<BR> 5.000%, 01/01/30</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,110,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,231,665</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Illinois</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">91,324,055</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Indiana - 1.1%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Indiana Finance Authority, Series C <BR> 5.000%, 06/01/29</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,800,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,433,872</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Indiana Transportation Finance Authority, Series C<BR> 5.500%, 12/01/25</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,070,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,597,030</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Indiana</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">14,030,902</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Iowa - 1.5%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Iowa Finance Authority, State Revolving Fund Green Bond<BR> 5.000%, 08/01/30</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,025,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,202,251</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT><FONT STYLE="font-size: 8pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Amount</FONT></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 59%; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Kentucky - 0.5%</B></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 18%; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 18%; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Louisville/Jefferson County Metropolitan Government, Norton Healthcare Inc., Series A<BR> 5.000%,
10/01/29</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">5,505,000</FONT></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6,720,449</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maryland - 5.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Maryland State Transportation Authority<BR> 5.000%, 07/01/33</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,350,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,630,285</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Maryland, Department of Transportation <BR> 5.000%, 10/01/28</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,365,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,472,324</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,205,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,685,622</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Maryland, Series B</FONT></P>
<P STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt">5.000%, 08/01/25</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,125,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,417,060</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Maryland, State & Local Facilities Loan of 2019, 1st Series<BR> 5.000%, 03/15/30</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,064,720</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Maryland</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">77,270,011</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Massachusetts - 2.7%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Commonwealth of Massachusetts<BR> 5.000%, 07/01/29</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,010,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,182,134</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Commonwealth of Massachusetts, Series A 5.000%, 07/01/25</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,700,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,339,715</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Massachusetts Bay Transportation Authority 5.000%, 07/01/22</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,020,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,744,045</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Massachusetts Water Resources Authority, Series C 5.000%, 08/01/31</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,080,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,580,848</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Massachusetts</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">35,846,742</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Michigan - 3.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Lansing Board of Water & Light, Series A<BR> 5.500%, 07/01/41</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,131,700</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Michigan Finance Authority, Henry Ford Health System 5.000%, 11/15/29</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,450,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,116,362</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Michigan State Building Authority Revenue, Series I<BR> 5.000%, 04/15/27</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,700,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,950,466</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">State of Michigan <BR> 5.000%, 03/15/27</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,656,000</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Michigan</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">38,854,528</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Minnesota - 0.8%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">City of Minneapolis MN, Fairview Health Services, Series A 5.000%, 11/15/35</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,165,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,990,084</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 8pt">Minneapolis-St Paul Metropolitan Airports Commission, Series A<BR> 5.000%, 01/01/25</FONT></P></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,913,600</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Minnesota</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">9,903,684</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
25
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; padding-top: 8pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P> </TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 11pt; width: 100%"> </TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 56%; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Mississippi - 0.8%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Mississippi, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 10/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,361,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Missouri - 1.6%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University of Missouri, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/26</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,520,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,507,362</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University of Missouri, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/30</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,010,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,934,621</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Missouri</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">20,441,983</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nebraska - 0.5%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University of Nebraska Facilities Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/15/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,010,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,080,837</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New Jersey - 1.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Jersey State Turnpike Authority Revenue, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,010,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,174,464</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of New Jersey</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,335,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,161,511</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,500,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,905,265</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total New Jersey</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">25,241,240</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New Mexico - 0.2%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Mexico Finance Authority</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/22</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,845,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,039,911</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New York - 10.2%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of New York</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/34</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,250,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,347,167</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of New York, Series C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/33</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,500,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,018,130</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Long Island Power Authority</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/35</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,015,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,444,626</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transit Revenue, Green Bond,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,225,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,877,678</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transit Revenue, Series F</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/24</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,950,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,237,595</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,287,650</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,750,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,378,662</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York City Transitional Finance Authority Building Aid Revenue,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series S-3, Sub-Series S-3A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/15/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,080,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,533,236</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York City Transitional Finance Authority, Future Tax Secured Revenue, Series C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/26</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,585,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,433,275</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York State Dormitory Authority, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/15/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,645,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,445,268</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/15/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,640,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,155,158</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 03/15/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,670,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,938,096</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD> </TD>
<TD> </TD>
<TD STYLE="background-color: White"> </TD>
<TD STYLE="text-align: right; background-color: White"> </TD>
<TD> </TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"> </TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 56%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; background-color: White; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; padding-right: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York State Dormitory Authority, Series D</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/15/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5,355,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$5,636,191</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York State Dormitory Authority, Series E</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 03/15/32</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,410,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,136,489</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York Transportation Development Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/01/30</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,313,600</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/01/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,100,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,436,193</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/01/32</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,400,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,815,534</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/01/33</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,292,120</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Port Authority of New York & New Jersey</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/15/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,306,300</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/15/32</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,545,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,650,003</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total New York</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"></FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">132,682,971</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>North Carolina - 1.5%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North Carolina State Limited Obligation, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">15,300,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,585,989</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Ohio - 2.6%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ohio State General Obligation, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/26</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,090,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,947,155</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ohio State General Obligation, Series T</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/30</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,365,050</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ohio Water Development Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Water Pollution Control Loan Fund,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series 2015A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,047,900</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Ohio, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/21</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,545,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,898,016</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Ohio</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">34,258,121</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Oregon - 1.7%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oregon State Lottery, Series C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 04/01/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,910,800</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oregon State Lottery, Series D</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 04/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,225,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,953,488</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Oregon</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">22,864,288</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pennsylvania - 2.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allegheny County Hospital Development</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University Pittsburgh Medical Center</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/15/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,520,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,241,909</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commonwealth Financing Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pennsylvania Tobacco</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/32</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,890,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,960,809</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lancaster County Hospital Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University of Pennsylvania Health Revenue</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/15/26</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,970,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,761,569</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Pennsylvania</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"></FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">25,964,287</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Texas - 9.3%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Texas Turnpike System Transportation Commission, Series C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/15/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,175,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,788,558</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"> </TD></TR> </TABLE> </DIV> <BR CLEAR="ALL">
<DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<BR> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
26
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"><BR></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; padding-top: 8pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P> </TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%"> </TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 52%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 4%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Texas - 9.3% </B>(continued)</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Texas Turnpike System, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/15/39 </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,484,080</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of Corpus Christi TX Utility System Revenue,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Junior Lien</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/15/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,125,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,074,969</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of San Antonio TX Electric & Gas</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Systems Revenue</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/26</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,350,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,567,165</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dallas Area Rapid Transit, Senior Lien</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 12/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,865,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,000,019</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dallas Fort Worth International Airport, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,535,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,720,321</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/30</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,721,140</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,245,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,384,839</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lower Colorado River Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LCRA Transmission Services Corporation</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/15/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,815,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,370,769</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North Texas Municipal Water District</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Water System Revenue,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Refunding and Improvement</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,350,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,163,098</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North Texas Tollway Authority Revenue, Special Projects System, 1st Tier,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,460,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,323,379</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North Texas Tollway Authority, 2nd Tier, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/31</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,381,460</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/32</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,010,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,678,973</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North Texas Tollway Authority, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/26</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,795,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,824,330</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Private Activity Bond Surface</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/31/37</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,853,350</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/31/38</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,735,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,360,351</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Transportation Commission Fund, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 04/01/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,550,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,304,631</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Texas</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">122,001,432</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Utah - 2.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Salt Lake City Corp. Airport Revenue, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,450,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,332,234</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/30</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,585,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,225,653</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Utah, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/22</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,500,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,041,950</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Utah Transit Authority, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,020,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,007,233</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Utah</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">26,607,070</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Virginia - 1.8%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virginia College Building Authority, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/21</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,319,700</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"> </TD>
<TD> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"> </TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; padding-right: 10pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virginia Public Building Authority, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$10,430,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$12,691,328</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Virginia</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">23,011,028</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Washington - 4.2%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Northwest Electric Revenue,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bonneville Power</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,305,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,468,638</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Northwest Nuclear Revenue,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Project 3, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/25</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,965,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,637,331</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Washington School Improvements, Series C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,370,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,055,003</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Washington, Series R-2015C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/28</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,265,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">12,145,137</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University of Washington,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">University & College Improvements</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenue, Series C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/27</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,270,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,941,385</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Washington Health Care Facilities Authority, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/38</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,005,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,783,445</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Washington</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"><B> </B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"><B> </B></FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B></B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"><B> </B></FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"><B> </B></FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"><B>55,030,939</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>West Virginia - 0.4%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">West Virginia Hospital Finance Authority,</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cabell Huntington Hospital Obligation</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/35</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,745,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,590,584</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Wisconsin - 2.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Wisconsin</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/29 <SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,702,215</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/30 <SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,390,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,284,601</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/31 <SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,700,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,707,100</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wisconsin State Revenue, Department of</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation, Series 2</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/29</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,405,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,077,182</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Wisconsin</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: rgb(0,78,56)">37,771,098</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Municipal Bonds</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $1,133,132,282)</FONT></TD>
<TD COLSPAN="2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: #004E38">1,210,267,420</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Short-Term Investments - 7.3%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Municipal Bonds - 7.3%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>California - 0.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of Los Angeles</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 06/24/21</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,070,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,182,052</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">County of Los Angeles, Series A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 06/30/21</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,020,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,115,681</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total California</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt; color: #004E38">11,297,733</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New York - 2.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York State Dormitory Authority, Series B</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 03/31/21</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,000,000</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,306,540</FONT></TD></TR>
<TR>
<TD STYLE="width: 55%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; background-color: rgb(201,215,210); padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL">
<DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<BR> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
27
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; padding-top: 8pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 13pt Arial, Helvetica, Sans-Serif">AMG GW&K Municipal Bond Fund</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P> </TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 10pt"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%"> </TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 28%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 11%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 33%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 13%; background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: center; background-color: White; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Texas - 4.4%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Investments - 100.0%</B></FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Texas</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD>
<TD STYLE="padding-left: 0.1in; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: White"></TD>
<TD STYLE="padding-left: 0.1in; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $1,228,525,480)</FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,305,706,754</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 08/26/21</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">$56,425,000</FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="padding-left: 0.1in; background-color: rgb(201,215,210); text-align: right"><FONT STYLE="font-size: 8pt">$57,835,061</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other Assets, less Liabilities - 0.0%</B></FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">113,424</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Municipal Bonds</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="padding-left: 0.1in; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Net Assets - 100.0%</B></FONT></TD>
<TD STYLE="text-align: right; background-color: White"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B></B></FONT></TD>
<TD STYLE="text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>$1,305,820,178</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $95,393,198)</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="padding-left: 0.1in; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">95,439,334</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Short-Term Investments</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="padding-left: 0.1in; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $95,393,198)</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="padding-left: 0.1in; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">95,439,334</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: White"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD> </TD>
<TD> </TD>
<TD> </TD>
<TD STYLE="background-color: White"> </TD>
<TD STYLE="padding-left: 0.1in; text-align: right; background-color: rgb(201,215,210)"> </TD>
<TD> </TD>
<TD> </TD>
<TD STYLE="background-color: White"> </TD>
<TD STYLE="background-color: White"> </TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 54%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 4.95pt"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">All or part of a security is delayed delivery transaction. The market value for delayed delivery securities at December 31, 2020, amounted to $45,536,836, or 3.5% of net assets.</FONT></TD></TR></TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31,
2020:</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 53%; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in Securities</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bonds<SUP>†</SUP></B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,210,267,420</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt">$1,210,267,420</FONT></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Short-Term Investments</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 1pt; padding-left: 0.375in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bonds<SUP>†</SUP></FONT></TD>
<TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,439,334</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95,439,334</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right; border-top: Black 1pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right; border-top: Black 1pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,305,706,754</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-top: Black 1pt double; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right; border-top: Black 1pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-top: Black 1pt double; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right; border-top: Black 1pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,305,706,754</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 10pt; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">All municipal bonds held in the Fund are Level 2 securities. For a detailed breakout of municipal bonds by major classification, please refer to
the Fund’s Schedule of Portfolio Investments.</FONT></TD> </TR></TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">For the fiscal year ended
December 31, 2020, there were no transfers in or out of Level 3.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-right: 0; margin-bottom: 0; margin-left: 0"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part
of these financial statements.</FONT><FONT STYLE="font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
28
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 11pt">Portfolio Manager’s Comments</FONT> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #004E38"><I>(unaudited)</I></FONT></P></TD></TR>
</TABLE> <P STYLE="margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 34%; padding-right: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><B>THE YEAR IN REVIEW</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">For the year ended December 31, 2020, AMG GW&K Municipal Enhanced Yield Fund’s (the “Fund”) Class N shares returned 5.95%,
compared to the Bloomberg Barclays U.S. Municipal Bond BAA Index (the Index), which returned 4.55%.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The municipal bond market withstood
historic volatility in the first quarter as COVID-19 exploded across the globe and wreaked havoc on financial markets. After falling to all-time lows amid a global flight to safety, tax-exempt yields went on a wild ride, spiking more than 200 basis
points over a ten-day stretch in March only to abruptly reverse course and recapture nearly three-fourths of that sharp selloff. The generic 10-year AAA yield finished March up 40 basis points for the month, but still down 13 basis points from the
beginning of the year. Credit spreads, which had been on a years-long run of tightening leading up to the crisis, widened sharply amid the turmoil, led by high yield and low investment grade securities, but also extending to certain sectors and
credits viewed as particularly vulnerable to a prolonged economic shutdown. As the quarter came to a close, municipal bonds had regained some much needed stability thanks to unprecedented government intervention, but with the primary market still in
limbo, price discovery remained opaque, trading depth shallow, and volatility elevated.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The municipal bond market posted impressive returns
in the second quarter, completing a remarkable turnaround from the most tumultuous selloff in its history. Tax-exempt yields fell sharply across the curve, dropping back near all-time lows and narrowing a gap against Treasuries that had recently
ballooned to all-time highs. The path toward normalcy passed many markers along the way. Short-term financing costs, which had spiked in March, dropped to record lows by June. Mutual funds not only stemmed the tide of massive net redemptions, but
also began seeing a surge of inflows. The new issue market, which was effectively closed in March and most of April, eventually kicked into high gear, providing much needed price discovery and reflecting a growing confidence that the worst may have
passed. The healing was broad based but not quite universal. Credit quality took on new importance as investors became more skeptical of certain issuers and sectors perceived as vulnerable to the pandemic fallout. And states are beginning to fear
that additional federal aid may become a casualty of election-year politics, an outcome that could spell trouble in some corners of the municipal bond space.</FONT></P></TD>
<TD STYLE="width: 33%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The municipal bond market
posted solid returns in the third quarter, extending a post-crisis rebound on the back of a robust technical environment. Over the first six weeks of the period, tax-exempt yields rallied to all-time lows across the entire curve. The major catalyst
was a flood of money pouring into the market, driven by a combination of seasonally high reinvestment demand and attractive valuations versus taxable alternatives. Industry mutual funds took in $26 billion of net new cash, the highest quarterly
inflows on record. Supply, on the other hand, was relatively modest. Headline volumes were actually well above average, but those numbers were inflated by a record jump in taxable issuance. Tax-exempt supply remained at more manageable levels. In
addition, dealer inventories dropped to all-time lows, setting the stage for a supply/demand dynamic that favored sellers. Lower rated credits continued to outperform, benefiting from a better-than-expected outlook for state finances and a still
heavy appetite for incremental yield. Over the second half of August and into September, investors turned more cautious amid a building forward calendar and uncertainty over federal relief aid, pushing rates up off their lows, but still down for the
quarter.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Municipal bonds posted solid gains in the fourth quarter, driven by strong technical tailwinds. Coming into October, municipal bonds
were out-yielding Treasuries on an absolute basis across most of the curve, a dynamic that reflected heavy issuance in the third quarter and lingering concerns over the financial shape of state and local governments. But it had already become clear
that tax revenues across the country were recovering much faster than feared, meaning credit fundamentals were improving even before factoring in any federal relief. And after October, when municipalities floated a record volume of deals to get
ahead of any federal election chaos, issuance fell off a cliff, leaving a market that was starving for yield chasing a fast-dwindling supply of bonds. As we approached year end, heavy seasonal reinvestment demand and accelerating fund flows only
added to the imbalance, as did the urgency of knowing that the supply drought would likely extend well into February. And so municipal yields continued to grind lower.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">While all this was going on, Treasury yields were moving higher, as a number of positive developments reduced the need for safe-haven assets. The November U.S. election proved decisive, removing the chance that a contested
result could destabilize markets. Federal stimulus talks proceeded in starts and stops, ultimately culminating with a deal in late December. And perhaps most</FONT></P></TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">importantly, multiple highly effective COVID-19 vaccines were approved for emergency
use, providing confidence that the end of the crisis was finally in sight. All these factors put upward pressure on rates, though any runaway selloff in Treasuries was kept in check by a still-vigilant U.S. Federal Reserve (the “Fed”)
and a worrisome surge in coronavirus cases, which led to another series of widespread lockdowns. With municipal bonds and Treasuries heading in opposite directions, relative value ratios plunged, and by the end of the year had moved back to
pre-virus levels. In fact, the 10-year municipal bond/Treasury ratio began the quarter at 127% and ended it at 78%.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The Fund outperformed the
Bloomberg Barclays U.S. Municipal Bond BAA Index for the year. The primary drivers of outperformance for the year included the Fund’s longer duration positioning, positive security selection, as well as a higher quality bias relative to the
Bloomberg Barclays U.S. Municipal Bond BAA Index. The Fund has over 50% of its holdings in credits rated A or higher versus the BBB rated bonds in the Index.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">As we enter 2021, it is important to revisit the lessons of last year. As we saw in March and April, the municipal bond market tends to be one-directional. With no effective way to short municipal bonds, price discovery is at
the mercy of long-only investors, and when demand dries up, air pockets of volatility can emerge. But underneath the trading dynamics, which were ultimately cured by aggressive Fed liquidity, municipal credits once again demonstrated their
resilience in the face of adversity and their importance as a hedge against riskier asset types. State tax receipts, expected to collapse amid the shutdown, held up remarkably well, buoyed by federal stimulus and the rebound in financial markets.
Revenue sectors like toll roads, health care, and higher education rebounded quickly after early setbacks. Water systems and electric utilities were barely affected, showing how airtight essential service industries can be. Even areas most plagued
by the crisis, like airports, showed only modest pressure, as large cash cushions and flexible airline agreement contracts provide a crucial bridge to recovery. So, while yields are once again back near absolute lows, municipal bonds remain a
stable, sleep-at-night component of a successful asset allocation strategy.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"><I>The views expressed represent the opinions of GW&K
Investment Management, LLC, are not intended as a forecast or guarantee of future results, and are subject to change without notice.</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
29
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Portfolio Manager’s Comments</FONT>
<FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="font-size: 11pt"> </TD>
<TD STYLE="font-size: 11pt"> </TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:69%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"><FONT STYLE="font-size: 10pt"><B>CUMULATIVE TOTAL RETURN
PERFORMANCE</B></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">AMG GW&K Municipal Enhanced Yield Fund’s cumulative total return is based on the daily change in net asset value
(NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Municipal Enhanced Yield Fund’s Class N shares on December 31, 2010, to a $10,000 investment
made in the Bloomberg Barclays U.S. Municipal Bond BAA Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the
Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0">
<IMG SRC="g134249img016_v1.jpg" ALT=""> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The table below shows the average annual total returns for the AMG GW&K Municipal Enhanced Yield Fund and
the Bloomberg Barclays U.S. Municipal Bond BAA Index for the same time periods ended December 31, 2020.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; width: 37%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="vertical-align: bottom; width: 2%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Year</B></FONT></FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Years</B></FONT></FONT></TD>
<TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Years</B></FONT></FONT></TD>
<TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Since </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inception</B></FONT></FONT></TD>
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Inception </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Date</B></FONT></FONT></TD> </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD COLSPAN="13"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Municipal Enhanced Yield Fund</B><SUP>2, 3, 4, 5, 6, 7, 8, 9, 10</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.95</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.08%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.28%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.67</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/27/09 </FONT></TD> </TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.31</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.50%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.73%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.11</FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12/30/05 </FONT></TD> </TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.37</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.66</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/24/17 </FONT></TD> </TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 9pt">Bloomberg Barclays U.S. Municipal Bond BAA Index<SUP>11</SUP></FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.55</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.04%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.69%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.02</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/27/09<SUP>†</SUP></FONT></TD> </TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD> </TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The performance data shown represents past performance. Past performance is not a guarantee of future results. Current
performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original
cost.</I></FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before
investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully
before investing or sending money.</I></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Date reflects the inception date of the Fund, not the index.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="width: 97%"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions.
Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and</FONT></P></TD></TR> </TABLE> </DIV>
<DIV STYLE="position: relative; float: right; width: 29%; border-left: rgb(0,28,11) 1pt solid; margin-left: 0; padding-left: 5pt">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 95%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the
published NAV as of December 31, 2020. All returns are in U.S. dollars ($).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the
debtor’s ability to pay its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial
holdings within a particular sector, the risks associated with that sector increase.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">The Fund may invest in derivatives such as options and futures; the complexity and rapidly changing structure of derivatives markets may increase the
possibility of market losses.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">High-yield bonds (also known as “junk bonds”) may be subject to greater levels of interest rate, credit, and liquidity risk than investments
in higher rated securities. These securities are considered predominantly speculative with respect to the issuer’s continuing ability to make principal and interest payments. The issuers of the Fund’s holdings may be involved in
bankruptcy proceedings, reorganizations, or financial restructurings, and are not as strong financially as higher-rated issuers.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">The use of leverage in a Fund’s strategy, such as futures and forward commitment transactions, can magnify relatively small market movements into
relatively larger losses for the Fund.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Factors unique to the municipal bond market may negatively affect the value of municipal bonds.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Investment income may be subject to certain state and local taxes, and depending on your tax status, the federal alternative minimum tax. Capital gains
are not exempt from federal income tax.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>10</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions,
disasters or public health issues, or in response to events that affect particular industries or companies.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>11</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">The Bloomberg Barclays U.S. Municipal Bond BAA Index is a subset of the Bloomberg Barclays U.S. Municipal Bond Index with an index rating of Baa1, Baa2,
or Baa3. The Bloomberg Barclays U.S. Municipal Bond Index is a rules-based,</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
30
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-size: 11pt">Portfolio Manager’s Comments</FONT>
<FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 34%; padding-right: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 20pt"><FONT STYLE="font-size: 9pt">market-value-weighted index engineered for the long-term, tax-exempt bond market. Unlike the Fund, the
Bloomberg Barclays U.S. Municipal Bond BAA Index is unmanaged, is not available for investment and does not incur expenses.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Bloomberg Index Services Limited. BLOOMBERG<SUP>®</SUP> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively
“Bloomberg”).</FONT></P></TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BARCLAYS<SUP>® </SUP>is a trademark and service
mark of Barclays Bank Plc (collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg
nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes</FONT></TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">any warranty, express or implied, as to the results to be obtained therefrom and, to the
maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection therewith.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Not FDIC insured, nor bank guaranteed. May lose
value.</FONT></P></TD></TR> </TABLE> <P STYLE="margin: 0"> </P>
<DIV ALIGN="LEFT"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
31
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 11pt">Fund Snapshots </FONT><FONT STYLE="font-size: 10pt; color: #004E38"><I>(unaudited)</I></FONT><BR> <FONT STYLE="font-size: 10pt; color: #004E38">December 31,
2020</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>PORTFOLIO BREAKDOWN</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 80%; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 20%; padding-left: 0.1in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">% <B>of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Category</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transportation</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.8</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Medical</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.4</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.8</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">General Obligation</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.9</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tobacco Settlement</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.7</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Education</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.7</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Housing</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.7</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrial Development</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.3</FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 80%; border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Rating</B></FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of <BR> Market Value<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aa/AA</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40.7</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baa/BBB</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43.8</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ba/BB</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.7</FONT></TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 4.95pt"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Includes market value of long-term fixed-income securities only.</FONT></TD></TR></TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #004E38"><B>TOP TEN HOLDINGS</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"> </TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 79%; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">% <B>of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Texas Private Activity Bond Surface Transportation Corp., 5.000%,</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">06/30/58</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">West Virginia Hospital Finance Authority, Cabell Huntington</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hospital Obligation, 5.000%, 01/01/43</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Colorado Health Facilities Authority, Series A, 5.000%, 08/01/44</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Central Plains Energy Project</FONT>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Project #3, Series A, 5.000%, 09/01/42</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Chicago O’Hare International Airport, Senior Lien, Series A,</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.000%, 01/01/48</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Central Texas Regional Mobility Authority,</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series B, 5.000%, 01/01/45</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">New York Transportation Development Corp., Laguardia Airport</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Terminal B, 5.000%, 07/01/46</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">City of Minneapolis MN, Fairview Health Services, Series A,</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenue, 5.000%, 11/15/49</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Public Authority for Colorado Energy Natural Gas Purchase</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Revenue, Series 2008, Revenue, 6.500%, 11/15/38</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">New Orleans Aviation Board, General Airport North Terminal,</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Series B, Revenue, 5.000%, 01/01/48</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25.0</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 8pt">Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”), Moody’s
Investors Service, Inc. (“Moody’s”) or Fitch. These rating agencies are independent, nationally recognized statistical rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher.
Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by any of the rating agencies. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to
change.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 8pt">Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend
on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-size: 8pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0"><FONT STYLE="font-size: 8pt">Any sectors, industries, or
securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have
been sold from the Fund’s portfolio of investments by the time you receive this report.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
32
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 11pt">Schedule of Portfolio Investments</FONT><BR> <FONT STYLE="font-size: 10pt; color: #004E38">December 31, 2020</FONT></P></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 20%; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Municipal Bonds - 98.3%</B></FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Arizona - 0.7%</B></FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Arizona Industrial Development Authority</FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 02/01/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,341,760</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>California - 5.9%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">California Health Facilities Financing Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 04/01/49</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,146,030</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">California Municipal Finance Authority,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Community Medical Centers, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/01/42</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,375,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,778,607</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">California Municipal Finance Authority, Series I</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/15/43</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,506,520</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/15/48</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,600,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,344,694</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of California</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 03/01/36</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,694,550</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total California</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">19,470,401</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Colorado - 4.8%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Colorado Health Facilities Authority, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/44</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,215,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,846,888</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD NOWRAP STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Public Authority for Colorado Energy Natural Gas</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Purchase Revenue, Series 2008</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.500%, 11/15/38</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,355,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,927,673</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Colorado</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">15,774,561</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Connecticut - 4.5%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Connecticut Special Tax Revenue</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 05/01/39</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,180,650</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 05/01/40</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,302,630</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Connecticut Special Tax Revenue,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation Infrastructure</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/38</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,165,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,405,272</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Connecticut, Series E</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/15/35</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,435,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,091,013</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/15/37</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,200,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,777,060</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Connecticut</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">14,756,625</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Florida - 7.0%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of Tampa, Series H</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 07/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,775,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,203,987</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,250,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,803,230</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Escambia County Health Facilities Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 08/15/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,050,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,573,837</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hillsborough County Industrial Development</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 08/01/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,723,200</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD NOWRAP STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Miami Beach Health Facilities Authority Mt. Sinai</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Medical Center</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/39</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,220,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,794,409</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Florida</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">23,098,663</FONT></TD></TR> </TABLE> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 20%; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Illinois - 9.4%</B></FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chicago O’Hare International Airport, Senior Lien, Series A</FONT> </TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/48</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$6,750,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8,068,748</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chicago O’Hare International Airport, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 01/01/37</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,355,100</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Pier & Exposition Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,791,200</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Pier and Exposition Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Revenue, McCormick Place Expansion</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Project, Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/52</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,055,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,229,505</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State of Illinois</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 05/01/39</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,843,800</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.750%, 05/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,646,650</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Illinois</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">30,935,003</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Louisiana - 3.8%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Louisiana Public Facilities Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 05/15/49</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,751,450</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Orleans Aviation Board, General Airport</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">North Terminal, Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/48</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,845,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,777,102</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Louisiana</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">12,528,552</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Maine - 1.2%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Maine Health & Higher Educational Facilities</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Authority, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 07/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,500,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,747,260</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 07/01/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,311,420</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Maine</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">4,058,680</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Massachusetts - 0.8%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Commonwealth of Massachusetts</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,625,840</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Minnesota - 3.7%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of Minneapolis MN, Fairview Health Services, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/49</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,910,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,206,654</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Duluth Economic Development Authority,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Essentia Health Obligated Group</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 02/15/48</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,050,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,813,060</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Minnesota</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">12,019,714</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Nebraska - 2.5%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Plains Energy Project</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Project #3, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/42</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,560,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,151,182</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New Jersey - 9.1%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Jersey Economic Development Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/01/44</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,597,510</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Jersey Economic Development Authority,</FONT><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> Series
DDD</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/42</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,365,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,237,564</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0; text-align: center"></P>
<DIV ALIGN="LEFT" STYLE="margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
33
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: center"></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New Jersey - 9.1% </B>(continued)</FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Jersey Transportation Trust Fund Authority</FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 06/15/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,238,500</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 06/15/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,220,800</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,218,410</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,417,700</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Jersey Transportation Trust Fund Authority, Series BB</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/15/44</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,370,980</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tobacco Settlement Financing Corp.</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/46</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,002,375</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 06/01/46</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,285,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,004,481</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tobacco Settlement Financing Corp.</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/46</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,050,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,394,461</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total New Jersey</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">29,702,781</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>New York - 17.6%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of New York, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,405,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,536,028</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City of New York, Series D</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 03/01/43</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,235,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,707,710</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority, Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/29</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,115,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,380,560</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority, Series C</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.750%, 11/15/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,025,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,553,710</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,185,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,608,147</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 11/15/55</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,020,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,686,695</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Monroe County Industrial Development Corp.,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 07/01/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,914,900</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York State Dormitory Authority, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 03/15/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,960,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,129,320</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York State Thruway Authority, Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 01/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,850,400</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York Transportation Development Corp.</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/01/39</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,700,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,015,299</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/01/40</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,365,880</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New York Transportation Development Corp.,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Laguardia Airport Terminal B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/46</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,820,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,464,558</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Triborough Bridge & Tunnel Authority, Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 11/15/49</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,500,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,524,975</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total New York</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">57,738,182</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Oklahoma - 4.3%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Norman Regional Hospital Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 34.55pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,335,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,195,021</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oklahoma Development Finance Authority,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Health Ou Medicine Project, Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 08/15/48</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,975,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,534,359</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 08/15/52</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,500,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,402,340</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Oklahoma</FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">14,131,720</FONT></TD></TR> </TABLE> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 60%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal</FONT></TD>
<TD STYLE="width: 20%; text-align: center; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amount</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Pennsylvania - 1.3%</B></FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Geisinger Authority, Series G</FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 04/01/50</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,510,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$4,089,712</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Rhode Island - 1.8%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tobacco Settlement Financing Corp.</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/35</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,267,140</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/01/40</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,285,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,613,993</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Rhode Island</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">5,881,133</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>South Carolina - 1.3%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">South Carolina Jobs-Economic Development Authority, Series I</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/01/46</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,325,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,235,452</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Texas - 12.4%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Texas Regional Mobility Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/46</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,750,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,325,138</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Texas Regional Mobility Authority,</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series B</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,405,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,044,616</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Texas Turnpike System, Series C</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 08/15/42</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,065,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,325,582</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Private Activity Bond Surface</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation Corp.</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 06/30/58</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,180,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,017,928</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Private Activity Bond Surface</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation Corp., Senior Lien-Blueridge Transport</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/31/40</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,955,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,423,509</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/31/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,880,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,302,687</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Private Activity Bond Surface</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Transportation Corp., Series A</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/31/39</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,500,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,407,995</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Texas</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">40,847,455</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Virginia - 2.0%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Virginia Small Business Financing Authority, Transform 66 P3 Project</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/31/49</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,500,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,917,675</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 12/31/52</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,170,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,693,367</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Virginia</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">6,611,042</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Washington - 1.3%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Washington Health Care Facilities Authority</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 09/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,160,250</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/45</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,465,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,135,455</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Washington</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">4,295,705</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>West Virginia - 2.9%</B></FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">West Virginia Hospital Finance Authority, Cabell Huntington Hospital Obligation</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 01/01/43</FONT></TD>
<TD STYLE="text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,000,000</FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,601,760</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Municipal Bonds</B></FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $298,407,906)</FONT></TD>
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">322,895,923</FONT></TD></TR> </TABLE></DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0; text-align: center"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 3pt; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0; text-align: center"><FONT STYLE="font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
34
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> <P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0"> </P> <P STYLE="font: 13pt Arial, Helvetica, Sans-Serif; margin: 0">AMG GW&K Municipal Enhanced Yield
Fund</P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Schedule of Portfolio Investments <FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin: 0"> </P>
<P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 83%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Investments - 98.3%</B></FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 12%; background-color: #C9D7D2; text-align: center"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $298,407,906)</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$322,895,923</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other Assets, less Liabilities - 1.7%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,687,831</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Net Assets - 100.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>$328,583,754</B></FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> </div> <BR CLEAR="ALL"><BR>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31,
2020:</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
<TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in Securities</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 39%; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bonds<SUP>†</SUP></B></FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322,895,923</FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322,895,923</FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322,895,923</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">322,895,923</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 5.45pt"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-size: 9pt">All municipal bonds held in the Fund are Level 2 securities. For a detailed breakout of municipal bonds by major classification, please refer to the Fund’s Schedule of Portfolio
Investments.</FONT></TD></TR></TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">For the fiscal year ended December 31, 2020, there were no transfers in or out of Level 3.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-top: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
35
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0">Portfolio Manager’s Comments <FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin: 0"> </P>
<P STYLE="margin: 0"></P>
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<TR STYLE="vertical-align: top">
<TD STYLE="width: 49%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 51%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 34%; border-right: Black 1pt solid; padding-right: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"><FONT STYLE="font-size: 10pt"><B>THE YEAR IN REVIEW</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">For the year ended December 31, 2020, AMG GW&K Global Allocation Fund (the “Fund”) Class N shares returned 18.92%, compared to the
14.46% return for its blended benchmark which consists of 60% the MSCI All Country World (ACWI) Index and 40% the Bloomberg Barclays Global Aggregate Bond Index. The Fund’s prior benchmark, which consists of 60% the Russell 1000<SUP>®
</SUP>Index and 40% the Bloomberg Barclays U.S. Aggregate Bond Index, returned 17.19% during the period.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Effective April 17, 2020, the
Fund’s subadviser changed from Chicago Equity Partners, LLC to GW&K Investment Management, LLC (GW&K). Also effective April 17, 2020, the Fund changed its name from AMG Chicago Equity Partners Balanced Fund and changed its investment
objective, benchmark, principal investment strategies, and principal risks.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">For the year-to-date period through April 17, 2020, prior to the
transition, the Fund underperformed its benchmark primarily due to its underweight to fixed income for most of the quarter combined with the underperformance of both the equity and fixed income segments during the very volatile month of March.
Following the transition to GW&K, as subadvisor to the Fund, and the transition to a Global Allocation investment mandate, the Fund outperformed its benchmark through the remainder of the year, leading to outperformance for the full
year.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Since the Fund’s transition in April, the asset allocation framework for the Fund favored equities over fixed income. At the end
of December, the equity/fixed income asset allocation stood at 70%/30%. This had a positive impact on the Fund’s relative performance compared to the blended 60% MSCI ACWI/40% Barclays Global Aggregate Bond Index benchmark. The allocation
reflects GW&K’s judgment that equities are likely to continue to outperform bonds in coming quarters, extending the trend seen in 2020.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">The tilt toward equities is based on both quantitative and qualitative judgments. First, relative asset class valuations continue to favor equities, with almost all developed nations’ government bonds offering negative
yields in inflation-adjusted terms. Second, GW&K continues to believe that the severe global recession triggered by the coronavirus pandemic ended in May and that the most likely scenario for the global economy is continued recovery for the next
several years. Third, we expect most governments to emphasize pro-growth policies</FONT></P></TD>
<TD STYLE="width: 33%; border-right: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">which should be favorable for both corporate earnings and risk
assets. The late-December passage of a $900 billion U.S. fiscal support package and prospects for further fiscal support under the new Democratic administration illustrated the pro-growth policy tilt. Fourth-quarter news of highly effective vaccines
and the commencement of mass immunization programs in most major nations also support a constructive view of growth prospects for 2021 and beyond.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">A key valuation metric for global equities is the long-term earnings yield of the MSCI ACWI. That stood at 4.0% at the end of September, and is based on the inverse of the corresponding Shiller PE ratio<SUP>1 </SUP>of 24.8
times. By way of comparison, the long-term earnings yield of MSCI ACWI has averaged 5.1% since 2005, corresponding to an average Shiller PE ratio of 19.2 times. Those figures suggest that equities are somewhat expensive relative to their own
history.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">For asset allocation purposes, however, a relevant comparison of the long-term earnings yield is to the real yield of U.S.
Treasuries. At the end of December, the yield on 10-Year U.S. Treasury Inflation-Protected Securities (TIPS) stood at -1.1%. The gap between the long-term earnings yield of 4.0% for global equities and -1.1% for TIPS securities suggests the
potential for global equities to outperform bonds by about 5.1% per annum over the next five to ten years.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">In short, we believe investors
continue to have strong incentives to favor equities over fixed income, notwithstanding the potential for greater volatility in equities. Key risks would be if the broad-based economic recovery that is evident in global economic data gives way to
renewed economic weakness or if government policies were to turn significantly more restrictive. Those risks will be monitored carefully, but we currently view such risks to be low enough to justify a significant tilt toward equities.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt; color: #004E38"><B>EQUITY</B></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Following a
sharp first quarter decline, global equities ended 2020 on a solid note. Vaccine approvals inspired hope that the pandemic will soon be brought under control, while a U.S. bipartisan agreement on a fifth virus relief package and a U.K.-EU Brexit
trade deal provided further market support. There was a noted risk-on, pro-cyclical shift in investor sentiment as the year progressed. The U.S. Dollar Index was down 6.7% and several commodities staged a strong rally.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">While the Fund’s equity sleeve underperformed in the first quarter due to a preference for value over growth, the equity component performed
strongly</FONT></P></TD>
<TD STYLE="width: 33%; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">through the remainder of the year due to strong stock selection across a wide range of sectors and markets.
Information technology (IT) was a notable contributor, thanks to ongoing strength in Taiwan Semiconductor Manufacturing Co, Ltd. ADR, which delivered exceptionally strong earnings, and digital payment company Adyen, N.V. Infineon Technologies AG, an
auto and industrial power semiconductor developer, was also a top IT contributor. U.S. animal health diagnostics company IDEXX Laboratories, Inc. topped the Fund’s health care outperformance. Goosehead Insurance, Inc. Class A in the U.S. and
HDFC Bank, Limited ADR in India were notable contributors in financials. Conversely, real estate detracted, as the Fund’s only position, American Tower Corp, lagged during the fourth quarter risk-on rally. Lack of exposure to materials as
metal prices rallied also weighed modestly on results.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">On a geographic level, the U.S. was the Fund’s top country due to exceptional
stock selection, with outsized gains in the above holdings, as well as PayPal Holdings, Inc. and SiteOne Landscaping Supply, Inc. India also performed well, led by online travel platform MakeMyTrip, Ltd. Meanwhile China, a sizable overweight at
18.6% versus 5.8% for the Index, detracted from results due to higher exposure and a pullback in Alibaba, the country’s leading ecommerce company.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">The expression, or some would say the curse, “may you live in interesting times” certainly applied to 2020. The COVID-19 pandemic surely wreaked havoc with economies around the world, but thanks to an aggressive
monetary response, several rounds of fiscal stimulus, and heroic work on vaccine development, stock markets have generally looked through the pandemic in anticipation of a return to growth in 2021 and beyond. While the recent surge in COVID-19 cases
has surely slowed progress this winter, especially in the U.S. and Europe, it has not been enough to diminish the optimism.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt; color: #004E38"><B>FIXED INCOME</B></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; text-align: left; margin-bottom: 0"><FONT
STYLE="font-size: 9pt">The year closed at an important inflection point for fixed income markets, which saw the resolution of several major overhangs: the closely contested election was decided, an additional round of fiscal stimulus was passed, and
several COVID-19 vaccines were approved. These developments substantially advanced the recovery narrative and provided additional clarity for the year ahead. Following a flat third quarter, treasuries weakened as the year</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0; border-top: Black 1pt solid"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
36
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
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<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager’s Comments <FONT STYLE="color: #004E38"><I>(continued)</I></FONT><I> </I></FONT></TD></TR> </TABLE>
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<TD STYLE="width: 34%; border-right: Black 1pt solid; padding-right: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">closed, with the yield curve extending its post-pandemic steepening. The front end
was anchored by U.S Federal Reserve (the “Fed”) policy, while recovery optimism weighed on intermediate and long rates. Corporates capped an extraordinary year by closing the period at record-low yields, buoyed by improving credit
fundamentals, a constructive outlook for profitability, and steady flows into the asset class. Mortgages outperformed due to slower prepayment speeds and the Fed’s continued buying of 40% of gross supply.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Prior to the Fund’s transition in April, the fixed income sleeve underperformed the Bloomberg Barclays U.S. Aggregate Bond Index due to its
overweight allocation to corporate bonds as the market moved towards the safety of U.S. Treasuries. Following the transition, the fixed income sleeve underperformed the Bloomberg Barclays Global Aggregate Index primarily due to currency effect since
the dollar weakened and all of the Fund’s holdings are dollar-denominated compared to the</FONT></P></TD>
<TD STYLE="width: 33%; border-right: Black 1pt solid; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">Index which has a substantial non-dollar allocation. Removing
the currency effect, the Fund benefited from both favorable top-down sector allocation as well as strong security selection. Our significant overweight exposure to spread product contributed due to modest spread tightening and superior carry. Our
security selection within corporates was a positive factor as well. We added value within the investment grade space, as well as through our out-of-benchmark allocation to high yield and preferred securities. Our selection within the mortgage space
was also a modest positive. Yield curve positioning was a slight drag on performance due to our being shorter than the benchmark amid a decline in global rates.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">The fixed income sleeve is positioned to benefit from the ongoing global economic recovery. With respect to yield curve positioning, this means we remain underweight the long end, which we expect to show further weakness as
the reflation trade plays out. Instead, we favor intermediate maturities, which are</FONT></P></TD>
<TD STYLE="width: 33%; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt">less sensitive to interest rates and offer attractive total returns through a combination of their carry and roll.
From a sector allocation perspective, we favor credit on the recovery narrative, as well as what we expect to be compelling supply/demand technicals, as issuance declines relative to last year at the same time as negative yields elsewhere drive
capital to the space. Regionally, 32% of our holdings’ revenue is derived from outside the U.S. to improve portfolio diversification and expand the universe of investment opportunities.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"><SUP>1 </SUP>Shiller PE ratio is a price to earnings valuation measure that uses cyclically adjusted real earnings per share in the equation</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"><I>This commentary reflects the viewpoints of the portfolio manager, GW&K as of December 31, 2020, is not intended as a forecast or guarantee of
future results, and is subject to change without notice.</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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37
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<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE>
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<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin: 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="position: relative; float: left; width: 69%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>CUMULATIVE TOTAL RETURN PERFORMANCE</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG
GW&K Global Allocation Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the
AMG GW&K Global Allocation Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the 60% MSCI ACWI/40% Bloomberg Barclays Global Aggregate Bond Index and 60% Russell 1000<sup>®</sup> Index/40% Bloomberg Barclays
U.S. Aggregate Bond Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of expenses and the
returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">
<IMG SRC="g134249img017_v1.jpg" ALT=""> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The table below shows the average annual total returns for the AMG GW&K Global Allocation Fund and the 60% MSCI ACWI/40% Bloomberg Barclays Global Aggregate Bond Index and 60%
Russell 1000<sup>®</sup> Index/40% Bloomberg Barclays U.S. Aggregate Bond Index for the same time periods ended December 31, 2020.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 48%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total
Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One</B><BR> <B>Year</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five</B><BR> <B>Years</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten</B><BR> <B>Years</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Since</B><BR> <B>Inception</B></FONT></TD>
<TD STYLE="width: 12%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Inception</B></FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AMG GW&K Global Allocation Fund</B><SUP>1, 2, 3, 4, 5, 6, 7, 8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.92%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.30%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.62%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.36%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.08%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.47%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.02%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11/30/12</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.28%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.57%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.90%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.73%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60% MSCI ACWI/40% Bloomberg Barclays Global Aggregate Bond
Index <SUP>9</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.46%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.56%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.86%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97<SUP>†</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 0.25in; text-indent: -0.125in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60% Russell
1000<sup>®</sup> Index/40% Bloomberg Barclays U.S. Aggregate Bond Index<SUP>10</SUP></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.19%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.56%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.30%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.22%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/02/97<SUP>†</SUP></FONT></TD></TR>
</TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data
quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost.</I></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges
and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus.
Read it carefully before investing or sending money.</I></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date reflects inception date of the Fund, not the index.</FONT></TD> </TR></TABLE> </div>
<DIV STYLE="position: relative; float: right; width: 29%; margin-right: 0; border-left: Black 1pt solid; padding-left: 10pt; margin-right: 0">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect
offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and capital gain distributions. Returns for periods greater than one year are annualized. The listed
returns on the Fund are net of expenses and based on the published NAV as of December 31, 2020. All returns are in U.S. dollars ($).</FONT></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">To the extent that the Fund invests in asset-backed or mortgage-backed securities, its exposure to prepayment and extension risks may be greater than investments in other
fixed income securities.</FONT></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to the risks associated with investments in debt securities, such as default risk and fluctuations in the perception of the debtor’s ability to pay
its creditors. Changing interest rates may adversely affect the value of an investment. An increase in interest rates typically causes the value of bonds and other fixed income securities to fall.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in international securities are subject to certain risks of overseas investing including currency fluctuations and changes in political and economic conditions,
which could result in significant market fluctuations. These risks are magnified in emerging markets.</FONT></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public
health issues, or in response to events that affect particular industries or companies.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.</FONT></TD>
</TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund’s investments may not be allocated in the best performing asset classes.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On April 17, 2020 the benchmark changed from 60% Russell 1000<sup>®</sup> Index & 40% Bloomberg Barclays U.S. Aggregate Bond Index. The benchmark is composed of 60%
MSCI ACWI and 40% Bloomberg Barclays Global Aggregate Bond Index. The MSCI All Country World Index (ACWI) is a free-float adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and
emerging markets. Please go to msci.com for most current list of countries represented by the Index. The Bloomberg Barclays Global Aggregate Bond Index provides a broad-based measure of the global investment-grade fixed income markets. The three
major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The Index also</FONT></TD> </TR></TABLE> </div> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
38
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: Black">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; width: 33%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 9pt">includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate
securities, and USD investment grade 144A securities. Unlike the Fund, the indices are unmanaged, is not available for investment and does not incur expenses.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT STYLE="font-size: 9pt"><SUP>10</SUP> The Russell 1000<SUP>®</SUP> Index measures
the performance of approximately 1,000 of the largest securities based on a combination of their market cap and current index membership. The Russell 1000<SUP>®</SUP> represents approximately 92% of the U.S. market. The Bloomberg Barclays U.S.
Aggregate Bond Index represents securities that are Securities and Exchange Commission-registered, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate
securities, mortgage pass-through securities, and asset-backed securities.</FONT></P></TD>
<TD STYLE="vertical-align: top; width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 31%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 9pt">Unlike the Fund, the indices are unmanaged, is not available for investment and does not incur
expenses.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Bloomberg
Index Services Limited. BLOOMBERG<SUP>®</SUP> is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS<SUP>®</SUP> is a trademark and service mark of Barclays Bank Plc
(collectively with its affiliates, “Barclays”), used under license. Bloomberg or Bloomberg’s licensors, including Barclays, own all proprietary rights in the Bloomberg Barclays Indices. Neither Bloomberg nor Barclays approves or
endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any warranty, express or implied, as to the results to be obtained therefrom and, to the maximum extent</FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P></TD>
<TD STYLE="vertical-align: top; width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 31%"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">allowed by law, neither shall have any liability or responsibility for injury or damages arising in connection
therewith.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">All MSCI data is
provided “as is”. The products described here in are not sponsored or endorsed and have not been reviewed or passed on by MSCI. In no event shall MSCI, its affiliates or any MSCI data provider have any liability of any kind in connection
with the MSCI data or the products described herein. Copying or redistributing the MSCI data is strictly prohibited.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt">Not FDIC insured, nor bank guaranteed. May lose value.</FONT></P> <P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-size: 9pt"> </FONT></P></TD>
<TD STYLE="vertical-align: top; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; padding-left: 0.25in"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
39
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Arial, Helvetica, Sans-Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 10pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fund Snapshots </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 10pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 10pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)">December 31, 2020</FONT></P></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>PORTFOLIO
BREAKDOWN</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; width: 80%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sector</B></FONT></TD>
<TD STYLE="vertical-align: top; width: 20%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B><BR> <B>Net
Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Information Technology</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrials</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Discretionary</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financials</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Government and Agency Obligations</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Health Care</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Communication Services</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign Government Obligations</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Real Estate</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Staples</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bonds</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Supranational Banks</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Short-Term Investments</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets Less Liabilities</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.9</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 70%; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Rating</B></FONT>
</TD>
<TD STYLE="width: 30%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of Market Value<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Government and Agency Obligations</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aaa/AAA</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Aa/AA</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.9</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Baa/BBB</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ba/BB</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">B</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes market value of long-term fixed-income securities only.</FONT></TD> </TR></TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>TOP TEN HOLDINGS</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; width: 79%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"> </TD>
<TD STYLE="vertical-align: top; width: 20%; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B><BR> <B>Net
Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taiwan Semiconductor Manufacturing Co., Ltd. ADR (Taiwan)</FONT></TD>
<TD> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Infineon Technologies AG (Germany)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HDFC Bank, Ltd., ADR (India)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Moncler SpA (Italy)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adyen, N.V. (Netherlands)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MakeMyTrip, Ltd. (India)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PayPal Holdings, Inc.</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Mastercard, Inc., Class A</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LVMH Moet Hennessy Louis Vuitton SE (France)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Sands China, Ltd. (Macau)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24.1</FONT></TD></TR> </TABLE> </div> <BR CLEAR="ALL">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Credit quality ratings shown above
reflect the highest rating assigned by either Standard & Poor’s (“S&P”), Moody’s Investors Service, Inc. (“Moody’s”) or Fitch. These rating agencies are independent, nationally recognized statistical
rating organizations and are widely used. Investment grade ratings are credit ratings of BBB/Baa or higher. Below investment grade ratings are credit ratings of BB/Ba or lower. Investments designated N/R are not rated by any of the rating agencies.
Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Because a fund’s
strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional
information on these and other risk considerations, please see the Fund’s prospectus.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy
or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
40
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; padding-left: 17.3pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Common Sto+cks - 70.7%</B></FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Communication Services - 3.6%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alphabet, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,570</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,751,645</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tencent Holdings, Ltd. (China)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,500</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,770,221</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Communication Services</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">5,521,866</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Discretionary - 17.8%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alibaba Group Holding, Ltd. (China)<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,500</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,370,389</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Amazon.com, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">861</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,804,217</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Huazhu Group, Ltd., ADR (China)<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,580</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,637,857</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LVMH Moet Hennessy Louis Vuitton SE (France)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,151</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,224,533</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MakeMyTrip, Ltd. (India)<SUP>*,1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">126,581</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,737,937</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Moncler SpA (Italy)<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">64,350</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,956,278</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sands China, Ltd. (Macau)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">716,400</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,128,805</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TAL Education Group, ADR (China)<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">37,660</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,693,067</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Yum China Holdings, Inc. (China)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,400</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,660,201</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Consumer Discretionary</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">27,213,284</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Staples - 1.5%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kusuri no Aoki Holdings Co., Ltd. (Japan)<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,400</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">2,296,012</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 8.1%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AIA Group, Ltd. (Hong Kong)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">255,800</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,117,210</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CME Group, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,680</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,126,344</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Goosehead Insurance, Inc., Class A<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,895</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,105,900</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HDFC Bank, Ltd., ADR (India)<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,940</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,969,965</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Financials</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">12,319,419</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Health Care - 7.5%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IDEXX Laboratories, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,010</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,004,219</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">STERIS PLC</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,550</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,757,807</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UnitedHealth Group, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,790</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,082,477</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zoetis, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,180</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,677,790</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Health Care</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">11,522,293</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 9.2%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Casella Waste Systems, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,910</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,782,174</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HEICO Corp., Class A<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,860</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,027,172</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MISUMI Group, Inc. (Japan)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,900</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,819,868</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Roper Technologies, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,180</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,664,136</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Verisk Analytics, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,720</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,848,135</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Industrials</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">14,141,485</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Information Technology - 19.5%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Adyen, N.V. (Netherlands)<SUP>*,2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,695</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,938,403</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ANSYS, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,900</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,874,020</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Black Knight, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">29,500</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,606,325</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Halma PLC (United Kingdom)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,150</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,684,245</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Infineon Technologies AG (Germany)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,590</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,994,148</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Mastercard, Inc., Class A</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,110</FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$3,251,724</FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PayPal Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,660</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,433,372</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ServiceNow, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,217</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,871,593</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Taiwan Semiconductor Manufacturing Co., Ltd.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR (Taiwan)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">38,730</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,223,119</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Information Technology</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">29,876,949</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Real Estate - 1.7%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Tower Corp., REIT</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,470</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">2,574,556</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Utilities - 1.8%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">NextEra Energy, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">35,780</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">2,760,427</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Common Stocks</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $73,036,367)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">108,226,291</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"> </TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal <BR> Amount</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Corporate Bonds and Notes - 14.9%</B></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: right; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 4.0%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aircastle, Ltd. (Bermuda)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 08/11/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$196,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">216,083</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ally Financial, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.000%, 11/01/31</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">138,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,970</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bank of America Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series MM, (4.300% to 01/28/25 then 3 month LIBOR + 2.664%), 4.300%,
01/28/25<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">165,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">170,331</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Boston Properties, LP</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.400%, 06/21/29</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">225,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,522</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CIT Group, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.125%, 03/09/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">223,454</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Citigroup, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series V, (4.700% to 01/30/25 then SOFRRATE + 3.234%), 4.700%,
01/30/25<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">290,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">298,545</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fifth Third Bancorp</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series H, (5.100% to 06/30/23 then 3 month LIBOR + 3.033%), 5.100%,
06/30/23<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">323,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">328,540</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Goldman Sachs Group, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series S, (4.400% to 02/10/25 then U.S. Treasury Yield Curve CMT 5 year +
2.850%), 4.400%, 02/10/25<SUP>1,3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">596,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">610,900</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Host Hotels & Resorts LP</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series I, 3.500%, 09/15/30</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209,022</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Iron Mountain, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.500%, 02/15/31<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">206,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">216,043</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JPMorgan Chase & Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series HH, (4.600% to 02/01/25 then SOFRRATE + 3.125%), 4.600%,
02/01/25<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">326,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">337,003</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">M&T Bank Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series G, (5.000% to 08/01/24 then U.S. Treasury Yield Curve CMT 5 year +
3.174%), 5.000%, 08/01/24<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">536,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">566,820</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Morgan Stanley, GMTN</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.431%, 01/23/30</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">211,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256,840</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <BR CLEAR="ALL"><BR> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
41
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT> </TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 4.0% </B>(continued)</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northern Trust Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series D, (4.600% to 10/01/26 then 3 month LIBOR + 3.202%), 4.600%,
10/01/26<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$270,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$288,900</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The PNC Financial Services Group, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series R, (4.850% to 06/01/23 then 3 month LIBOR + 3.040%), 4.850%,
06/01/23<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">311,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">324,791</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sprint Capital Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.875%, 11/15/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">158,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,616</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">State Street Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series H, (5.625% to 12/15/23 then 3 month LIBOR + 2.539%), 5.625%,
12/15/23<SUP>1,3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">304,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">321,419</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Truist Financial Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series N, (4.800% to 09/01/24 then U.S. Treasury Yield Curve CMT 5 year +
3.003%), 4.800%, 09/01/24<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">559,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">590,926</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US Bancorp</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series J, (5.300% to 04/15/27 then 3 month LIBOR + 2.914%), 5.300%,
04/15/27<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">281,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">316,757</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Visa, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.150%, 12/14/35</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">257,946</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 34.55pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Financials</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">6,197,428</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 9.8%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AECOM</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.125%, 03/15/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">178,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,717</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Anheuser-Busch InBev Worldwide, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.375%, 04/15/38</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">215,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266,544</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Antofagasta PLC (United Kingdom)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.375%, 10/14/30<SUP>1,2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,000</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Aramark Services, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.750%, 06/01/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">197,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,097</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ArcelorMittal, S.A. (Luxembourg)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.550%, 03/11/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,705</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AT&T, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.250%, 03/01/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">221,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">258,648</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ball Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.875%, 03/15/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">178,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,348</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Berry Global, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.500%, 01/15/27<SUP>2,6</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,306</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 07/15/27<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">199,280</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BorgWarner, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.650%, 07/01/27<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">251,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270,134</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CDW LLC/CDW Finance Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.250%, 04/01/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">195,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">206,202</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Centene Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.375%, 02/15/30</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">204,409</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CenturyLink, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 04/01/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">189,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">204,238</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cheniere Corpus Christi Holdings LLC</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.875%, 03/31/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">258,579</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cisco Systems, Inc.</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 01/15/40</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$177,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$265,267</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CommonSpirit Health</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.347%, 10/01/29</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,011</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Crown Americas LLC / Crown</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Americas Capital Corp. V</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.250%, 09/30/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,037</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CSC Holdings LLC</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 06/01/24</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,097</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CVS Health Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.125%, 07/20/45</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">273,730</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dell, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.100%, 04/15/28<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">171,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">225,291</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Delta Air Lines, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.800%, 04/19/23</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">216,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">221,902</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Diamondback Energy, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 12/01/29</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">390,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">417,268</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Elanco Animal Health, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.900%, 08/28/28<SUP>7</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209,413</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Energy Transfer Operating LP</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 04/15/29</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">237,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">276,896</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ford Motor Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8.500%, 04/21/23</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">172,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">193,862</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Freeport-McMoRan, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.550%, 11/14/24</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">212,309</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General Electric Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series D, (5.000% to 01/21/21 then 3 month LIBOR + 3.330%), 5.000%,
03/15/21<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">435,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">405,202</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">General Motors Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.125%, 10/01/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">226,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">274,359</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The George Washington University</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series 2018, 4.126%, 09/15/48</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">189,190</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Griffon Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.750%, 03/01/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">190,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,162</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HB Fuller Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.250%, 10/15/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,321</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HCA, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 09/01/30</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,746</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Howmet Aerospace, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.125%, 10/01/24</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">246,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">271,112</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kaiser Foundation Hospitals</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.150%, 05/01/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,427</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kraft Heinz Foods Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.625%, 01/30/29</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">175,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,375</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lamar Media Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.750%, 02/15/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">224,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">230,625</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Las Vegas Sands Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.200%, 08/08/24</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,736</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lennar Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.750%, 05/30/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,987</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <BR CLEAR="ALL"><BR> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
42
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-align: center; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 9.8% </B>(continued)</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meritor, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.250%, 06/01/25<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$190,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$205,675</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MGM Resorts International</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.750%, 06/15/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">180,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">199,354</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Microsoft Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.525%, 06/01/50</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">240,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">253,615</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Murphy Oil USA, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 05/01/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">186,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">197,357</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nestle Holdings, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.000%, 09/15/27<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">275,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">275,864</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Netflix, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.000%, 06/15/25<SUP>2,6</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,217</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.375%, 11/15/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">189,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209,908</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Newell Brands, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.700%, 04/01/26<SUP>7</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">204,042</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northrop Grumman Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.200%, 02/01/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">227,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">255,771</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nuance Communications, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.625%, 12/15/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">189,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,339</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Penske Automotive Group, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 09/01/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">194,342</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pernod Ricard International Finance LLC</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.250%, 04/01/28<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">396,831</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">PulteGroup, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 03/01/26</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">185,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,481</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quebecor Media, Inc. (Canada)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.750%, 01/15/23</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191,602</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Service Corp. International</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.625%, 12/15/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">193,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,907</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silgan Holdings, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.125%, 02/01/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209,291</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Smith & Nephew PLC (United Kingdom)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.032%, 10/14/30</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">407,839</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Southwest Airlines Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 05/04/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">233,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270,060</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Toll Brothers Finance Corp.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.375%, 04/15/23</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,176</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TreeHouse Foods, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 09/01/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">210,359</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">United Rentals North America Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.875%, 02/15/31</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">215,440</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Valvoline, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.375%, 08/15/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">209,754</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">VeriSign, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.250%, 04/01/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,277</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Verizon Communications, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.875%, 02/08/29</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">218,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">256,961</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Walmart, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.050%, 06/29/48</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">196,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">266,461</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wyndham Destinations, Inc.</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.650%, 04/01/24<SUP>7</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$195,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$211,311</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wynn Macau, Ltd. (Cayman Islands)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 01/15/26<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,250</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Industrials</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">14,964,016</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Supranational Banks - 0.5%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Inter-American Development Bank</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.625%, 07/15/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">773,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">779,637</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Utilities - 0.6%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dominion Energy, Inc.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series B, (4.650% to 12/15/24 then U.S. Treasury Yield Curve CMT 5 year +
2.993%), 4.650%, 12/15/24<SUP>3,4,5</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">587,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">620,481</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Northern States Power Co.</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.900%, 03/01/50</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">239,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270,574</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Utilities</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">891,055</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Corporate Bonds and Notes</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $21,532,522)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">22,832,136</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Municipal Bonds - 1.4%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">California State General Obligation, School Improvements</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7.550%, 04/01/39</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">235,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">413,114</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">JobsOhio Beverage System</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series B, 4.532%, 01/01/35</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">315,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">404,104</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Los Angeles Unified School District, School Improvements</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.750%, 07/01/34</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">300,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">423,630</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Metropolitan Transportation Authority</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6.687%, 11/15/40</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">320,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">419,318</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">New Jersey Transportation Trust Fund Authority</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.754%, 12/15/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">335,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">398,613</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Municipal Bonds</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $1,947,295)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal; font-style: normal; color: rgb(0,78,56)">2,058,779</FONT>
</TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>U.S. Government and Agency Obligations - 8.2%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Fannie Mae - 4.5%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FNMA</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.500%, 01/01/35 to 02/01/35</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">805,473</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">850,402</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 02/01/35 to 01/01/48</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">821,832</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">879,624</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 12/01/21 to 09/01/49</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,641,657</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,801,172</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.500%, 05/01/47 to 09/01/49</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,081,074</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,305,617</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 09/01/33 to 10/01/49</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">853,436</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">985,389</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.500%, 02/01/37</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,455</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,930</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal; font-style: normal; color: rgb(0,78,56)">Total Fannie
Mae</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; font-weight: normal; font-style: normal; color: rgb(0,78,56)">6,832,134</FONT>
</TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Freddie Mac - 1.7%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC Gold Pool</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 05/01/44 to 01/01/46</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,291,259</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,408,178</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.000%, 02/01/44</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,440</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">219,506</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5.000%, 07/01/38</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">78,321</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">91,132</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <BR CLEAR="ALL"><BR> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif">The accompanying notes are an integral part of these financial
statements.</FONT></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
43
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Freddie Mac - 1.7% </B>(continued)</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC Multifamily Structured Pass Through Certificates</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Series K073, 3.350%, 01/01/28</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$821,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$953,431</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total Freddie Mac</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">2,672,247</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>U.S. Treasury Obligations - 2.0%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Treasury Bonds</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3.500%, 02/15/39</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">785,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,066,220</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4.500%, 02/15/36</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">729,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,070,121</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">U.S. Treasury Notes</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.500%, 02/15/30</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">835,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">883,502</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">Total U.S. Treasury Obligations</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">3,019,843</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total U.S. Government and Agency
Obligations</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $12,500,509)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">12,524,224</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Foreign Government Obligations - 2.2%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Abu Dhabi Government International Bond (United Arab Emirates)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2.500%, 04/16/25<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">350,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">374,532</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">China Government International Bond (China)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.200%, 10/21/30<SUP>1,2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">800,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">800,225</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Finland Government International Bond (Finland)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.875%, 05/20/30<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">400,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">394,109</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Japan Finance Organization for Municipalities (Japan)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.000%, 05/21/25</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">732,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">742,525</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kingdom of Belgium Government International Bond (Belgium)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.000%, 05/28/30<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,411</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Korea Development Bank (South Korea)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">0.500%, 10/27/23</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">269,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">270,009</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Philippine Government International Bond (Philippines)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.648%, 06/10/31</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">200,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">203,000</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif; background-color: White">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal<BR> Amount</FONT></TD>
<TD STYLE="text-align: center; font: 8pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 58%; padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Province of Ontario Canada (Canada)</FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.050%, 05/21/27</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$205,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$207,622</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Province of Quebec Canada (Canada)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1.350%, 05/28/30<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">207,988</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Foreign Government Obligations</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $3,371,374)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">3,398,421</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Short-Term Investments - 1.7%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: Black"><B>Joint Repurchase Agreements - 1.7%</B><SUP>8</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.070% total to be
received $1,000,008 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 4.000%, 09/15/21 - 01/01/51, totaling $1,020,000)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Daiwa Capital Markets America, dated 12/31/20, due 01/04/21, 0.070% total to be
received $576,549 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.500%, 01/26/21 - 01/01/51, totaling $588,076)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">576,545</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">576,545</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RBC Dominion Securities, Inc., dated 12/31/20, due 01/04/21, 0.080% total to be
received $1,000,009 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 01/05/21 - 12/20/50, totaling $1,020,000)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,000,000</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Joint Repurchase Agreements</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">2,576,545</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Short-Term Investments</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $2,576,545)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)">2,576,545</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Total Investments - 99.1%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $114,964,612)</FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151,616,396</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other Assets, less Liabilities - 0.9%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,399,839</FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR>
<TR STYLE="vertical-align: bottom; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>Net Assets - 100.0%</B></FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"> </FONT></TD>
<TD STYLE="text-align: right; font: 8pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: rgb(0,78,56)"><B>$153,016,235</B></FONT></TD>
<TD STYLE="background-color: rgb(201,215,210)"> </TD> </TR> </TABLE> </div> <BR CLEAR="ALL"> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:49%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>*</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Non-income producing security.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Some of these securities, amounting to $8,270,264 or 5.4% of net assets, were out on loan to various borrowers and are
collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions
exempt from registration, normally to qualified institutional buyers. At December 31, 2020, the value of these securities amounted to $7,819,146 or 5.1% of net assets.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at December 31, 2020. Rate will reset at a
future date.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Perpetuity Bond. The date shown represents the next call date.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Variable rate security. The rate shown is based on the latest available information as of December 31, 2020. Certain variable
rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description
above.</FONT></TD></TR></TABLE> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:49%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Principal amount stated in EURO dollars. </FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 4pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Step Bond: A debt instrument with either deferred interest payments or an interest rate that resets at specific times during
its term.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 8pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 8pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><SUP>8</SUP></FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cash collateral received for securities lending activity was invested in these joint repurchase
agreements.</FONT></TD></TR></TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 8pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 20%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ADR</FONT></TD>
<TD STYLE="width: 80%; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Depositary Receipt</FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CMT</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Constant Maturity Treasury</FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FHLMC</FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Freddie Mac </FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">FNMA </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Fannie Mae</FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">GMTN </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Global Medium-Term Notes</FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LIBOR </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">London Interbank Offered Rate</FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">REIT </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Real Estate Investment Trust</FONT></TD> </TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SOFRRATE </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Secured Overnight Financing Rate</FONT></TD> </TR> </TABLE> </div> <BR CLEAR="ALL"><BR>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
44
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 8pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31, 2020:</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 46%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in Securities</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Common Stocks</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Information Technology</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$19,260,153</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,616,796</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$29,876,949</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Discretionary</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,873,078</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,340,206</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,213,284</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrials</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,321,617</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,819,868</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,141,485</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financials</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,202,209</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,117,210</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,319,419</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Health Care</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,522,293</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,522,293</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Communication Services</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,751,645</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,770,221</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,521,866</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,760,427</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,760,427</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Real Estate</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,574,556</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,574,556</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Staples</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,296,012</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,296,012</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Corporate Bonds and Notes<SUP>†</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,832,136</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,832,136</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bonds<SUP>†</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,058,779</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,058,779</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>U.S. Government and Agency Obligations<SUP>†</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,524,224</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,524,224</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Foreign Government Obligations</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,398,421</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,398,421</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Short-Term Investments</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Joint Repurchase Agreements</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$71,265,978</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$80,350,418</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$151,616,396</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0.15in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All corporate bonds and notes, municipal bonds, and U.S. government and agency obligations held in the Fund
are Level 2 securities. For a detailed breakout of corporate bonds and notes, municipal bonds, and U.S. government and agency obligations by major industry or agency classification, please refer to the Fund’s Schedule of Portfolio
Investments.</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">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.</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the fiscal year ended
December 31, 2020, there were no transfers in or out of Level 3.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The country allocation in the Schedule of Portfolio Investments at December 31, 2020, was as follows:</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%;">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Country</B></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of Long-Term </B><BR>
<B>Investments</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 80%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Belgium</FONT></TD>
<TD STYLE="width: 13%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Bermuda</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Canada</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.4</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cayman Islands</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">China</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.4</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Finland</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.3</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">France</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Germany</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.7</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Hong Kong</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">India</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.2</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Italy</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.7</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Japan</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.9</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Country</B></FONT></TD>
<TD COLSPAN="2" STYLE="vertical-align: top; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of Long-Term </B><BR>
<B>Investments</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 80%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Luxembourg</FONT></TD>
<TD STYLE="width: 13%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Macau</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Netherlands</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.6</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Philippines</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">South Korea</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.2</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Taiwan</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.8</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Arab Emirates</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.3</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United Kingdom</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">United States</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60.4</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">100.0</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The accompanying notes are an integral part
of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
45
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B> </B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B> </B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B></B></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 33%; padding-right: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>THE YEAR IN REVIEW</B></FONT><B><FONT
STYLE="font-size: 10pt; color: #004E38"> </FONT></B></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the year ended December 31, 2020, AMG GW&K Small Cap Core Fund’s (the “Fund”) Class N shares returned 17.73%, compared to the Russell 2000<SUP>®</SUP>
Index, which returned 19.96%.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 278.15pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We are all familiar with the proverb “a watched pot never boils.” But what happens if we take that
pot, cover it, and turn the heat up to high? As heat and pressure build inside the pot, the lid might start to rattle and shift. Eventually, steam and other contents start to force their way out around the edges of the lid as it clatters more
erratically. Finally, depending on the contents inside the pot, we might end up with quite a mess if the heat is not turned down or the lid is not removed to let the pressure escape. As U.S. small cap investors, it feels a bit as if we are living
through this kitchen experiment right now. The U.S. Federal Reserve (the “Fed”) and other global central banks are attempting to keep economies moving and markets lubricated during a terrible global pandemic. Rock bottom interest rates,
expanding central bank balance sheets, and other conditions have supplied the heat to keep markets functioning and the economy from stalling.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 271.7pt 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Through the end of 2020,
these policy actions, along with fiscal stimulus throughout 2020, seemed to have imperfectly accomplished these objectives. Enough heat had been applied to the pot. With the addition of very positive vaccine news and the push to add further fiscal
stimulus into 2021, suddenly more heat was added to the experiment and the lid on the pot began to rattle. The Russell 2000<SUP>®</SUP> Index produced a sharp fourth quarter burst of 31.4%, its best quarter ever, and finished the year up 19.96%.
While the magnitude of the move is impressive, the type of stocks that have outperformed is more interesting. The additional heat applied in the fourth quarter created ideal conditions for speculation.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 272.95pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There is much in the way of evidence for this speculative environment. In periods when investors crave risk, the Wall Street machine always rises to the occasion. Innovation in both
technology and finance will race to help fulfill this desire for greater risk. Three areas that combined to help fan this speculative flame included: 1) low barrier trading platforms, 2) special purpose acquisition corporations
(“SPACs”), and 3) narrowly targeted thematic investments. There is obviously nothing inherently wrong with any of these three investment products, but each has the capacity to enable and embolden irrational exuberance under the right
conditions. The Robinhood trading platform, while allowing easy and free trading for investing</FONT></P> </TD>
<TD STYLE="width: 34%; padding-right: 5pt; padding-left: 5pt; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">newcomers, is
alleged to encourage continuous and repeated engagement in trading and approve customers for option activity far in excess of their qualifications and resources. SPACs have perhaps in the past been unfairly stigmatized as a pathway to public markets
given the lower scrutiny levels they receive and the characters often attracted to less due diligence. This year the market for SPACs set records, and several have been moonshots, some of which ended up back on earth. Nikola is a noteworthy example,
perhaps propelled in part by the greater democratization of trading with platforms like Robinhood. The example of Nikola leads to the final category of speculation: narrowly focused thematic investing. There is nothing as exciting as chasing a
glowing theme, be it electrification, alternative energy, genomics, bitcoin, or more broadly, “innovation.” These themes all have tremendous merit and long-term opportunity for companies and investors. However, they will take time to
commercialize with many flops and misses along the way. Just as in the internet dawn of the late 1990s, successful investment companies have come along to help investors participate with narrowly targeted vehicles. Many have produced amazing returns
in 2020. The money arriving late to the party will likely meaningfully underperform the market as these trends are sorted out in the real world. We see evidence in these three areas of the lid on our pot bouncing from heat and pressure.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 270.55pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the year, style performance was very much tilted toward Growth. The Russell 2000<SUP>®</SUP> Growth finished up 34.3% compared to only 4.6% return in the Russell
2000<SUP>®</SUP> Value Index. Value oriented sectors showed very little of the excitement driving the overall market. Energy finished down -37.0%, real estate -5.4%, utilities -4.9%, and financials -3.7%. Meanwhile, secular growth areas like
health care (+46.1%) and information technology (+38.4%) led small caps during the year. Health care technology (+123.2%), life sciences tools/services (+114.7%), biotechnology (+51.9%), and software (+57.3%) were some of the strongest industries
that drove this return. However, this trend softened somewhat in the last several months of the year. Consumer discretionary (+32.7%) was another winner on the year, recovering dramatically from a disastrous first quarter when it declined -44.3%.
2020 was a year where growth was the new safety trade and also performed quite well in the recovery.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 270.6pt 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Looking at factor analysis
for the year, non-earners were up 44.6% and accounted for 81.4% of the performance of the Russell 2000<SUP>® </SUP>Index, while accounting for only 28.4% of all benchmark stocks.</FONT></P> </TD>
<TD STYLE="width: 33%; border-left: Black 1pt solid; padding-left: 5pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Of the remaining stocks with earnings,
those that reside in the bottom 60% of valuation levels actually produced a negative average contribution to return for the year. Negative equity stocks finished up 32.8% and the lowest return of equity (“ROE”) quintile was up 48.6% on
the year. Combined, these groups were nearly 79% of the benchmark performance. High beta (+36.7%) outperformed while low earnings variation (+0.2%) lagged meaningfully. Finally, Index stocks without a five-year earnings track record returned 46.7%.
To sum up, investors were mostly interested in companies without earnings in this speculative year. Small cap stocks with earnings and modest valuations, as well as those in the middle of the ROE barbell, did not participate in the rally.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 270.6pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Examining relative performance requires looking at cash allocation, factor and sector analysis to get the full picture of how the Fund returned 17.73% but still underperformed the
benchmark. Our cash exposure averaged just 2.1% during the year, but this still amounted to a meaningful performance drag. Switching to factor allocation, the Fund was decidedly out of balance with the investor preferences described above during the
year. Our exposure to stocks with characteristics such as higher than average cap, lower beta, positive earnings, higher than average returns, and less volatile earnings histories relative to the Index cost us approximately 310 basis points of
performance when averaged together. Taking our factor allocation out, stock selection was broadly very positive.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 270.6pt 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shifting to sector
attribution, we saw positive contribution from financials, information technology, and real estate during the year. Financials helped performance due to strong stock selection in the banking industry (Glacier Bancorp, Pacific Premier Bancorp,
Seacoast Banking Corporation of Florida), a lack of exposure to mortgage real estate investment trusts (REITs), and good performance from capital markets names (Houlihan Lokey, Stifel Financial, Cohen & Steers). Information technology
contributed to performance by besting the Index in software due to both allocation and selection (HubSpot, Paylocity, Rapid7, Cerence) as well as in semiconductors (Macom Technology Solutions, Entegris). In real estate, the Fund benefited from an
underweight position and strong performance from QTS Realty Trust, Inc. (QTS).</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 270.6pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On the flip side, we lost ground in industrials, health care, consumer staples, and energy. The industrials sector presents a good representation of our trouble spots, with problems
in selection stemming from both owned stocks and lack of exposure to hot segments. The electrical equipment industry within</FONT></P> </TD></TR> </TABLE> <P STYLE="margin: 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 273.05pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
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<TD STYLE="width: 33%; padding-right: 5pt; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">the sector was up 173.9% on the year, generating 123 basis points of return for the benchmark based on alternative
energy plays that exhibited stupendous performance. We owned nothing in the industry. Meanwhile, we also sold AAR Corp (AIR) after a pandemic induced collapse in the airline industry they serve, which hurt relative performance. While the funds were
reinvested elsewhere, the mark on the sector cannot be reversed. ICF International (ICFI) and Heartland Express (HTLD) also underperformed. We underperformed in health care, mostly as a result to our underexposure to biotechnology. In consumer
staples, our largest position Performance Food Group (PFGC) was hurt by the pandemic shutdown of food away from home venues and dropped 7.5%. In addition, we did not have exposure to the beverage industry, which jumped 90.0%. Finally, the energy
sector also hurt relative performance, primarily due to the ill-timed sale of Matador Resources (MTDR) near the bottom of the energy sector’s rollercoaster performance.</FONT></TD>
<TD STYLE="width: 34%; padding-right: 5pt; padding-left: 5pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Looking forward into 2021 and beyond, we see both strong fundamentals
as well as risks to watch. Similar to the covered pot on the stove, it remains to be seen how the experiment will end. We believe the strong end to the year represents the excellent forward prospects investors see for the economy as we emerge from
the pandemic in 2021. Consumer net worth is hitting records, inventories are too low, and spending in many parts of the economy (outside of masks and heat lamps) is poised to accelerate. The fundamental strength is naturally augmented by forthcoming
fiscal stimulus. The strong fundamentals and wall of liquidity have also encouraged some investors to increase speculative behavior in several areas of the market where long-term opportunity is high but near-term earnings support is non-existent.
Will the Fed lift the cover off the pot or lower the heat as the economy accelerates to limit the negative impact of speculative bubbles forming? We acknowledge there are holes we are digging as a country that impact our longer-term
growth</FONT></TD>
<TD STYLE="width: 33%; padding-right: 5pt; padding-left: 5pt"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">prospects, as debt climbs and political will appears to be faltering. Finally, markets
appear to be assuming best outcomes for vaccine uptake and performance. However, we are very grateful that markets are looking forward to better times. Capital markets would be on the floor convulsing if they were looking backward at 2020.
Thankfully, we leave the past year behind. Given the good forward economic and earnings prospects we see, low inflation and interest rates, and current valuations, we believe the U.S. small cap asset class has attractive capital appreciation
potential over our 3–5 year time horizon.</FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></P><I>This commentary reflects the viewpoints of the portfolio manager,
GW&K Investment Management, LLC, and is not intended as a forecast or guarantee of future results.</i></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
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<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:58%;"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>CUMULATIVE TOTAL RETURN PERFORMANCE</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small Cap Core
Fund’s cumulative total return is based on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small Cap
Core Fund’s Class N shares on December 31, 2010, to a $10,000 investment made in the Russell 2000<SUP>®</SUP> Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund
distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 91.35pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">
<IMG SRC="g134249img018_v1.jpg" ALT="" STYLE="height: 336px; width: 660px"></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The table below shows the average annual total returns for the AMG GW&K Small Cap Core Fund and the Russell
2000<SUP>®</SUP> Index for the same time periods ended December 31, 2020.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 91.15pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 49%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 9%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One <BR> Year</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five <BR> Years</B></FONT></TD>
<TD STYLE="width: 9%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten <BR> Years</B></FONT></TD>
<TD STYLE="width: 13%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Since <BR> Inception</B></FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Inception <BR> Date</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Small Cap Core Fund</B><SUP>2, 3, 4, 5, 6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210); text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210); text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.73%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.31%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.75%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.74%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12/10/96</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.16%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.72%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12.20%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.45%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">07/27/09</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.21%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.80%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/24/17</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Russell 2000<SUP>®</SUP> Index<SUP>7</SUP></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.96%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.26%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.20%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.75%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12/10/96<SUP>†</SUP></FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 92pt 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The performance data
shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that
an investor’s shares, when redeemed, may be worth more or less than their original cost.</I></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 92pt 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 92pt 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information through the most recent month
end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.</I></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 92.9pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date reflects the inception date of the Fund, not the index.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.1in; text-indent: -7.15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="padding-right: 0; font: 9pt Arial, Helvetica, Sans-Serif; width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all
dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and
</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV>
<DIV STYLE="position: relative; float: right; width: 28%; border-left: rgb(0,28,11) 1pt solid; margin-left: 0; padding-left: 5pt">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%; text-align: left">capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV
as of December 31, 2020. All returns are in U.S. dollars ($).</TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted
in higher returns.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or
political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to
reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks given periods.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic
earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued
by the market for a long period of time.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 97%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Russell 2000<SUP>® </SUP>Index is composed of the 2,000 smallest stocks in the Russell 3000<SUP>®
</SUP>Index and is widely regarded in the industry as the premier measure of small-cap stock performance. Unlike the Fund, the Russell 2000<SUP>® </SUP>Index is unmanaged, is not available for investment and does not incur
expenses.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif; margin-right: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Russell Indices are trademarks of the London Stock Exchange Group companies.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 282.2pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not FDIC insured, nor bank guaranteed. May lose value.</FONT></P> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR> <BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 284.05pt 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV> <BR CLEAR="ALL">
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<BR>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
48
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fund Snapshots </FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>PORTFOLIO BREAKDOWN</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 82%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 18%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sector</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Health Care</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Information Technology</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.6</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Discretionary</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.5</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financials</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrials</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Real Estate</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Materials</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Staples</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Short-Term Investments</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets Less Liabilities</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.4</FONT></TD></TR> </TABLE> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>TOP TEN HOLDINGS</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lithia Motors, Inc., Class A</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.2</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Texas Roadhouse, Inc.</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avient Corp.</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Endava PLC, ADR (United Kingdom)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.8</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">MACOM Technology Solutions Holdings, Inc.</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ritchie Bros. Auctioneers, Inc. (Canada)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Performance Food Group Co.</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Grand Canyon Education, Inc.</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Stifel Financial Corp.</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD COLSPAN="2" STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Globus Medical, Inc., Class A</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; width: 83%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 6pt; width: 2%"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.0</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because a fund’s strategy may result in multiple investments in particular sectors of
the economy, its performance may depend on the performance of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the
Fund’s prospectus.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Any sectors, industries, or securities discussed should not be perceived as investment
recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by
the time you receive this report.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
49
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 60%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Common Stocks - 98.5%</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Discretionary - 15.5%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Boot Barn Holdings, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,808</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">4,978,075</FONT></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Churchill Downs, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,794</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,193,153</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chuy’s Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">108,170</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,865,423</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Five Below, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">40,650</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,112,937</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Grand Canyon Education, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,419</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,188,003</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helen of Troy, Ltd.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,827</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,516,311</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lithia Motors, Inc., Class A<SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,748</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,096,397</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ollie’s Bargain Outlet Holdings, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,380</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,673,203</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Oxford Industries, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66,832</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,378,164</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patrick Industries, Inc.<SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">130,375</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,911,131</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Skyline Champion Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">282,443</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,738,787</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Roadhouse, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">152,747</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,938,706</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Wolverine World Wide, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">138,945</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,342,031</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Consumer Discretionary</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">93,932,321</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Staples - 3.2%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Garden & Pet Co.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,644</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,607,875</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Garden & Pet Co., Class A<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">202,677</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,363,255</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Performance Food Group Co.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">214,867</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,229,818</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 23.05pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Consumer Staples</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">19,200,948</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Energy - 0.8%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WPX Energy, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">610,500</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">4,975,575</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 14.3%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ameris Bancorp</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">220,439</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,392,113</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AMERISAFE, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97,230</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,583,919</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cathay General Bancorp</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">215,790</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,946,280</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cohen & Steers, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,584</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,919,191</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Glacier Bancorp, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">192,591</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,861,112</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Horace Mann Educators Corp.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">187,381</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,877,497</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Houlihan Lokey, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,882</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,118,447</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Meridian Bancorp, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">213,583</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,184,523</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OceanFirst Financial Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,718</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,832,526</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pacific Premier Bancorp, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">244,018</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,645,084</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Seacoast Banking Corp. of Florida<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">303,581</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,940,460</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stifel Financial Corp.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,826</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,184,140</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 23.05pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Financials</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">86,485,292</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Health Care - 22.0%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AtriCure, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">151,199</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,417,248</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Castle Biosciences, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">49,015</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,291,357</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Covetrus, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">308,694</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,871,866</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CryoLife, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">247,317</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,839,154</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CryoPort, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,763</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,035,801</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 60%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Emergent BioSolutions, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">96,827</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 20%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-size: 8pt">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">8,675,699</FONT></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Globus Medical, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">156,149</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,184,038</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Haemonetics Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,145</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,954,719</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Halozyme Therapeutics, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">136,400</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,825,644</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HealthEquity, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">112,315</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,829,479</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICU Medical, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,521</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,187,059</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Integra LifeSciences Holdings Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,446</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,105,234</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">LHC Group, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,685</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,185,684</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Medpace Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,197</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,544,222</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Phreesia, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">157,052</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,521,642</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Progyny, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155,375</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,586,346</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supernus Pharmaceuticals, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,276</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,164,744</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Syneos Health, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">148,428</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,112,400</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Veracyte, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">141,807</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,940,035</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Health Care</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">133,272,371</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 14.1%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Alamo Group, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">53,675</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,404,466</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allegiant Travel Co.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">36,280</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,865,627</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Heartland Express, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">262,262</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,746,942</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Helios Technologies, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">143,425</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,643,118</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICF International, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,978</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,242,085</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Primoris Services Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">259,353</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,160,736</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RBC Bearings, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,215</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,990,494</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ritchie Bros. Auctioneers, Inc. (Canada)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149,150</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,373,383</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Shyft Group, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">99,222</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,815,920</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SiteOne Landscape Supply, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,109</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,093,451</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UFP Industries, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">164,198</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,121,199</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">US Ecology, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">114,721</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,167,814</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WillScot Mobile Mini Holdings Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">190,470</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,413,190</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Industrials</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">85,038,425</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Information Technology - 15.6%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Brooks Automation, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">81,119</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,503,924</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CACI International, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">21,395</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,334,415</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cerence, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,256</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,150,203</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Descartes Systems Group, Inc. (Canada)<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,334</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,054,652</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Endava PLC, ADR (United Kingdom)<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">144,104</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,059,982</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MACOM Technology Solutions Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">191,298</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,529,042</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Novanta, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,480</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,386,386</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Paylocity Holding Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,677</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">10,023,081</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Proofpoint, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">41,269</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,629,504</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rapid7, Inc.<SUP>*,1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,776</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,897,404</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rogers Corp.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,660</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,053,001</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silicon Laboratories, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">75,331</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">9,592,650</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The accompanying notes are an integral part of these financial
statements.</FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
50
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Value</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 60%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Information Technology - 15.6%</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(continued)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Viavi Solutions, Inc.<SUP>*</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">496,100</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,429,098</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">Total Information Technology</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">94,643,342</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Materials - 5.3%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Avient Corp.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">275,245</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,086,869</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Balchem Corp.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60,886</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,015,285</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Compass Minerals International, Inc.<SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,036</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,137,462</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Minerals Technologies, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,993</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,900,965</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Silgan Holdings, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">98,462</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,650,971</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">Total Materials</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">31,791,552</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Real Estate - 5.4%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Agree Realty Corp., REIT <SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,777</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,845,493</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">National Health Investors, Inc., REIT</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">89,355</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,180,685</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">QTS Realty Trust, Inc., Class A, REIT <SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123,362</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,633,641</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ryman Hospitality Properties, Inc., REIT</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,887</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,057,943</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">STAG Industrial, Inc., REIT</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">315,813</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,891,263</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">Total Real Estate</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">32,609,025</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Utilities - 2.3%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IDACORP, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,471</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,479,240</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5pt; text-indent: -4.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.15in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-income producing security.</FONT></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5pt; text-indent: -4.95pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.15in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Some of these securities, amounting to $58,647,390 or 9.7% of net assets, were out on loan to various borrowers and are collateralized by cash and
various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.</FONT></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5pt; text-indent: -4.95pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.15in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash collateral received for securities lending activity was invested in these joint repurchase agreements.</FONT></TD> </TR></TABLE> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <BR>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Value</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 60%; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NorthWestern Corp.</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">126,604</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,382,279</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.375in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">Total Utilities</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">13,861,519</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Total Common Stocks</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost $425,780,546)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">595,810,370</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Principal</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Amount</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Short-Term Investments - 0.1%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Joint Repurchase Agreements - 0.1%</B><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Global Markets, Inc., dated 12/31/20, due 01/04/21, 0.070% total to be
received$674,286 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 4.000%, 09/15/21 -01/01/51, totaling $687,767)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Total Short-Term Investments</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost $674,281)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Total Investments - 98.6%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost $426,454,827)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">596,484,651</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other Assets, less Liabilities - 1.4%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,403,853</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.125in; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Net Assets - 100.0%</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)"><FONT STYLE="color: #004E38"><B>$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">604,888,504</FONT></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 5pt; text-indent: -4.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">ADR American Depositary Receipt <BR> REIT Real Estate Investment Trust</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31, 2020:</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD> </TD>
<TD STYLE="font-weight: bold"> </TD>
<TD STYLE="font-weight: bold; text-align: center">Level 1</TD>
<TD STYLE="font-weight: bold"> </TD>
<TD STYLE="font-weight: bold; text-align: center">Level 2</TD>
<TD STYLE="font-weight: bold"> </TD>
<TD STYLE="font-weight: bold; text-align: center">Level 3</TD>
<TD STYLE="font-weight: bold"> </TD>
<TD STYLE="font-weight: bold; text-align: center">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="text-align: left; padding-left: 0in">Investments in Securities</TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="width: 64%; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Common Stocks<SUP>†</SUP></B></FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 8%; text-align: right">$595,810,370</TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 8%; text-align: right">—</TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 8%; text-align: right">—</TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 8%; text-align: right">$595,810,370</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Short-Term Investments</TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD>
<TD> </TD>
<TD STYLE="text-align: right"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -8.65pt; padding-left: 25.9pt">Joint Repurchase Agreements</TD>
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">$674,281</TD>
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right">674,281</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total Investments in Securities</TD>
<TD STYLE="padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$595,810,370</TD>
<TD STYLE="padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$674,281</TD>
<TD STYLE="padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">—</TD>
<TD STYLE="padding-bottom: 2.5pt"> </TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: right">$596,484,651</TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.45pt; text-indent: -5.45pt"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0.15in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please
refer to the Fund’s Schedule of Portfolio Investments.</FONT></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 9.45pt; text-indent: -5.45pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the fiscal year ended
December 31, 2020, there were no transfers in or out of Level 3.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The accompanying notes are an integral part of these financial
statements.</FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
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<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(unaudited)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B> </B></FONT></P>
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<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B> </B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; width: 33%"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>REVIEW</B></FONT></P>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B> </B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the year ended December 31, 2020, AMG GW&K Small/Mid Cap Fund’s (the “Fund”) Class I shares returned 23.31%, compared to the Russell 2500<SUP>®</SUP>
Index, which returned 19.99%.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">We are all familiar with the proverb “a watched pot never boils.” But what happens if we take that pot, cover it, and turn the heat up to high? As heat and pressure build inside the pot, the
lid might start to rattle and shift. Eventually, steam and other contents start to force their way out around the edges of the lid as it clatters more erratically. Finally, depending on the contents inside the pot, we might end up with quite a mess
if the heat is not turned down or the lid is not removed to let the pressure escape. As U.S. small/mid cap investors, it feels a bit as if we are living through this kitchen experiment right now. The U.S. Federal Reserve (the “Fed”) and
other global central banks, are attempting to keep economies moving and markets lubricated during a terrible global pandemic. Rock bottom interest rates, expanding central bank balance sheets, and other conditions have supplied the heat to keep
markets functioning and the economy from stalling.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Through the end of 2020, these policy actions, along with fiscal stimulus throughout 2020, seemed to have
imperfectly accomplished these objectives. Enough heat had been applied to the pot. With the addition of very positive vaccine news in the fourth quarter and the push to add further fiscal stimulus into 2021, suddenly more heat was added to the
experiment and the lid on the pot began to rattle. The Russell 2500<SUP>®</SUP> Index produced a sharp fourth quarter burst of 27.4%, its best quarter ever, and finished the year up 20.0%. While the magnitude of the move is impressive, the type
of stocks that have outperformed is more interesting.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">There is much in the way of evidence for this speculative environment. In periods when investors crave risk, the Wall Street
machine always rises to the occasion. Innovation in both technology and finance will race to help fulfill this desire for greater risk. Three areas that combined to help fan this speculative flame included: 1) low barrier trading platforms, 2)
special purpose acquisition corporations (SPACs), and 3) narrowly targeted thematic investments. There is obviously nothing inherently wrong with any of these three investment products, but each has the capacity to enable and embolden irrational
exuberance under the right conditions. The Robinhood trading platform, while allowing easy and free trading for investing newcomers, is alleged to encourage continuous and</FONT></P> </TD>
<TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; padding-left: 5pt; width: 34%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">repeated engagement in trading and
approve customers for option activity far in excess of their qualifications and resources. SPACs have perhaps in the past been unfairly stigmatized as a pathway to public markets given the lower scrutiny levels they receive and the characters often
attracted to less due diligence. This year the market for SPACs set records, and several have been moonshots, some of which ended up back on earth. Nikola is a noteworthy example, perhaps propelled in part by the greater democratization of trading
with platforms like Robinhood. The example of Nikola leads to the final category of speculation: narrowly focused thematic investing. There is nothing as exciting as chasing a glowing theme, be it electrification, alternative energy, genomics,
bitcoin, or more broadly, “innovation.” These themes all have tremendous merit and long-term opportunity for companies and investors. However, they will take time to commercialize with many flops and misses along the way. Just as in the
internet dawn of the late 1990s, successful investment companies have come along to help investors participate with narrowly targeted vehicles. Many have produced amazing returns in 2020. The money arriving late to the party will likely meaningfully
underperform the market as these trends are sorted out in the real world. We see evidence in these three areas of the lid on our pot bouncing from heat and pressure.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the year, style performance was very much
tilted toward Growth. The Russell 2500<SUP>®</SUP> Growth finished up 40.1% compared to only 4.8% return in the Russell 2500<SUP>®</SUP> Value Index. Value oriented sectors showed very little of the excitement driving the overall market.
Energy finished down (-39.0%), real estate (-8.7%), utilities (-4.9%), and financials (-2.1%). Meanwhile, secular growth areas like health care and information technology were up 49.2% and 52.1%, respectively, which led small and mid caps during the
year. Health care technology was up 135.8%, life sciences tools/services (+58.0%), biotechnology (+52.0%), as well as software (+72.8%) and semiconductors (+74.1%) in technology were some of the strongest industries that drove this return. However,
this trend softened somewhat in the last several months of the year as Value areas of the market found their footing. Consumer discretionary (+26.5%) was another winner on the year, recovering dramatically from a disastrous first quarter when it
declined (-40.9%). As we discussed in past communications, 2020 was a year where growth was the new safety trade and also performed quite well in the recovery.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Looking at factor analysis for the year, non-earners were up 49.2%
and accounted for 72.0% of the Russell 2500 Index performance. Of the benchmark</FONT></P> </TD>
<TD STYLE="padding-right: 5pt; padding-left: 5pt; width: 33%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">stocks with earnings (77.2% of the Index), those that reside in the
bottom 60% of valuation levels actually produced a negative average contribution to return for the year. Negative equity stocks finished up 38.4% and the lowest Return on Equity (“ROE”) quintile was up 45.3% on the year. Combined, these
groups were nearly 75% of the benchmark performance. High beta (+31.9%) outperformed low beta (+10.7%) dramatically. Finally, Index stocks without a five-year earnings track record returned 59.8%. To sum up, investors were mostly interested in
companies without earnings in this speculative year. Small/mid cap stocks with earnings and modest valuations, as well as those in the middle of the ROE barbell, did not participate in the rally.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Examining relative performance requires looking at cash allocation, factor and sector analysis to get the full picture of how the Fund returned 23% and outperformed in an environment which would seem to
have been challenging. Our cash exposure averaged just 1.9% during the year, but this still amounted to a meaningful drag. Switching to factor allocation, the Fund was decidedly out of balance with the investor preferences described above during the
year. Our exposure to stocks with characteristics such as higher than average cap, lower beta, positive earnings, higher than average returns, and less volatile earnings histories relative to the Index cost us approximately 290 basis points of
performance when averaged together. Combining these negative allocation factors would mean that stock selection in the Fund was sharply positive during the year, far beyond our actual outperformance.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Shifting to sector attribution, we saw positive contribution from financials, real estate, information technology, consumer staples, industrials, and materials during the year. Financials outperformed
due to strong stock selection in the capital markets industry (MarketAxess Holdings, Artisan Partners), selection and allocation in insurance (Kinsale Capital Group, underweight), and a lack of exposure to poorly performing mortgage REITs. In real
estate, the Fund benefited from an underweight position, good performance from CoreSite Realty Corp. (COR), and not owning some of the large detractors in the benchmark. Information technology outperformed the Index in electronic equipment with
Zebra Technologies Corp, Class A (ZBRA) and Cognex Corp. (CGNX). Cerence, Inc. (CRNC), Hubspot (HUBS), and EPAM systems (EPAM) also contributed. Consumer staples added to performance on the strength of BJ</FONT></P> </TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.55pt 0pt 0"> </P>
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<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(0,78,56)"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.55pt 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.55pt 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.55pt 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 9pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; width: 33%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Wholesale Club, Inc. (BJ +63.9%). The industrials sector
got a boost from our holdings of Richie Brothers Auctioneers, Inc. (RBA), Gibraltar Industries, Inc. (ROCK), and Exponent, Inc. (EXPO). And finally, good stock selection in materials with Quaker Chemical Corp. (KWR) and RPM International, Inc. (RPM)
helped relative returns.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.55pt 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">On the flip side, we lost ground in health care and consumer discretionary. In health care, stock selection and an underweight
allocation to biotechnology hurt relative performance (Neurocrine Biosciences -10.8%). The consumer discretionary sector was hurt by the sale of BJ Restaurants (BJRI) near the bottom of the market in March. While the funds were reinvested elsewhere,
the impact remains. Cavco Industries, Inc. (CVCO), Polaris, Inc. (PII), and Carter’s, Inc. (CRI) were other laggards that held back performance in this sector for 2020.</FONT></P> </TD>
<TD STYLE="padding-right: 5pt; border-right: Black 1pt solid; padding-left: 5pt; width: 34%">Looking forward into 2021 and beyond, we see both strong fundamentals as well as risks to watch. Similar to the covered pot on the stove, it remains to be
seen how the experiment will end. We believe the just completed very strong fourth quarter represents the excellent forward prospects investors see for the economy as we emerge from the pandemic in 2021. Consumer net worth is hitting records,
inventories are too low, and spending in many parts of the economy (outside of masks and heat lamps) is poised to accelerate. The fundamental strength is naturally augmented by forthcoming fiscal stimulus. The strong fundamentals and wall of
liquidity have also encouraged some investors to increase speculative behavior in several areas of the market where long-term opportunity is high but near-term earnings support is non-existent. Will the Fed lift the cover off the pot or lower the
heat as the economy accelerates to limit the negative impact of speculative bubbles forming? We acknowledge there</TD>
<TD STYLE="padding-right: 5pt; padding-left: 5pt; width: 33%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">are holes we are digging as a country that impact our longer-term
growth prospects, as debt climbs and political will appears to be faltering. Finally, markets appear to be assuming best outcomes for vaccine uptake and performance. However, we are very grateful that markets are looking forward to better times.
Capital markets would be on the floor convulsing if they were looking backward at 2020. Thankfully, we leave the past year behind. Given the good forward economic and earnings prospects we see, low inflation and interest rates, and current
valuations, we believe the U.S. small/mid cap asset class has attractive capital appreciation potential over our 3–5 year time horizon.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 270.9pt 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><I>The commentary reflects the viewpoints of the portfolio
manager, GW&K Investment Management, LLC, and is not intended as a forecast or guarantee of future results.</I></FONT></P> </TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.55pt 0pt 0"> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 270.9pt 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 272.7pt 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
53
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<P STYLE="margin: 0"></P>
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<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 0.2in; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Portfolio Manager’s Comments </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"> </P>
<DIV STYLE="position: relative; float: left; width: 69%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>CUMULATIVE TOTAL RETURN PERFORMANCE </B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small/Mid Cap Fund’s cumulative total return is based on the daily change in net asset
value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small/Mid Cap Fund’s Class I shares on June 30, 2015, to a $10,000 investment made in
the Russell 2500<SUP>®</SUP> Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund distribution or redemption of shares. The listed returns for the Fund are net of
expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"><FONT STYLE="font-size: 9pt"></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0; color: Red">
<IMG SRC="g134249img019_v1.jpg" ALT=""></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The table below shows the average annual total returns for the AMG
GW&K Small/Mid Cap Fund and the Russell 2500<SUP>®</SUP> Index for the same time periods ended December 31, 2020.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; width: 50%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One</B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Year</B></FONT></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Years</B></FONT></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Since </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inception</B></FONT></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 11%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Inception </B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Date</B></FONT></FONT></TD>
<TD STYLE="vertical-align: bottom; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Small/Mid Cap Fund<SUP>2, 3, 4, 5, 6, 7</SUP></B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.10</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.19</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/24/17</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.31</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.41%</FONT></TD>
<TD></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.85</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">06/30/15</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.37</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.45</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/24/17</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Russell 2500<SUP>®</SUP> Index<SUP>8</SUP></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.99</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.64%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.76</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">06/30/15</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-bottom: Black 1pt solid"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>The performance data shown represents past performance.
Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when
redeemed, may be worth more or less than their original cost.</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Investors should carefully consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information
through the most recent month end, current net asset values per share for the Fund and other information, please call 800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending
money.</I></FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.65pt"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.65pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.65pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Date reflects the inception date of the Fund, not the index</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect
offsets of Fund expenses as described in the prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR> </TABLE> </div> <DIV STYLE="position: relative; float: right; width: 29%; margin-right: 0; border-left: Black 1pt solid; padding-left: 10pt; margin-right: 0">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">capital gain distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of
December 31, 2020. All returns are in U.S. dollars ($).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has
resulted in higher returns.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic
earnings patterns, competitive conditions, limited earnings history, and a reliance on one or a limited number of products.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price
volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund invests in growth stocks, which may be more sensitive to market movements because their prices tend to
reflect future investor expectations rather than just current profits. Growth stocks may underperform value stocks during given periods.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Fund invests in value stocks, which may perform differently from the market as a whole and may be
undervalued by the market for a long period of time.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or
political factors, market conditions, disasters or public health issues, or in response to events that affect particular industries or companies.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD>
<TD> </TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Russell 2500<SUP>®</SUP> Index is composed of the 2,500 smallest stocks in the Russell
3000<SUP>®</SUP> Index and is widely regarded in the industry as the premier measure of small/mid cap stock performance. Unlike the Fund, the Russell 2500<SUP>® </SUP>Index is unmanaged, is not available for investment and does not incur
expenses.</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Russell Indices are trademarks of the London Stock Exchange Group companies.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD COLSPAN="2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not FDIC insured, nor bank guaranteed. May lose value.</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
54
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Fund Snapshots
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><I>(unaudited)</I></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: #004E38; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%; font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="padding-left: 2.9pt; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>PORTFOLIO BREAKDOWN</B></FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; width: 78%; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sector</B></FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B><BR> <B>Net Assets</B></FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Information Technology</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.7</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrials</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.8</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Health Care</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.8</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Discretionary</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.4</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financials</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.1</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Real Estate</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.3</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Materials</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.8</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Staples</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.3</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.5</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.4</FONT></TD>
<TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 2.9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets Less Liabilities</FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD COLSPAN="4" STYLE="padding-left: 0.05in; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; color: #004E38"><B>TOP TEN HOLDINGS</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 78%; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD>
<TD STYLE="width: 20%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">% <B>of</B><BR> <B>Net Assets</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">HubSpot, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Zebra Technologies Corp., Class A</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.3</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lithia Motors, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Exponent, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Catalent, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cerence, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gibraltar Industries, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.8</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RPM International, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.8</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ingersoll Rand, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.8</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.05in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Acadia Healthcare Co., Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.7</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.5</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.15pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance of those sectors and may
fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Any sectors, industries, or securities
discussed should not be perceived as investment recommendations. Mention of a specific security should not be considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold
from the Fund’s portfolio of investments by the time you receive this report.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
55
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><BR STYLE="clear: both"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Schedule of Portfolio Investments</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD STYLE="padding-left: 3%; width: 100%"> </TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 56%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Common Stocks - 98.1%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Discretionary - 13.4%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bright Horizons Family Solutions, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,030</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,773,030</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Burlington Stores, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,688</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,841,646</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Carter’s, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,580</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,218,171</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cavco Industries, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,232</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,847,904</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dorman Products, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">34,955</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,034,793</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Five Below, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,194</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,358,566</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Grand Canyon Education, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,804</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,750,841</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lithia Motors, Inc., Class A<SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,348</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,369,909</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Polaris, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,097</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,677,082</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pool Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,222</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,690,195</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Texas Roadhouse, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">47,006</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,673,989</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Vail Resorts, Inc.<SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,550</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,106,148</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Consumer Discretionary</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">36,342,274</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Staples - 3.3%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BJ’s Wholesale Club Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">102,102</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,806,362</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lancaster Colony Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,038</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,314,122</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Performance Food Group Co.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">39,583</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,884,547</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Consumer Staples</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">9,005,031</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Energy - 1.4%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Dril-Quip, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,341</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">691,360</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Parsley Energy, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">227,930</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,236,606</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Energy</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">3,927,966</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 13.1%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Artisan Partners Asset Management, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">31,511</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,586,264</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atlantic Union Bankshares Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,379</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,824,184</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Glacier Bancorp, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,794</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,152,992</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kemper Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,608</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,582,103</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Kinsale Capital Group, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">13,273</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,656,325</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MarketAxess Holdings, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,633</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,213,964</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pinnacle Financial Partners, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,154</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,745,117</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Piper Sandler Cos</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,804</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,805,424</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Signature Bank</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,182</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,677,453</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">TCF Financial Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">83,234</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,081,323</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Voya Financial, Inc.<SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,775</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,750,608</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Western Alliance Bancorp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">74,177</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,446,911</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.4in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Financials</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">35,522,668</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Health Care - 15.8%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Acadia Healthcare Co., Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">94,123</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,730,622</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Bio-Rad Laboratories, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">8,004</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,665,852</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Catalent, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,565</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,054,159</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Chemed Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,835</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,575,169</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 56%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Globus Medical, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">42,935</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,800,221</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Horizon Therapeutics PLC<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,885</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,429,638</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Integer Holdings Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">27,275</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,214,457</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Jazz Pharmaceuticals PLC (Ireland)<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">19,673</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,247,029</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Molina Healthcare, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,238</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,028,138</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Neurocrine Biosciences, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,400</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,105,540</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">STERIS PLC</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,797</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,562,783</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Syneos Health, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">62,667</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,269,503</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Health Care</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">42,683,111</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 15.8%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Exponent, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,293</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,248,119</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Federal Signal Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">85,445</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,834,211</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gibraltar Industries, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">69,066</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,968,608</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Graco, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,191</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,269,569</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hexcel Corp.<SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,538</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,547,568</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ingersoll Rand, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">104,839</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,776,465</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Nordson Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,883</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,196,439</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RBC Bearings, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,140</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,322,025</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ritchie Bros. Auctioneers, Inc. (Canada)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,964</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,587,796</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Schneider National, Inc., Class B</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">77,682</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,608,017</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The Toro Co.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,143</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,376,202</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Industrials</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">42,735,019</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Information Technology - 18.7%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Booz Allen Hamilton Holding Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">48,391</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,218,727</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cerence, Inc.<SUP>*,1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,228</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,046,909</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cognex Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">44,019</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,534,065</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Entegris, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">46,750</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,492,675</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Envestnet, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,620</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,190,560</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">EPAM Systems, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">11,313</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,054,014</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gartner, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">22,636</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,626,061</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">HubSpot, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,525</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,551,171</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Power Integrations, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,646</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,344,962</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Rapid7, Inc.<SUP>*,1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">51,345</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,629,265</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silicon Laboratories, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,941</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,685,347</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Zebra Technologies Corp., Class A<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,143</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,204,239</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Information Technology</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">50,577,995</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Materials - 6.8%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AptarGroup, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">25,804</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,532,310</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Eagle Materials, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">30,006</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,041,108</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Element Solutions, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">160,906</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,852,864</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Quaker Chemical Corp.<SUP>*,1</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">16,862</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,272,662</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">RPM International, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,808</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,793,910</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Materials</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">18,492,854</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of
these financial statements.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
56
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Schedule of Portfolio Investments <FONT STYLE="font-size: 10pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></FONT></TD></TR>
</TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD STYLE="padding-left: 3%; width: 100%"> </TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 56%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Real Estate - 7.3%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Campus Communities, Inc., REIT</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">55,616</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$2,378,696</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CoreSite Realty Corp., REIT</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">18,976</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,377,313</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Easterly Government Properties, Inc., REIT</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">149,156</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,378,384</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Hudson Pacific Properties, Inc., REIT</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">97,178</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,334,216</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Physicians Realty Trust, REIT</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">159,271</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,835,024</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Summit Hotel Properties, Inc., REIT <SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">223,731</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,015,816</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Sun Communities, Inc., REIT</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">28,423</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,318,875</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 30pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Total Real Estate</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"></FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">19,638,324</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Utilities - 2.5%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">IDACORP, Inc.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">33,635</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,229,969</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.15in; text-align: left"><SUP>*</SUP></TD>
<TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Non-income producing security.</FONT></TD> </TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.15in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Some of these securities, amounting to $16,713,653 or 6.2% of net assets, were out on loan to various borrowers and are collateralized by various
U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.</FONT></TD></TR></TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 58%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 20%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OGE Energy Corp.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">32,864</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$1,047,047</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Portland General Electric Co.</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">56,355</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,410,303</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.3in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Utilities</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">6,687,319</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Total Common Stocks</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">(Cost $193,513,818)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">265,612,561</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Total Investments - 98.1%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">(Cost $193,513,818)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">265,612,561</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Other Assets, less Liabilities - 1.9%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,156,733</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Net Assets - 100.0%</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>$270,769,294</B></FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"> </P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">REIT Real Estate Investment
Trust</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; margin-left: 0in; text-indent: 0in; text-align: justify"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> </DIV>
<BR CLEAR="ALL"><BR> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following table summarizes the inputs used to value the Fund’s investments by
the fair value hierarchy levels as of December 31, 2020:</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 4pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 49%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 5%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in Securities</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Common Stocks<SUP>†</SUP></B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$265,612,561</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$265,612,561</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$265,612,561</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$265,612,561</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 9.1pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 0.15in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s
Schedule of Portfolio Investments.</FONT></TD></TR></TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the fiscal year ended December 31, 2020, there were
no transfers in or out of Level 3.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; text-align: center; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of
these financial statements.</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
57
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"> </FONT></TD></TR>
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<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; color: #004E38">AMG GW&K Small Cap Value Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager’s Comments <FONT STYLE="font-size: 9pt; color: #004E38"><I>(unaudited)</I></FONT></FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD STYLE="padding-left: 3%; width: 100%"> </TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="padding-right: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-right: 10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 34%; border-right: Black 1pt solid; padding-right: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the fiscal year ended
December 31, 2020, AMG Managers GW&K Small Cap Value Fund’s (the “Fund”) Class N shares returned 3.29%, compared to a 4.63% return for the Russell 2000 Value<SUP>®</SUP> Index.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective December 4, 2020, the Fund’s subadviser changed from Skyline Asset Management, L.P.
(“Skyline”) to GW&K Investment Management, LLC (“GW&K”). Also effective December 4, 2020, the Fund changed its name to AMG GW&K Small Cap Value Fund, from AMG Managers Skyline Special Equities Fund and changed its
investment objective, principal investment strategies, and principal risks</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 1.65pt; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt">I<B>NVESTMENT STRATEGY</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GW&K believes quality small cap companies trading at low valuation levels offer attractive
opportunities for stock price appreciation over time. Given the tendency of money managers to focus on short-term fundamentals and stock price performance, we believe that a company’s underlying value is often overlooked and not recognized by
the market. Through our fundamental research process and proprietary screening, we seek to identify well-managed, undervalued companies with improving fundamental and financial characteristics.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 0.95pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">It is our objective to provide shareholders with a fully diversified portfolio of small cap value stocks
that participate in rising markets and protects returns when markets decline. We seek to outperform the Russell 2000<SUP>®</SUP> Value Index and our small cap value competitors over a full market cycle.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 1.65pt; color: #004E38"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>PERFORMANCE</B></FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 7pt 0 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">After a steep decline in the first quarter due to market volatility associated with the COVID-19 pandemic,
the Fund rebounded with positive</FONT></P></TD>
<TD STYLE="width: 33%; border-right: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-align: left"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 0.95pt; text-align: left"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">performance in the following three quarters and ended the fiscal year with a small positive return. However, the Fund modestly underperformed its benchmark during the period. The
Fund’s negative relative performance was primarily driven by stock selection, while sector allocation was a positive. An overweight and strong stock selection in the industrials sector was the top contributor to relative performance. The Fund
had notable contributions from TPI Composites Inc. (+138%) and BMC Stock Holdings Inc. (+66%) in the industrials sector. The Fund also benefited from an underweight and strong stock selection in financials. Lack of exposure to the energy sector was
also beneficial. On the other side of the ledger, an overweight in information technology helped performance, but was more than offset by weak stock selection in the sector. The Fund’s 5% return within information technology lagged the 27%
return for the benchmark and was the top detractor from relative performance. Notable detractors in the sector included Benchmark Electronics (-20%) and Knowles Corp. (-15%). In similar fashion, the Fund’s overweight to the materials sector
was beneficial, but the Fund’s -5% return lagged the 20% return for the benchmark. An underweight and weak stock selection in consumer discretionary as well as weak stock selection in the health care sector were other notable
detractors.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 6pt 0 1.65pt; color: #004E38; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt"><B>OUTLOOK</B></FONT><FONT
STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 7pt 0 0; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Looking forward into 2021 and beyond, we see both
strong fundamentals as well as risks to watch. We believe the just completed very strong fourth quarter represents the excellent forward prospects investors see for the economy as we emerge from the pandemic in 2021. Consumer net worth is hitting
records, inventories are too low, and spending in</FONT></P></TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt"><P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0 0 1.6pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">many parts of the economy (outside of masks
and heat lamps) are poised to accelerate. The fundamental strength is naturally augmented by forthcoming fiscal stimulus. The strong fundamentals and wall of liquidity have also encouraged some investors to increase speculative behavior in several
areas of the market where long-term opportunity is high but near-term earnings support is nonexistent. Will the U.S. Federal Reserve (the Fed) effectively manage monetary policy as the economy accelerates to limit the negative impact of speculative
bubbles forming? We acknowledge there are holes we are digging as a country that impact our longer-term growth prospects, as debt climbs and political will appears to be faltering. Finally, markets appear to be assuming best outcomes for vaccine
uptake and performance. However, we are very grateful that markets are looking forward to better times. Capital markets would be on the floor convulsing if they were looking backward at 2020. Thankfully, we leave the past year behind. Given the good
forward economic and earnings prospects we see, low inflation and interest rates, and current valuations, we believe the U.S. small cap asset class has attractive capital appreciation potential over our 3–5 year time horizon.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>This commentary reflects results from Skyline and GW&K, and the viewpoints represent those of the current
portfolio manager, GW&K, are not intended as a forecast or guarantee of future results, and are subject to change without notice.</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; padding-right: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid; padding-right: 10pt; padding-left: 10pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-right: 10pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
58
</P></DIV>
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<P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; font-size: 11pt; padding-left: 3%"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; font-size: 11pt; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif">Portfolio Manager’s Comments <FONT STYLE="font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="font-size: 11pt"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:69%"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0; color: #004E38"><FONT
STYLE="font-size: 10pt"><B>CUMULATIVE TOTAL RETURN PERFORMANCE</B></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">AMG GW&K Small Cap Value Fund’s cumulative total return is based
on the daily change in net asset value (NAV), and assumes that all dividends and distributions were reinvested. The graph compares a hypothetical $10,000 investment made in the AMG GW&K Small Cap Value Fund’s Class N shares on December 31,
2010, to a $10,000 investment made in the Russell 2000<SUP>®</SUP> Value Index and Russell 2000<SUP>®</SUP> Index for the same time period. The graph and table do not reflect the deduction of taxes that a shareholder would pay on a Fund
distribution or redemption of shares. The listed returns for the Fund are net of expenses and the returns for the index exclude expenses. Total returns would have been lower had certain expenses not been reduced.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0">
<IMG SRC="g134249img020_v1.jpg" ALT=""> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The table below shows the average
annual total returns for the AMG GW&K Small Cap Value Fund and the Russell 2000<SUP>®</SUP> Value Index and Russell 2000<SUP>® </SUP>Index for the same time periods ended December 31, 2020.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 37%; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average Annual Total Returns<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>One</B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Year</B></FONT></FONT></TD>
<TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Five</B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Years</B></FONT></FONT></TD>
<TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Ten</B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Years</B></FONT></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Since</B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Inception</B></FONT></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Inception</B></FONT><FONT STYLE="font-size: 9pt"><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Date</B></FONT></FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD COLSPAN="8"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG GW&K Small Cap Value Fund</B><SUP>2, 3, 4, 5, 6, 7</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.29%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.19%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.38%</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.23%</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">04/23/87</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.06%</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/24/17</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 25.95pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.57%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.13%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">02/24/17</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Russell 2000<SUP>® </SUP>Value Index<SUP>8</SUP></FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.63%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.65%</FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.66%</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 25.95pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Russell 2000<SUP>®</SUP> Index<SUP>9</SUP></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.96%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.26%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11.20%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.30%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">04/23/87</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"><I>The performance data shown represents past performance. Past performance is not a
guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more
or less than their original cost.</I></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-top: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"><I>Investors should carefully
consider the Fund’s investment objectives, risks, charges and expenses before investing. For performance information through the most recent month end, current net asset values per share for the Fund and other information, please call
800.548.4539 or visit our website at amgfunds.com for a free prospectus. Read it carefully before investing or sending money.</I></FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Distributed
by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Date reflects the inception date of the Fund, not the index.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Total return equals income yield plus share price change and assumes reinvestment of all dividends and capital gain distributions. Returns are net of fees and may reflect offsets of Fund expenses as described in the
prospectus. No adjustment has been made for taxes payable by shareholders on their reinvested dividends and</FONT></TD></TR></TABLE> </DIV>
<DIV STYLE="position: relative; float: right; width: 29%; border-left: rgb(0,28,11) 1pt solid; margin-left: 0; padding-left: 5pt"> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0 15pt"><FONT STYLE="font-size: 9pt">capital gain
distributions. Returns for periods greater than one year are annualized. The listed returns on the Fund are net of expenses and based on the published NAV as of December 31, 2020. All returns are in U.S. dollars ($).</FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The Fund is subject to risks associated with investments in small-capitalization companies, such as erratic earnings patterns, competitive conditions, limited earnings history and a reliance on one or a limited
number of products.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The Fund is subject to special risk considerations similar to those associated with the direct ownership of real estate. Real estate valuations may be subject to factors such as changing general and local economic,
financial, competitive, and environmental conditions.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Companies that are in similar businesses may be similarly affected by particular economic or market events; to the extent the Fund has substantial holdings within a particular sector, the risks associated with that
sector increase.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Market prices of investments held by the Fund may fall rapidly or unpredictably due to a variety of economic or political factors, market conditions, disasters or public health issues, or in response to events that
affect particular industries or companies.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the market for a long period of time.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The Russell 2000<SUP>® </SUP>Value Index is an unmanaged, market-value weighted, value-oriented index comprised of small stocks that have relatively low price-to-book ratios and lower forecasted growth values.
Unlike the Fund, the Russell 2000<SUP>® </SUP>Value Index is unmanaged, is not available for investment and does not incur expenses.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0.05pt"></TD>
<TD STYLE="width: 15pt"><FONT STYLE="font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The Russell 2000<SUP>®</SUP> Index is composed of the 2000 smallest stocks in the Russell 3000<SUP>®</SUP> Index and is widely regarded in the industry as the premier measure of small-cap stock performance.
Unlike the Fund, the Russell 2000<SUP>® </SUP>Index is unmanaged, is not available for investment and does not incur expenses.</FONT></TD></TR></TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT
STYLE="font-size: 9pt">The Russell Indices are trademarks of the London Stock Exchange Group companies.</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">Not FDIC insured, nor bank
guaranteed. May lose value.</FONT></P> </DIV> <BR CLEAR="ALL"><BR>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
59
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Fund Snapshots <FONT STYLE="font-size: 10pt; color: #004E38"><I>(unaudited)</I></FONT></FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD> </TD></TR>
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>PORTFOLIO BREAKDOWN</B></FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sector</B></FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B></FONT><FONT STYLE="font-size: 9pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt; width: 78%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Financials</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29.6</FONT></TD>
<TD STYLE="width: 7%"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Industrials</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.9</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Discretionary</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13.2</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Real Estate</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.4</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Health Care</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.3</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Information Technology</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.9</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Materials</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.1</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Utilities</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.0</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Consumer Staples</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.7</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Energy</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Communication Services</FONT></TD>
<TD STYLE="text-align: right; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 5pt; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other Assets Less Liabilities</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: right; padding-bottom: 2pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.5</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0; text-align: center; color: #004E38"><FONT STYLE="font-size: 10pt"><B>TOP TEN HOLDINGS</B></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-left: 5pt; width: 79%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Security Name</B></FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>% of</B></FONT><FONT STYLE="font-size: 9pt"><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif"><B>Net Assets</B></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Walker & Dunlop, Inc.</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.4</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Group 1 Automotive, Inc.</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.3</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gibraltar Industries, Inc.</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ameris Bancorp</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.1</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Piper Sandler Cos</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Gray Television, Inc.</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Schnitzer Steel Industries, Inc., Class A</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.0</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Columbus McKinnon Corp.</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Four Corners Property Trust, Inc.</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: top; background-color: #C9D7D2">
<TD STYLE="border-left: Black 1pt solid; padding-left: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Tenet Healthcare Corp. </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.9</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Top Ten as a Group</FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.6</FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 8pt">Because a fund’s strategy may result in multiple investments in particular sectors of the economy, its performance may depend on the performance
of those sectors and may fluctuate more widely than investments diversified across more sectors. For additional information on these and other risk considerations, please see the Fund’s prospectus.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 8pt">Any sectors, industries, or securities discussed should not be perceived as investment recommendations. Mention of a specific security should not be
considered a recommendation to buy or solicitation to sell that security. Specific securities mentioned in this report may have been sold from the Fund’s portfolio of investments by the time you receive this report.</FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-bottom: Black 1pt solid"> </TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
60
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
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<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Schedule of Portfolio Investments</FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38">December 31, 2020</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 3%"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD STYLE="padding-left: 3%"> </TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 67%; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38"><B>Common Stocks - 98.5%</B></FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="width: 12%; background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Communication Services - 2.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gray Television, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">371,527</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">$6,646,618</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Discretionary - 13.2%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Boot Barn Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98,865</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,286,786</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Callaway Golf Co.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">222,960</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,353,269</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Deckers Outdoor Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">14,996</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,300,553</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Denny’s Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">361,881</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,312,413</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Group 1 Automotive, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,364</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,653,855</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Johnson Outdoors, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,478</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,122,187</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">MDC Holdings, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">57,493</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,794,160</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Patrick Industries, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,139</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,452,251</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stoneridge, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">177,273</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,358,963</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Consumer Discretionary</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">44,634,437</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Consumer Staples - 2.7%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">BJ’s Wholesale Club Holdings, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">76,858</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,865,266</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Central Garden & Pet Co.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">166,285</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,420,264</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Consumer Staples</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">9,285,530</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Energy - 2.4%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Matador Resources Co.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">187,222</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,257,897</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ProPetro Holding Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">312,165</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,306,900</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Renewable Energy Group, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">24,117</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,707,966</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Solaris Oilfield Infrastructure, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">228,829</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">1,862,668</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Energy</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">8,135,431</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Financials - 29.6%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Ameris Bancorp</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,803</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,997,380</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Atlantic Union Bankshares Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">190,853</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,286,698</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Cathay General Bancorp</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">122,505</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,943,436</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">City Holding Co.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">54,368</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,781,294</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Community Bank System, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">88,627</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,522,348</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Enterprise Financial Services Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">105,354</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,682,122</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Federal Agricultural Mortgage Corp., Class C</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,061</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,717,029</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Financial Bancorp</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">198,923</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,487,120</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">First Interstate BancSystem, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">106,778</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,353,339</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Flagstar Bancorp, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">120,322</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,904,325</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">International Bancshares Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">122,236</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,576,516</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">James River Group Holdings, Ltd. (Bermuda)</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">80,085</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,936,178</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">OceanFirst Financial Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">297,427</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,541,065</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Pacific Premier Bancorp, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">201,596</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,316,003</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Piper Sandler Cos</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">66,588</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,718,729</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Selective Insurance Group, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">95,639</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,405,900</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Stifel Financial Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">112,839</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,693,856</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Valley National Bancorp</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">281,187</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,741,573</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 8.65pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 67%; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Walker & Dunlop, Inc.</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">87,525</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 12%; background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">$8,054,051</FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">WesBanco, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">100,884</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,022,485</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Financials</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">99,681,447</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Health Care - 6.3%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Covetrus, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">121,838</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,501,624</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Emergent BioSolutions, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">52,091</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,667,353</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Integer Holdings Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">50,073</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,065,427</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Supernus Pharmaceuticals, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">109,236</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,748,378</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Tenet Healthcare Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">161,629</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,453,846</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Health Care</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">21,436,628</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Industrials - 17.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Allegiant Travel Co.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">20,163</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,815,646</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Woodmark Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">45,637</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,283,032</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CBIZ, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">145,198</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,863,719</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Columbus McKinnon Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">171,924</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,608,758</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Comfort Systems USA, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,047</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,162,075</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Douglas Dynamics, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">133,680</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,717,494</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Federal Signal Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">183,052</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,071,835</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Gibraltar Industries, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">98,930</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">7,117,024</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">ICF International, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">65,934</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,900,874</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Lydall, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">128,577</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,861,167</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Primoris Services Corp.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">134,896</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,724,479</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">SkyWest, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">93,683</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,776,362</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">UFP Industries, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">60,512</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,361,442</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Industrials</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">60,263,907</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Information Technology - 5.9%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">American Software, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">155,748</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">2,674,193</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">CACI International, Inc., Class A<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">23,715</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,912,861</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Power Integrations, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">59,635</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,881,721</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Silicon Laboratories, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">26,564</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,382,660</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Viavi Solutions, Inc.<SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">205,619</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,079,145</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Information Technology</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">19,930,580</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Materials - 5.1%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Minerals Technologies, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">63,038</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,915,921</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Orion Engineered Carbons, S.A. (Luxembourg)</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">206,379</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,537,336</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Schnitzer Steel Industries, Inc., Class A</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">208,111</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,640,822</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Worthington Industries, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">58,869</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">3,022,334</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">Total Materials</FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt; color: #004E38">17,116,413</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"><B>Real Estate - 9.4%</B></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Agree Realty Corp., REIT</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">72,173</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">4,805,278</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Four Corners Property Trust, Inc., REIT</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">221,910</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,606,261</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Getty Realty Corp., REIT <SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">182,319</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">5,021,065</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">Independence Realty Trust, Inc., REIT</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">475,073</FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">6,380,231</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 8pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 8pt"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-bottom: Black 1pt solid"> </TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="text-align: center"></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
61
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT><BR>
<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">Schedule of Portfolio Investments <FONT STYLE="font-size: 10pt; color: #004E38"><I>(continued)</I></FONT></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="padding-left: 3%"> </TD></TR>
<TR STYLE="vertical-align: top; background-color: #004E38">
<TD STYLE="padding-left: 3%"> </TD></TR> </TABLE> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"><P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 67%; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Real Estate - 9.4% </B>(continued)</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lexington Realty Trust, REIT</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">253,215</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,689,143</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Summit Hotel Properties, Inc., REIT <SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">326,672</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,943,315</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Xenia Hotels & Resorts, Inc., REIT <SUP>*</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">214,404</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,258,941</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Real Estate</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">31,704,234</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Utilities - 4.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">IDACORP, Inc.</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">54,667</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,249,672</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">NorthWestern Corp.</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">77,462</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,516,809</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><FONT
STYLE="font-size: 9pt"><SUP>* </SUP>Non-income producing security.</FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"><P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 67%; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Southwest Gas Holdings, Inc.</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,543</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,617,237</FONT></TD>
<TD STYLE="width: 1%; background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">Total Utilities</FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">13,383,718</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Total Common Stocks</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">(Cost $317,466,452)</FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38">332,218,943</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments - 98.5%</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(Cost $317,466,452)</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">332,218,943</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Other Assets, less Liabilities - 1.5%</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,920,159</FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>Net Assets - 100.0%</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>$337,139,102</B></FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt; color: #004E38"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="background-color: #C9D7D2"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 2pt 0 0"><FONT
STYLE="font-size: 9pt">REIT Real Estate Investment Trust</FONT></P> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">The following table summarizes the
inputs used to value the Fund’s investments by the fair value hierarchy levels as of December 31, 2020:</FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 1</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 2</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Level 3</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments in Securities</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 35%; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Common Stocks<SUP>†</SUP></B></FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">332,218,943</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 3%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="width: 12%; border-bottom: Black 1pt solid; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">332,218,943</FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total Investments in Securities</B></FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">332,218,943</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$</FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">332,218,943</FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>†</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">All common stocks held in the Fund are Level 1 securities. For a detailed breakout of common stocks by major industry classification, please refer to the Fund’s Schedule of Portfolio
Investments.</FONT></TD></TR></TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt">For the fiscal year ended December 31, 2020, there were no transfers in or out of Level 3.</FONT></P>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The accompanying notes are an integral part of these financial statements.</FONT></TD></TR> </TABLE> <P STYLE="margin: 0"></P>
<P STYLE="margin: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
62
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; padding-left: 17.3pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Statement of Assets and Liabilities</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Enhanced </B><BR> <B>Core Bond
<BR> ESG Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K High </B><BR> <B>Income
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Municipal Bond
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Municipal Enhanced </B><BR>
<B>Yield Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments at value<SUP>1 </SUP>(including securities on loan valued at
$2,928,951, $0, $0, and $0, respectively)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$56,083,803</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$9,968,697</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,305,706,754</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$322,895,923</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,195,980</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">188,062</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26,919,653</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,561,917</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable for investments sold</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,287</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend and interest receivables</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">410,161</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">145,696</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,405,207</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,210,811</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Securities lending income receivable</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,552</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable for Fund shares sold</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,551</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,007</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,006,953</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">140,945</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable from affiliate</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,555</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,197</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">69,866</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,047</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prepaid expenses and other assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,374</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,902</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,507</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,829</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,781,976</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,613,848</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,351,137,940</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">328,860,472</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable upon return of securities loaned</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable for investments purchased</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">258,504</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable for delayed delivery investments purchased</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,435,060</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable for Fund shares repurchased</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">178,892</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,068</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">289,754</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,617</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accrued expenses:</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment advisory and management fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,820</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,523</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">228,285</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124,788</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administrative fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,910</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,303</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165,655</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,596</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distribution fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,327</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,878</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,040</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholder service fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,264</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,959</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">56,891</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,276</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,995</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,633</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">138,239</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">63,401</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total liabilities</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,636,394</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">311,990</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,317,762</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">276,718</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$55,145,582</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,301,858</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,305,820,178</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$328,583,754</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1 </SUP>Investments at cost</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$53,285,407</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$9,978,707</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,228,525,480</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$298,407,906</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
63
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 89.7pt"></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 89.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; padding-left: 17.3pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; color: Black">Statement of Assets and Liabilities</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 89.7pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Enhanced </B><BR> <B>Core Bond
<BR> ESG Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K High </B><BR> <B>Income
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Municipal Bond
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Municipal Enhanced </B><BR>
<B>Yield Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets Represent:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paid-in capital</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$55,768,164</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,365,725</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,227,763,665</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$303,179,087</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributable earnings (loss)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(622,582</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(63,867</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">78,056,513</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,404,667</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$55,145,582</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,301,858</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,305,820,178</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$328,583,754</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class N:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$15,793,769</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,301,858</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$18,152,784</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,015,428</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares outstanding</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,449,610</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">463,381</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,458,020</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">469,258</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value, offering and redemption price per share</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.90</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$22.23</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$12.45</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.69</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class I:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$27,800,094</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,287,667,394</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$323,438,655</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares outstanding</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,542,231</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102,845,111</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,101,646</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value, offering and redemption price per share</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.94</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$12.52</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.40</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class Z:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$11,551,719</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$129,671</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares outstanding</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,056,820</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,471</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value, offering and redemption price per share</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.93</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10.40</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
64
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
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<TD STYLE="width: 97%; padding-left: 17.3pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
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<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
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<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; color: Black">Statement of Assets and Liabilities</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG <BR> GW&K Global </B><BR> <B>Allocation
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Small Cap Core
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Small/Mid <BR> Cap
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Small Cap Value
Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Assets:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investments at value<SUP>1 </SUP>(including securities on loan valued at
$8,270,264, $58,647,390, $16,713,653, and $0, respectively)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$151,616,396</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$596,484,651</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$265,612,561</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$332,218,943</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Cash</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,924,815</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,899,343</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,907,959</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,076,738</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign currency<SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">996,953</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable for investments sold</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,640,017</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">614,662</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,914,548</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend and interest receivables</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">384,957</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">448,690</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,066</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">448,650</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Securities lending income receivable</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,871</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,552</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,002</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable for Fund shares sold</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,426</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">858,606</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">329,544</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,291</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Receivable from affiliate</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,364</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,836</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prepaid expenses and other assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,476</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,272</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,185</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,111</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">157,000,258</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">606,354,131</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">272,579,815</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">338,764,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Liabilities:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable upon return of securities loaned</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,576,545</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">674,281</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable for investments purchased</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,199,941</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,537,011</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Payable for Fund shares repurchased</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,924</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">257,183</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,811</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,182,982</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Accrued expenses:</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment advisory and management fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">76,357</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">362,903</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">138,590</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">250,543</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administrative fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,089</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,289</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,530</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,893</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distribution fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,730</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,796</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholder service fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,351</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,645</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,802</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,412</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Other</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,086</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">73,530</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,731</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,349</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total liabilities</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,984,023</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,465,627</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,810,521</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,625,179</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$153,016,235</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$604,888,504</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$270,769,294</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$337,139,102</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1 </SUP>Investments at cost</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$114,964,612</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$426,454,827</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$193,513,818</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$317,466,452</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2 </SUP>Foreign currency at cost</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$983,352</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
65
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; padding-left: 17.3pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt; color: Black">Statement of Assets and Liabilities</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG <BR> GW&K Global </B><BR> <B>Allocation
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Small Cap Core
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Small/Mid <BR> Cap
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Small Cap Value
Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets Represent:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paid-in capital</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$117,669,185</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$423,787,511</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$196,369,358</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$318,179,443</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributable earnings</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,347,050</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">181,100,993</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74,399,936</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,959,659</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$153,016,235</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$604,888,504</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$270,769,294</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$337,139,102</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class N:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$51,414,521</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$8,667,249</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$223,853</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$243,654,912</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares outstanding</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,636,969</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">289,157</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,958</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,120,604</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value, offering and redemption price per share</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$19.50</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$29.97</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$16.04</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$26.71</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class I:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$97,868,989</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$470,373,466</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$165,840,431</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$83,003,254</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares outstanding</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,965,221</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,368,627</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,327,396</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,098,650</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value, offering and redemption price per share</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$19.71</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$30.61</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$16.06</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$26.79</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class Z:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net Assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,732,725</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$125,847,789</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$104,705,010</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,480,936</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shares outstanding</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">189,408</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,111,282</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,513,820</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">392,205</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net asset value, offering and redemption price per share</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$19.71</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$30.61</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$16.07</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$26.72</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
66
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="width: 97%; padding-left: 17.3pt; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Statement of Operations</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 8pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 8pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt"> </FONT></TD>
<TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)">For the fiscal year ended December 31,
2020</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Enhanced </B><BR> <B>Core Bond
<BR> ESG Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K High </B><BR> <B>Income
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Municipal <BR> Bond
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG </B><BR> <B>GW&K Municipal Enhanced </B><BR>
<B>Yield Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 29%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Income:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,337</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$787</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$67,066</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$41,742</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,063,182</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">293,490</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,668,922</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,518,279</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Securities lending income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,317</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">321</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign withholding tax</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,452</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.375in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,073,836</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">293,146</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,735,988</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,560,021</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expenses:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment advisory and management fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">124,241</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,607</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,407,999</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,363,263</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administrative fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62,120</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,871</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,740,374</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">454,421</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distribution fees - Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,581</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,565</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,322</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholder servicing fees - Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,958</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,087</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,192</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholder servicing fees - Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,118</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">570,612</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147,349</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Professional fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,966</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,829</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">105,564</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">55,667</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Registration fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,035</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,699</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87,308</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">61,044</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Custodian fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,993</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,194</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">85,963</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">35,512</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reports to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,937</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,135</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43,769</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,148</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfer agent fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,982</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,051</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,105</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,887</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee fees and expenses</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,793</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">840</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">107,114</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27,880</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Miscellaneous</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,514</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,165</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31,155</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,878</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.375in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total expenses before offsets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">382,280</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">157,349</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,291,615</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,210,563</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expense reimbursements</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(135,792</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(75,430</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(704,935</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(242,883</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net expenses</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">246,488</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81,919</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,586,680</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,967,680</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">827,348</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">211,227</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,149,308</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,592,341</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Realized and Unrealized Gain:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">851,301</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">838,877</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,459,854</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,972,374</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on forwards contracts</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">134,979</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on futures contracts</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,964</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized loss on foreign currency transactions</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,582</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,758,021</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(182,406</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,387,730</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,743,902</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on
forwards contracts</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,553</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on
futures contracts</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,541</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on foreign currency
translations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2,382</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,609,322</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">825,544</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,847,584</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12,716,276</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net increase in net assets resulting from operations</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,436,670</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,036,771</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$52,996,892</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$20,308,617</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
67
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Statement of Operations </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AMG</B><BR> <B>GW&K Global</B><BR> <B>Allocation Fund</B></FONT></TD>
<TD> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AMG</B><BR> <B>GW&K Small Cap</B><BR> <B>Core Fund</B></FONT></TD>
<TD> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AMG</B><BR> <B>GW&K Small/Mid</B><BR> <B>Cap Fund</B></FONT></TD>
<TD> </TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>AMG</B><BR> <B>GW&K Small Cap</B><BR> <B>Value Fund</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 29%; padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Investment Income:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,471,878</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,284,158</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,114,205</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,027,463</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Interest income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,388,846</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">195</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Securities lending income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,161</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">91,998</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,067</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,569</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Foreign withholding tax</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,702</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,275</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7,884</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13,365</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,844,183</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,353,151</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,122,388</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,048,862</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expenses:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment advisory and management fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,020,236</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,249,852</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,322,175</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,541,225</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Administrative fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">255,059</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">696,397</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">309,120</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">523,827</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Distribution fees - Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">127,668</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,971</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">430</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholder servicing fees - Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,983</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">27</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">621,004</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Shareholder servicing fees - Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">113,974</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">177,432</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102,418</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">62,275</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Custodian fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">84,528</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,279</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,405</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,143</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Registration fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,064</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,775</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34,419</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60,310</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Professional fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53,664</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">57,915</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">44,934</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,517</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Reports to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,591</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,089</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,482</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,582</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Trustee fees and expenses</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">46,866</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,256</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,573</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28,957</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Transfer agent fees</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18,732</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,435</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,272</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">32,762</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Miscellaneous</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,135</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,584</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7,488</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,975</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total expenses before offsets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,845,517</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,416,968</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,885,743</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,035,577</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expense reimbursements</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(203,900</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,131</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(48,533</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(144,468</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Expense reductions</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,875</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(36,922</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,121</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net expenses</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,636,742</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,350,915</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,827,089</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,891,109</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,207,441</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,002,236</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">295,299</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,157,753</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Realized and Unrealized Gain (Loss):</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(948,464</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,838,323</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,655,713</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,326,548</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized loss on foreign currency transactions</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(22,604</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,219,388</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,950,806</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,255,119</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(122,030,123</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on foreign currency
translations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,723</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14,262,043</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">102,789,129</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,910,832</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,703,575</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net increase (decrease) in net assets resulting from operations</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$15,469,484</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$103,791,365</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$50,206,131</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$ (14,545,822</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
68
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Statements of Changes in Net Assets</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)">For the fiscal years ended December 31,</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Enhanced</B><BR> <B>Core Bond ESG
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K High</B><BR> <B>Income
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Municipal</B><BR> <B>Bond
Fund</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 30%; padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Increase in Net Assets Resulting From Operations:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$827,348</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$912,976</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$211,227</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$261,207</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$18,149,308</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$18,764,133</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">851,301</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">404,962</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">995,238</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(352,820</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,459,854</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5,823,265</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,758,021</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,227,923</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(169,694</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">809,506</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30,387,730</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">47,803,351</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase in net assets resulting from operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,436,670</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,545,861</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,036,771</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">717,893</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">52,996,892</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,390,749</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Distributions to Shareholders:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(270,732</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(379,255</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(825,025</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,806</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(291,376</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(308,006</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(319,421</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(192,619</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,463,147</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,444,080</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class C<SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(16,702</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(225,439</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(338,179</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(815,592</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(926,755</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(825,025</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(29,806</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(21,754,523</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18,752,086</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital Share Transactions:<SUP>2</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase (decrease) from capital share transactions</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19,163,432</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,633,199</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">452,271</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,415,728</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">241,352,504</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,588,783</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 34.55pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total increase (decrease) in net assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21,784,510</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,014,093</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">664,017</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(727,641</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">272,594,873</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,227,446</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beginning of year</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33,361,072</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">36,375,165</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9,637,841</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,365,482</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,033,225,305</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">957,997,859</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">End of year</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$55,145,582</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$33,361,072</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,301,858</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$9,637,841</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,305,820,178</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,033,225,305</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective May 31, 2019, Class C shares were converted into Class N shares.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See Note 1(g) of the Notes to Financial Statements.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
69
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Statements of Changes in Net Assets</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)">For the fiscal years ended December 31,</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Municipal</B><BR> <B>Enhanced Yield
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Global</B><BR> <B>Allocation
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Small Cap Core Fund</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 30%; padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Increase in Net Assets Resulting From Operations:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$7,592,341</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$7,164,664</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,207,441</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$4,245,714</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,002,236</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$851,757</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,972,374</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,874,832</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(971,068</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,203,990</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,838,323</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,218,128</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,743,902</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,319,807</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,233,111</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23,461,975</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">72,950,806</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">92,751,979</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase in net assets resulting from operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20,308,617</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,359,303</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15,469,484</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,911,679</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">103,791,365</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115,821,864</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Distributions to Shareholders:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>From net investment income and/or realized gain on investments:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(230,199</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(199,815</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,802,668</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,102,350</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(206,153</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(519,512</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,227,601</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,694,071</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,171,934</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(10,291,326</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,703,788</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(17,342,704</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,636</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4,178</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(215,224</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(493,265</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,120,957</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(5,682,701</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>From paid-in capital:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,312</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(26,180</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,351</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11,462,436</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,898,064</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(6,228,669</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14,886,941</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(15,030,898</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(23,544,917</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital Share Transactions:<SUP>1</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase (decrease) from capital share transactions</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">40,667,096</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">51,350,874</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(107,931,884</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24,570,919</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">64,165,490</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(49,229,890</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 34.55pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total increase (decrease) in net assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">49,513,277</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,812,113</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(98,691,069</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,453,819</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">152,925,957</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">43,047,057</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beginning of year</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">279,070,477</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">211,258,364</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251,707,304</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">250,253,485</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">451,962,547</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">408,915,490</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">End of year</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$328,583,754</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$279,070,477</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$153,016,235</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$251,707,304</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$604,888,504</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$451,962,547</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See Note 1(g) of the Notes to Financial Statements.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial statements.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
70
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 2%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 98%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Statements of Changes in Net Assets</FONT> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)"><I>(continued)</I></FONT></P></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: rgb(0,78,56)">For the fiscal years ended December 31,</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Small/Mid</B><BR> <B>Cap
Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="4" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG</B><BR> <B>GW&K Small Cap</B><BR> <B>Value
Fund</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 45%; padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Increase (Decrease) in Net Assets Resulting From
Operations:</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"> </TD>
<TD STYLE="width: 12%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$295,299</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$362,287</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,157,753</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,391,142</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,655,713</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1,633,170</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">106,326,548</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">74,784,563</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net change in unrealized appreciation/depreciation on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">45,255,119</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">42,609,178</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(122,030,123</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,756,214</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase (decrease) in net assets resulting from operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">50,206,131</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">41,338,295</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14,545,822</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">170,931,919</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Distributions to Shareholders:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(280</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(78,448,514</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(24,262,547</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(194,295</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(248,675</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(32,924,631</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8,703,483</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(187,001</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(316,750</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3,178,095</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(789,359</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(381,296</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(565,705</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(114,551,240</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(33,755,389</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital Share Transactions:<SUP>1</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net increase (decrease) from capital share transactions</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">22,104,665</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38,228,007</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(27,451,765</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(392,753,505</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 4pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 34.55pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total increase (decrease) in net assets</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71,929,500</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">79,000,597</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(156,548,827</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(255,576,975</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Assets:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Beginning of year</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">198,839,794</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119,839,197</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">493,687,929</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">749,264,904</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">End of year</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$270,769,294</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$198,839,794</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$337,139,102</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$493,687,929</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">See Note 1(g) of the Notes to Financial Statements.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">The accompanying notes are an integral part of these financial
statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
71
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; width: 2%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 98%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="14" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December
31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class N</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2016<SUP>1</SUP></B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 31%; padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Year</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.15</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.43</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.81</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.67</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 8%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.58</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.23</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.22</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.75</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.38</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.09</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.36</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.31</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.23</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.22</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.22</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.90</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.15</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.43</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.81</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.67</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.41</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT><FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10.35</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.48</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; white-space: nowrap"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.76</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.26</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.75</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.84</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.99</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.05</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.43</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.45</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.19</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.27</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">101</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">71</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">26</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">88</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of year (000’s)
omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$15,794</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$14,779</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$12,884</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$16,027</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$16,115</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"> </P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"> </P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
72
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December
31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Class I</FONT></TD>
<TD STYLE="width: 3%; font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
<TD STYLE="width: 2%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2017<SUP>6</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2016<SUP>1</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Net Asset Value, Beginning of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$10.19</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.47</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.85</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.70</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.62</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Income (loss) from Investment Operations:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.22</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.26</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.23</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.24</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -10pt; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.75</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.73</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.38</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.16</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.08</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"><FONT STYLE="font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.97</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.99</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.13</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.32</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Less Distributions to Shareholders from:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.22</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.27</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">) </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Net Asset Value, End of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$10.94</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$10.19</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.47</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.85</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.70</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">9.57</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">10.51</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1.27</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.03</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.31</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.55</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.55</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.54</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.61</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.69</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>5</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.88</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.98</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.80</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.90</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.90</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.04</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.62</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.64</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.32</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">101</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">26</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">88</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net assets end of year (000’s) omitted</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$27,800</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$8,502</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$5,967</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$6,864</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$37,952</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
73
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Enhanced Core Bond ESG Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">For the fiscal years ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Class Z</FONT></TD>
<TD STYLE="width: 3%; font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
<TD STYLE="width: 2%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2017<SUP>6</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2016<SUP>1</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Net Asset Value, Beginning of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$10.18</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.46</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.84</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.70</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.61</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Income (loss) from Investment Operations:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.22</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.27</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.26</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.24</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.75</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.72</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.38</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.09</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"><FONT STYLE="font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.97</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.99</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.12</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.34</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Less Distributions to Shareholders from:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.22</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.27</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.26</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Net Asset Value, End of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$10.93</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$10.18</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.46</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.84</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$9.70</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">9.65</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">10.59</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1.23</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.01</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.52</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.48</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.48</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.48</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.50</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.59</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>5</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.81</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.91</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.74</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.79</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.80</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.11</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.72</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.70</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.43</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.51</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">101</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">26</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">88</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">Net assets end of year (000’s) omitted</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$11,552</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$10,080</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$15,254</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$21,271</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$51,357</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class S and Class I, respectively.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Total returns and net investment income would have been lower had certain expenses not been offset.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE>
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<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Effective February 27, 2017, Class I shares were renamed Class Z and Class S shares were renamed Class I.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
74
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K High Income Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">For the fiscal years ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Class N</FONT></TD>
<TD STYLE="width: 3%; font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
<TD STYLE="width: 2%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2017<SUP>1</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2016<SUP>2</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Net Asset Value, Beginning of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$21.52</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$20.04</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$21.06</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$19.05</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$18.18</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Income (loss) from Investment Operations:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.51</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.57</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.69</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.75</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.72</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.09</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.98</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1.57</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.26</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"><FONT STYLE="font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.60</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.55</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.88</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.01</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.87</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Less Distributions to Shareholders from:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.48</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.07</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.14</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1.41</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"><FONT STYLE="font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1.89</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.07</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.14</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Net Asset Value, End of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$22.23</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$21.52</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$20.04</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$21.06</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$19.05</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>4,5</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">12.16</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">7.67</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(4.18</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">10.55</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.79</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>6</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.70</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.87</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.52</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.46</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.28</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">2.70</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.34</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">3.75</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">157</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">52</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">60</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">55</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">34</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">Net assets end of year (000’s) omitted</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$10,302</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$9,638</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$10,365</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$14,074</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$15,434</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Effective February 27, 2017, Class S was renamed Class N.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Effective October 1, 2016, the shares were reclassified and redesignated as Class S shares.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Total returns and net investment income would have been lower had certain expenses not been offset.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
75
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">For the fiscal years ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Class N</FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2017</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2016<SUP>1</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Net Asset Value, Beginning of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$12.12</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.48</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.60</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.25</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.70</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Income (loss) from Investment Operations:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.17</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.13</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.33</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.64</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.11</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.36</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"><FONT STYLE="font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.48</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.83</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.06</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.51</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.12</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Less Distributions to Shareholders from:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.18</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.12</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.00</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.21</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt"><FONT STYLE="font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.18</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.16</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.33</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Net Asset Value, End of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$12.45</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$12.12</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.48</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.60</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.25</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-indent: -8.65pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,5</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.31</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">7.29</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.54</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.58</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(1.05</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.71</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>6</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.77</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.78</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.77</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.78</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.59</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.53</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.31</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.08</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">17</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">18</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">35</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">27</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">66</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">Net assets end of year (000’s) omitted</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$18,153</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$18,711</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$17,445</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$29,513</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$31,406</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
76
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Bond Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 0.2in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 9pt">For the fiscal years ended December 31,</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Class I</FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2020</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2019</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2018</FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2017<SUP>7</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 4%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 7%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-size: 9pt">2016<SUP>1</SUP></FONT></TD>
<TD STYLE="width: 1%; font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Net Asset Value, Beginning of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$12.18</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.54</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.66</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.31</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.77</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Income (loss) from Investment Operations:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.23</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.21</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.17</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.34</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.64</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.12</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.36</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.53</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.87</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.09</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.55</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.08</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0pt"><FONT STYLE="font-size: 9pt">Less Distributions to Shareholders from:</FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: right"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font-size: 11pt; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.23</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.21</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.17</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 10pt"><FONT STYLE="font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.00</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.21</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 20pt"><FONT STYLE="font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.19</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.23</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.21</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.20</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.38</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">Net Asset Value, End of Year</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$12.52</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$12.18</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.54</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.66</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">$11.31</FONT></TD>
<TD STYLE="font: bold 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; padding-left: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,5</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.70</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">7.58</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.87</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">4.90</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">(0.70</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.39</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.37</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.34</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>6</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.45</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.46</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.45</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.45</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">0.58</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.57</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.91</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.85</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.64</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">1.45</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in"><FONT STYLE="font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">17</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">18</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">35</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">27</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 9pt">66</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">Net assets end of year (000’s) omitted</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$1,287,667</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$1,014,514</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$940,553</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$1,045,399</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: right; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt">$728,365</FONT></TD>
<TD STYLE="font: 11pt Arial, Helvetica, Sans-Serif; text-align: left; border-bottom: Black 2.5pt double"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class S and Class I, respectively.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Total returns and net investment income would have been lower had certain expenses not been offset.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Less than $(0.005) per share.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and
extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD>
<TD STYLE="width: 10.1pt"><FONT STYLE="font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD><FONT STYLE="font-size: 9pt">Effective June 23, 2017, Class S shares were converted to Class I shares.</FONT></TD></TR></TABLE> <P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin: 0"></P> <P STYLE="margin: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
77
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Class N</TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2020</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2019</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2018</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2017</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2016<SUP>1</SUP></TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Net Asset Value, Beginning of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.42</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.69</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.02</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.40</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.08</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Income (loss) from Investment Operations:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.23</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.26</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.27</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.26</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized and unrealized gain (loss) on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.37</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.78</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.33</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.62</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.23</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total income (loss) from investment operations</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.60</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.04</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.06</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.88</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.02</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Less Distributions to Shareholders from:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net investment income</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.21</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.15</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.26</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized gain on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.12</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.06</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.45</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Paid in capital</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.12</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total distributions to shareholders</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.33</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.31</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.27</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.26</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.70</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Net Asset Value, End of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.69</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.42</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.69</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.02</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.40</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-indent: -8.65pt; padding-left: 0.125in"><FONT STYLE="font-size: 9pt">Total Return<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">5.95</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">10.92</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.55</TD>
<TD STYLE="font-size: 9pt; text-align: left">)%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">9.51</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.10</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Ratio of net expenses to average net assets</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.99</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.99</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.99</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.14</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of gross expenses to average net assets<SUP>5</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.07</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.08</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.08</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.11</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.30</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.17</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.56</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.79</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.67</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.38</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Portfolio turnover</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">81</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">40</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">89</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">67</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">172</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double">Net assets end of year (000’s) omitted</TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$5,015</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$5,722</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$7,283</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$8,828</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$4,184</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
78
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Class I</TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2020</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2019</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2018</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2017<SUP>6</SUP></TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2016<SUP>1</SUP></TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Net Asset Value, Beginning of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.15</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.45</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.01</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.40</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.07</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Income (loss) from Investment Operations:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.29</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.31</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized and unrealized gain (loss) on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.37</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.76</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.32</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.61</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.22</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total income (loss) from investment operations</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.62</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.05</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.91</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.08</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Less Distributions to Shareholders from:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net investment income</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.29</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.31</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized gain on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.12</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.06</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.45</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Paid in capital</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.24</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total distributions to shareholders</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.37</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.35</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.55</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.75</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -8.65pt; padding-left: 8.65pt">Net Asset Value, End of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.40</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.15</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.45</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.01</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.40</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-indent: -8.65pt; padding-left: 8.65pt"><FONT STYLE="font-size: 9pt">Total Return<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">6.31</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">11.28</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.07</TD>
<TD STYLE="font-size: 9pt; text-align: left">)%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">9.79</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.70</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Ratio of net expenses to average net assets</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.64</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.64</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.64</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.64</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.64</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of gross expenses to average net assets<SUP>5</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.72</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.73</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.73</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.74</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.80</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.52</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.91</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">3.14</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">3.05</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.89</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Portfolio turnover</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">81</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">40</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">89</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">67</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">172</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double">Net assets end of year (000’s) omitted</TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$323,439</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$273,228</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$203,867</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$226,638</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$195,193</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
79
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Municipal Enhanced Yield Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal period</FONT></TD></TR> </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 9pt; text-align: center; padding-bottom: 1pt"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; padding-bottom: 1pt"> </TD>
<TD COLSPAN="8" STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; border-bottom: Black 1pt solid"> </TD>
<TD COLSPAN="2" STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal <BR> period ended <BR> December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 50%; font-size: 9pt; font-weight: bold; text-align: left">Class Z</TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2020</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2019</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2018</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2017<SUP>7</SUP></TD>
<TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; font-weight: bold">Net Asset Value, Beginning of Period</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.15</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.44</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.01</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.49</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Income (loss) from Investment Operations:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.26</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.31</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized and unrealized gain (loss) on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.37</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.76</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.32</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.52</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total income (loss) from investment operations</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.63</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.06</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.77</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Less Distributions to Shareholders from:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net investment income</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.26</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.29</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.32</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized gain on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.12</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.06</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Paid in capital</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.24</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total distributions to shareholders</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.38</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.35</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.56</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold">Net Asset Value, End of Period</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.40</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.15</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$9.44</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$10.01</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">Total Return<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">6.37</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">11.45</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.09</TD>
<TD STYLE="font-size: 9pt; text-align: left">)%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">8.23</TD>
<TD STYLE="font-size: 9pt; text-align: left">%<SUP>8</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Ratio of net expenses to average net assets</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.59</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.59</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.59</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.59</TD>
<TD STYLE="font-size: 9pt; text-align: left">%<SUP>9</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of gross expenses to average net assets<SUP>5</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.67</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.68</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.68</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.69</TD>
<TD STYLE="font-size: 9pt; text-align: left">%<SUP>9</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.57</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.96</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">3.19</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">3.07</TD>
<TD STYLE="font-size: 9pt; text-align: left">%<SUP>9</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Portfolio turnover</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">81</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">40</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">89</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">67</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double">Net assets end of period (000’s) omitted</TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$130</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$120</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$108</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$108</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 8pt; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class S and Class I, respectively.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Total returns and net investment income would have been lower had certain expenses not been offset.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments and non-reimbursable expenses, if any, such as
interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Effective June 23, 2017, Class S shares were converted to Class I shares.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Commencement of operations was February 27, 2017.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%"><FONT STYLE="font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD STYLE="width: 98%"><FONT STYLE="font-size: 9pt">Not annualized.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 2%; text-align: left"><FONT STYLE="font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD STYLE="text-align: justify; width: 98%"><FONT STYLE="font-size: 9pt">Annualized.</FONT></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
80
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="white-space: nowrap; font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD COLSPAN="14" STYLE="white-space: nowrap; font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font-size: 9pt; font-weight: bold; text-align: left">Class N</TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2020</TD>
<TD STYLE="width: 2%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 3%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 2%; font-size: 9pt; font-weight: bold; text-align: center">2019</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2018</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2017</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2016<SUP>1</SUP></TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Net Asset Value, Beginning of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.04</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.45</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.03</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.45</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$14.92</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Income (loss) from Investment Operations:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.10</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.25</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.18</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.10</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.14</TD>
<TD STYLE="font-size: 9pt; text-align: left"><SUP>4</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized and unrealized gain (loss) on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.93</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.35</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.67</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.30</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.54</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total income (loss) from investment operations</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">3.03</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.60</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.49</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.40</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.68</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Less Distributions to Shareholders from:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net investment income</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.09</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.27</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.16</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.11</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.14</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized gain on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.48</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.74</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.93</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.71</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Paid in capital</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.00</TD>
<TD STYLE="font-size: 9pt; text-align: left">)<SUP>5</SUP></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total distributions to shareholders</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.57</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(1.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(1.09</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.82</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.15</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Net Asset Value, End of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$19.50</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.04</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.45</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.03</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.45</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">Total Return<SUP>3,6</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">18.92</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">16.96</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(2.89</TD>
<TD STYLE="font-size: 9pt; text-align: left">)%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">15.54</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">4.59</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets<SUP>7</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.07</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.08</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.08</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.09</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.08</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of gross expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.19</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.16</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.15</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.14</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.25</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.60</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.51</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.02</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.63</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.94</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Portfolio turnover</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">156</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">123</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">80</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">75</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">119</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double">Net assets end of year (000’s) omitted</TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$51,415</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$69,774</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$75,271</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$74,315</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$92,502</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
81
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 8pt 0 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 100%; border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Global Allocation Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid; padding-left: 3%; font-size: 11pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 100%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 11pt Arial, Helvetica, Sans-Serif; margin: 0"><FONT STYLE="font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 95%; font: 11pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD COLSPAN="14" STYLE="font-size: 9pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">For the fiscal years ended December 31,</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font-size: 9pt; font-weight: bold; text-align: left">Class I</TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2020</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2019</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2018</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2017</TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 4%; font-size: 9pt; font-weight: bold; text-align: center"> </TD>
<TD STYLE="width: 7%; font-size: 9pt; font-weight: bold; text-align: center">2016<SUP>1</SUP></TD>
<TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Net Asset Value, Beginning of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.22</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.60</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.19</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.59</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.05</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Income (loss) from Investment Operations:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.13</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.28</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.21</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.13</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.17</TD>
<TD STYLE="font-size: 9pt; text-align: left"><SUP>4</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized and unrealized gain (loss) on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.95</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.38</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.68</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.31</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.54</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total income (loss) from investment operations</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">3.08</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.66</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.47</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">2.44</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.71</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Less Distributions to Shareholders from:</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right"> </TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net investment income</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.11</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.30</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.19</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.13</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.16</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Net realized gain on investments</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.48</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.74</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.93</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.71</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Paid in capital</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.00</TD>
<TD STYLE="font-size: 9pt; text-align: left">)<SUP>5</SUP></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">—</TD>
<TD STYLE="font-size: 9pt; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 25.9pt">Total distributions to shareholders</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.59</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(1.04</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(1.12</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.84</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(0.17</TD>
<TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">Net Asset Value, End of Year</TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$19.71</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.22</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.60</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$17.19</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold"> </TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">$15.59</TD>
<TD STYLE="font-size: 9pt; font-weight: bold; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="font-size: 9pt"><FONT STYLE="font-size: 9pt">Total Return<SUP>3,6</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">19.08</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">17.17</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">(2.77</TD>
<TD STYLE="font-size: 9pt; text-align: left">)%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">15.71</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">4.79</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net expenses to average net assets<SUP>7</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.92</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.93</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.92</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.94</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.93</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of gross expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.04</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.01</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.99</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.99</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.10</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt"><FONT STYLE="font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.75</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.66</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.18</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">0.78</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">1.09</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt">Portfolio turnover</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">156</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">123</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">80</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">75</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD>
<TD STYLE="font-size: 9pt"> </TD>
<TD STYLE="font-size: 9pt; text-align: right">119</TD>
<TD STYLE="font-size: 9pt; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font-size: 9pt; text-align: left; text-indent: -8.65pt; padding-left: 17.3pt; border-bottom: Black 2.5pt double">Net assets end of year (000’s) omitted</TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$97,869</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$173,575</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$166,554</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$114,913</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; border-bottom: Black 2.5pt double"> </TD>
<TD STYLE="font-size: 9pt; text-align: right; border-bottom: Black 2.5pt double">$75,890</TD>
<TD STYLE="font-size: 9pt; text-align: left; border-bottom: Black 2.5pt double"> </TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
82
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 13pt">AMG GW&K Global Allocation Fund</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal
year</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin: 0"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="15" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 24%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class Z</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2016<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$17.21</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$15.60</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$17.19</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$15.58</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$15.05</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.14</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.30</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.22</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.18<SUP></SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><SUP>4</SUP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.67</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.32</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.54</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.11</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.67</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.45</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2.47</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.72</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.32</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.48</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.74</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.93</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.71</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Paid in capital</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)<SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.61</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.14</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.19</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$19.71</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$17.21</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$15.60</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$17.19</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$15.58</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19.28</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.68</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.90</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.82</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets<SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.82</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.83</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.83</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.84</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.83</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.91</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.85</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.76</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.27</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.88</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">156</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">123</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">80</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">119</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of year (000’s)
omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,733</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$8,358</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$8,429</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$7,060</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,796</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class I and Class
Z, respectively.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total returns and net investment income would have been lower had certain expenses not been offset.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.12, $0.15, and
$0.16 for Class N, Class I, and Class Z shares, respectively.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less than $0.005 per share.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes reduction from broker recapture amounting to less than 0.01% for the fiscal year ended December 31, 2020, 0.01% for
the fiscal years ended December 31, 2019 and 2018, less than 0.01%, 0.01% and 0.01% for the fiscal years ended 2017, 2016 and 2015, respectively.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes
expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
83
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal
year</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="15" STYLE="vertical-align: top; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December
31,</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 24%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class N</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2016<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.09</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.03</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$28.04</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$24.57</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.80</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income (loss)<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)<SUP>4</SUP></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5,6</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.47</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.81</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.61</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.43</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.99</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.81</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Year</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$29.97</B></FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.09</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.03</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$28.04</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$24.57</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.66</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(14.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.32</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.44</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.29</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.29</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.28</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.32</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.33</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>9</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.30</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.31</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.28</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.33</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.42</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income (loss) to average
net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.14</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19</FONT></TD>
<TD STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of year
(000’s) omitted</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$8,667</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,239</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$12,655</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$24,989</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$35,760</FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
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84
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<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
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<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal
year</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
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<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="13" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December 31,</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 24%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class I</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>10</SUP></B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2016<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.57</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.37</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$28.42</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$24.84</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$22.04</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07<SUP></SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.10<SUP></SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.76</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.58</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.81</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.63</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.96</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.77</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.43</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.59</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$30.61</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.57</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.37</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$28.42</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$24.84</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13.83</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20.79</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17.90</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>9</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.96</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.96</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.43</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">19</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of year (000’s)
omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$470,373</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$331,703</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$311,252</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$403,309</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$367,972</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
85
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 13pt">AMG GW&K Small Cap Core Fund</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal
period</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 9pt; text-indent: -9pt; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal years ended December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; text-align: center"> </TD>
<TD STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>period ended</B></FONT></P>
<P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B> </B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 28%; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class Z</B></FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>11</SUP></B></FONT></TD>
<TD STYLE="width: 4%; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="background-color: #C9D7D2">
<TD STYLE="vertical-align: bottom; padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Period</B></FONT></TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.57</B></FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.37</B></FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$28.42</B></FONT></TD>
<TD STYLE="vertical-align: top; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.13</B></FONT></TD>
<TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.14</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.75</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.59</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.03</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.75</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.82</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6.65</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.96</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.89</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.05</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.08</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.07</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.07</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.73</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.37</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.02</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.53</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="padding-left: 27pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.78</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.45</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(3.09</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(1.60</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Period</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$30.61</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.57</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$21.37</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$28.42</B></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: #C9D7D2">
<TD STYLE="padding-left: 9pt; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,7</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18.21</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">31.13</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(13.73</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">14.87</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>12</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.89</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.89</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>13</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>9</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.91</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.90</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.91</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>13</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net assets<SUP>3</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.26</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.56</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>13</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="padding-left: 0.25in; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">37</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23</FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="border-bottom: black 2.25pt double; padding-left: 0.25in; text-indent: -9pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of period (000’s)
omitted</FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$125,848</FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$110,020</FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$85,009</FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$108,047</FONT></TD>
<TD STYLE="border-bottom: black 2.25pt double; text-align: right; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class S and Class
I, respectively.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total returns and net investment income (loss) would have been lower had certain expenses not been
offset.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.12), $0.01, and
$0.09 for Class N, Class I and Class Z shares, respectively.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.06) and $0.04
for class N and Class I, respectively.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less than $0.005 per share.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes reduction from broker recapture amounting to 0.01% for the fiscal year ended 2020, 2019, less than 0.01% for the
fiscal year ended 2018 and period ended December 31, 2017.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes
expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>10</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective June 23, 2017, Class S shares were converted to Class I shares.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>11</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commencement of operations was on February 27, 2017.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>12</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not annualized.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>13</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
86
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal
period</FONT></P></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD COLSPAN="7" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal</B> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>period ended </B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B> </B></FONT></P></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 28%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class N</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 4%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$13.03</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.99</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$11.15</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.35</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income (loss)<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.01<SUP></SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><SUP>5</SUP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.07</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.91</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.07</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.92</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 0.375in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$16.04</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$13.03</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.99</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$11.15</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.25</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>7</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.09</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.09</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net assets<SUP>10</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.14</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.71</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income (loss) to average net
assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.07</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.09</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.12</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="text-align: left; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.25in; text-indent: -0.125in; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net
assets end of period (000’s) omitted</FONT></TD>
<TD STYLE="text-align: right; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$224</FONT></TD>
<TD STYLE="text-align: right; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$172</FONT></TD>
<TD STYLE="text-align: right; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$89</FONT></TD>
<TD STYLE="text-align: right; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$11</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
87
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR>
<TD STYLE="vertical-align: top; width: 3%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: top; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="15" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal years ended December
31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class I</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2016<SUP>11</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 24%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Year</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$13.04</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.99</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$11.15</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.80</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$8.95</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income (loss)<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03<SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on
investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.07</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.92</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.48</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.09</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.91</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.51</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.25</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$16.06</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$13.04</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.99</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$11.15</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$9.80</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.31</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">15.44</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.55</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net
assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.92</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>10</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.99</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.62</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4.60</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income (loss) to average net
assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.11</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.26</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.38</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of year
(000’s) omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$165,840</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$102,784</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$54,376</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$24,266</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
88
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small/Mid Cap Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal period</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="9" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December
31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal </B></FONT><BR> <FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>period ended </B></FONT><BR> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class Z</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$13.05</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.00</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$11.15</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.35</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>2,3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.03<SUP></SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on
investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.07</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.91</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.05</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.89</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.05</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.26</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$16.07</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$13.05</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$10.00</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$11.15</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>3,6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">23.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">30.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(7.98</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.34</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>7</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net
assets<SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.83</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.84</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.84</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.85</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>10</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.89</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.91</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.46</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.19</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.27</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">38</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of period
(000’s) omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$104,705</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$95,884</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$65,375</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$6,980</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commencement of operations was on February 27, 2017.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total returns and net investment income (loss) would have been lower had certain expenses not been
offset.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less than $0.005 per share.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.01), $0.00, and
$0.01 for Class N, Class I and Class Z, respectively.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not annualized.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes reduction from broker recapture amounting to 0.01% for the fiscal year ended 2020, 2019, 2018, and less than 0.01%
for the fiscal year ended 2017.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>10</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes
expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>11</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective October 1, 2016, Institutional Class was renamed Class I.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
89
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal year</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 90%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="15" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal years ended December
31,</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 24%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class N</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>1</SUP></B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 9%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2016<SUP>2</SUP></B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$37.16</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$30.93</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$43.98</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$43.30</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$35.71</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income (loss)<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on
investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.79</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.40</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.61</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.41</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.65</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.60</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.09</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.45</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.54</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.63</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Year</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.71</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$37.16</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$30.93</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$43.98</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$43.30</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>4,5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.29</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(19.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.39</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">21.31</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.25</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.32</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.27</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.42</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income (loss) to average net
assets<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.28</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.19</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">) %</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">34</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of year
(000’s) omitted</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$243,655</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$359,550</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$425,540</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$923,139</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,502,587</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
90
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal period</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="8" STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December
31,</B></FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>For the fiscal </B></FONT><BR> <FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>period ended</B></FONT><BR> <FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B> </B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class I</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>7</SUP></B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$37.23</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$31.05</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$44.06</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$43.64</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.14</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on
investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.83</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.43</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.96</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.37</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.39</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.45</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.54</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.60</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.78</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.79</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$37.23</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$31.05</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$44.06</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>4,5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.50</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28.86</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18.88</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.73</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>8</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.99</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.01</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.03</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.04</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.15</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.46</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.35</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.13</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.06</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of period
(000’s) omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$83,003</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$122,323</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$306,757</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$362,723</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
91
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG GW&K Small Cap Value Fund</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Financial Highlights</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-left: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)">For a share outstanding throughout each fiscal period</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt; width: 100%">
<TR STYLE="vertical-align: top; background-color: rgb(0,78,56)">
<TD STYLE="width: 0in"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD>
<TD></TD> </TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 80%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="8" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal years ended December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>For the fiscal </B></FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>period ended</B></FONT><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31,</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 27%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class Z</B></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2020</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2019</B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2018</B></FONT></TD>
<TD STYLE="width: 2%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>2017<SUP>7</SUP></B></FONT></TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, Beginning of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$37.16</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$31.10</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$44.08</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$43.64</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Income (loss) from Investment Operations:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income<SUP>3,4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.16</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.10</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.08</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized and unrealized gain (loss) on
investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.02</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8.84</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.44</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.33</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total income (loss) from investment operations</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.18</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">9.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(8.34</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.41</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 0.125in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Less Distributions to Shareholders from:</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net investment income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.17</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(0.40</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net realized gain on investments</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.45</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.54</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-top: 2pt; padding-left: 25.9pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total distributions to shareholders</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(11.62</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(4.64</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(2.97</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net Asset Value, End of Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$26.72</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$37.16</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$31.10</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>$44.08</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total Return<SUP>4,5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3.57</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">28.94</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">(18.80</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">)%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7.78</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>8</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net expenses to average net assets</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.92</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.92</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.92</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.98</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of gross expenses to average net
assets<SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.96</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.93</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.00</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ratio of net investment income to average net
assets<SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.53</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.44</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.22</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.21</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%<SUP>9</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Portfolio turnover</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">115</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">20</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">24</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">33</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; padding-top: 2pt; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Net assets end of period
(000’s) omitted</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$10,481</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$11,815</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$16,969</FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 2.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$9,929</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 2.5pt double"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective February 27, 2017, Class S was renamed Class N.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective October 1, 2016, the Fund’s shares were reclassified and redesignated to Class S.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Per share numbers have been calculated using average shares.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>4</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total returns and net investment income (loss) would have been lower had certain expenses not been
offset.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>5</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The total return is calculated using the published Net Asset Value as of fiscal year end.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>6</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes
expense repayments and non-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>7</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Commencement of operations was on February 27, 2017.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>8</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Not annualized.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 3pt">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 0%"></TD>
<TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>9</SUP></FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Annualized.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"> </P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
92
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements</FONT><BR> <FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38">December 31, 2020</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>1. ORGANIZATION AND SUMMARY OF
SIGNIFICANT ACCOUNTING POLICIES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Funds, AMG Funds II and AMG Funds III (the “Trusts”) are open-end management investment
companies, organized as Massachusetts business trusts, and registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Currently, the Trusts consist of a number of different funds, each having distinct investment
management objectives, strategies, risks, and policies. Included in this report are AMG Funds: AMG GW&K Municipal Bond Fund (“Municipal Bond”), AMG GW&K Municipal Enhanced Yield Fund (“Municipal Enhanced”), AMG
GW&K Small Cap Core Fund (“Small Cap Core”), AMG GW&K Small/Mid Cap Fund (“Small/Mid Cap”), AMG GW&K Small Cap Value (“Small Cap Value”) (formerly AMG Managers Skyline Special Equities Fund), AMG Funds
II: AMG GW&K Global Allocation Fund (“Global Allocation”) (formerly AMG Chicago Equity Partners Balanced Fund), and AMG GW&K Enhanced Core Bond ESG Fund (“Enhanced Core Bond ESG”) and AMG Funds III: AMG GW&K High
Income Fund (“High Income”) (formerly AMG Managers Global Income Opportunity Fund), each a “Fund” and collectively, the “Funds”.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Each Fund offers different
classes of shares. All Funds offer Class N shares; all Funds except for High Income offer Class I shares; and all Funds except for High Income and Muni Bond offer Class Z shares. Effective May 31, 2019, Enhanced Core Bond ESG Class C shares were
converted to Class N shares. Each class represents an interest in the same assets of the respective Fund. Although all share classes generally have identical voting rights, each share class votes separately when required by law. Different share
classes may have different net asset values per share to the extent the share classes pay different distribution amounts and/or the expenses of such share classes differ. Each share class has its own expense structure. Please refer to a current
prospectus for additional information on each share class.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective April 17, 2020, the Board replaced Chicago Equity Partners, LLC as subadviser to Global Allocation
with GW&K Investment Management, LLC, (“GW&K”) on an interim basis. Subsequently, effective June 19, 2020, shareholders of Global Allocation approved GW&K as the permanent subadviser to Global Allocation. On December 3, 2020,
the Board approved GW&K as the subadviser to High Income and Small Cap Value on an interim basis to replace Loomis, Sayles & Company, L.P. and Skyline Asset Management, L.P., respectively. GW&K became the interim subadviser on December
4, 2020, which is subject to shareholder approval. In conjunction with the respective change in investment strategy for Global Allocation, Small Cap Value and High Income, the Funds sold substantially all open positions around the date of the
subadviser change, including open futures contracts and forward foreign exchange contracts for High Income.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">On October 8, 2020, the Board proposed a merger between GW&K Mid Cap Fund and AMG GW&K Small/Mid Cap Fund, which is subject to shareholder approval.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Market disruptions associated with the COVID-19 pandemic have had a global impact, and uncertainty exists as to the long-term implications. Such disruptions can adversely affect assets of the Funds and
thus Fund performance.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Certain instruments held by a Fund may pay an interest rate based on the London Interbank Offered Rate
(“LIBOR”), which is the offered rate for short-term loans between certain major international banks. LIBOR is expected to be phased out by the end of 2021. While the effect of the phase out cannot yet be determined, it may result in,
among other things, increased volatility or illiquidity in markets for instruments based on LIBOR and changes in the value of some LIBOR-based investments or the effectiveness of new hedges placed against existing LIBOR-based investments. These
effects could occur prior to the end of 2021. There</FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">also
remains uncertainty and risk regarding the willingness and ability of issuers to include enhanced provisions in new and existing contracts or instruments. All of the aforementioned may adversely affect a Fund’s performance or net asset
value.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The Funds’ financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”), including accounting and
reporting guidance pursuant to Accounting Standards Codification Topic 946 applicable to investment companies. U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure
of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates and such differences could be material. The
following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>a.
VALUATION OF INVESTMENTS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Equity securities traded on a national securities exchange or reported on the NASDAQ national market system
(“NMS”) are valued at the last quoted sales price on the primary exchange or, if applicable, the NASDAQ official closing price or the official closing price of the relevant exchange or, lacking any sales, at the last quoted bid price or
the mean between the last quoted bid and ask prices (the “mean price”). Equity securities traded in the over-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally
traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the
overall market, the last quoted sale price.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed income securities purchased with a remaining maturity exceeding 60 days are valued at the evaluated mean
price provided by an authorized pricing service or, if an evaluated price is not available, by reference to other securities which are considered comparable in credit rating, interest rate, due date and other features (generally referred to as
“matrix pricing”) or other similar pricing methodologies. Investments in certain mortgage-backed and stripped mortgage-backed securities, preferred stocks, convertible securities, derivatives and other debt securities not traded on an
organized securities market are valued on the basis of valuations provided by dealers or by a pricing service which uses information with respect to transactions in such securities and various relationships between such securities and yield to
maturity in determining value.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fixed income securities purchased with a remaining maturity of 60 days or less are valued at amortized cost,
provided that the amortized cost value is approximately the same as the fair value of the security valued without the use of amortized cost. Investments in other open-end registered investment companies are valued at their end of day net asset value
per share.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Futures contracts for which market quotations are readily available are valued at the settlement price as of the close of the futures exchange.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds’ portfolio investments are generally valued based on independent market quotations or prices or, if none, “evaluative” or other market based valuations
provided by third party pricing services approved by the Board of Trustees of the Trust (the “Board”). Under certain circumstances, the value of certain Fund portfolio investments may be based on an evaluation of fair value, pursuant to
procedures established by and under the general supervision of the Board. The Valuation Committee, which is comprised of the Independent Trustees</FONT></P> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
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<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">of the Board, and the Pricing Committee, which is comprised of representatives from AMG Funds LLC (the
“Investment Manager”) are the committees appointed by the Board to make fair value determinations. Each Fund may use the fair value of a portfolio investment to calculate its net asset value (“NAV”) in the event that the
market quotation, price or market based valuation for the portfolio investment is not readily available or otherwise not determinable pursuant to the Board’s valuation procedures, if the Investment Manager or the Pricing Committee believes the
quotation, price or market based valuation to be unreliable, or in certain other circumstances. When determining the fair value of an investment, the Pricing Committee and, if required under the Trusts’ securities valuation procedures, the
Valuation Committee, seeks to determine the price that the Fund might reasonably expect to receive from current sale of that portfolio investment in an arms-length transaction. Fair value determinations shall be based upon consideration of all
available facts and information, including, but not limited to (i) attributes specific to the investment; (ii) fundamental and analytical data relating to the investment; and (iii) the value of other comparable securities or relevant financial
instruments, including derivative securities, traded on other markets or among dealers.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The values assigned to fair value portfolio investments are based on available information and do not necessarily represent amounts that might ultimately be realized in the future,
since such amounts depend on future developments inherent in long-term investments. Because of the inherent uncertainty of valuation, those estimated values may differ significantly from the values that would have been used had a ready market for
the investments existed, and the differences could be material. The Board will be presented with a quarterly report showing as of the most recent quarter end, all outstanding securities fair valued by the Funds, including a comparison with the prior
quarter end and the percentage of the Funds that the security represents at each quarter end.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that
securities held in the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds a pre-established confidence level.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. GAAP defines fair value as the price that a fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the
measurement date. U.S. GAAP also establishes a framework for measuring fair value, and a three level hierarchy for fair value measurements based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or
unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data
obtained from sources independent of the Funds. Unobservable inputs reflect the Funds’ own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available
in the circumstances. Each investment is assigned a level based upon the observability of the inputs which are significant to the overall valuation.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The three-tier hierarchy of
inputs is summarized below:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities,
open-end investment companies)</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level 2 – other observable inputs (including, but not limited to: quoted prices for similar assets or
liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates,
yield</FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">curves, volatilities, prepayment speeds, loss
severities, credit risks and default rates) or other market corroborated inputs) (e.g., debt securities, government securities, foreign currency exchange contracts, swaps, foreign securities utilizing international fair value pricing, fair valued
securities with observable inputs)</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Level 3 – inputs are significant unobservable inputs (including the Fund’s own assumptions used to
determine the fair value of investments) (e.g., fair valued securities with unobservable inputs)</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Changes in inputs or methodologies used for valuing investments may result in a transfer in or out of levels within the fair value
hierarchy. The inputs or methodologies used for valuing investments may not necessarily be an indication of the risk associated with investing in those investments.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>b.
SECURITY TRANSACTIONS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are
determined on the basis of identified cost.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>c. INVESTMENT INCOME AND EXPENSES</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Dividend income is recorded on the ex-dividend date. Dividends from foreign securities are recorded on the ex-dividend date, and if after the fact, as soon as the Funds become aware
of the ex-dividend date. Interest income, which includes amortization of premium and accretion of discount on debt securities, is accrued as earned. Dividend and interest income on foreign securities is recorded gross of any withholding tax.
Non-cash dividends included in dividend income, if any, are reported at the fair market value of the securities received. Upon notification from issuers, distributions received from a real estate investment trust (REIT) may be redesignated as a
reduction of cost of investments and/or realized gain. Other income and expenses are recorded on an accrual basis. Expenses that cannot be directly attributed to a Fund are apportioned among the funds in the Trusts and other trusts or funds within
the AMG Funds Family of Funds (collectively the “AMG Funds Family”) based upon their relative average net assets or number of shareholders. Investment income, realized and unrealized capital gains and losses, the common expenses of each
Fund, and certain fund level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation, Small Cap Core and Small/Mid Cap had certain portfolio trades directed to various brokers under a brokerage recapture program. Credits received from the brokerage
recapture program are earned and paid on a monthly basis, and are recorded as expense offsets, which serve to reduce the Fund’s overall expense ratio. For the fiscal year ended December 31, 2020, the impact on the expenses and expense ratios
were as follows: Global Allocation $4,875 or less than 0.01%, Small Cap Core $36,922 or 0.01%, and Small/Mid Cap $10,121 or 0.01%.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>d.
DIVIDENDS AND DISTRIBUTIONS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fund distributions resulting from either net investment income or realized net capital gains, if any, will
normally be declared and paid at least annually in December. Distributions to shareholders are recorded on the ex-dividend date. Distributions are determined in accordance with federal income tax regulations, which may differ from net investment
income and net realized capital gains for financial statement purposes (U.S. GAAP). Differences may be permanent or temporary. Permanent differences are reclassified among capital accounts in the financial statements to reflect their tax character.
Permanent book and tax basis differences, if any, relating to shareholder distributions will result in</FONT></P> </DIV> <BR CLEAR="ALL"><BR>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
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<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
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<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<DIV STYLE="position: relative; float: left; width: 48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">reclassifications to paid-in capital. Temporary
differences arise when certain items of income, expense and gain or loss are recognized in different periods for financial statement and tax purposes; these differences will reverse at some time in the future. Permanent differences are primarily due
to the equalization utilized</FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">and prior year true-up on
REITs. Temporary differences are primarily due to the deferral of qualified late year losses, wash sales loss deferrals, capital loss carryovers and market-to-market of foreign currency.</FONT></P> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The tax character of distributions paid during the fiscal years ended December 31, 2020 and December 31, 2019
were as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
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<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Enhanced Core Bond ESG</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">High Income</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Municipal Bond</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Distributions paid from:</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ordinary income <SUP>*</SUP></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$815,592</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$926,765</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$364,445</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$29,806</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$154,232</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$659,218</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Tax-exempt income</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">18,075,720</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">18,092,868</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Long-term capital gains</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">460,580</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,524,571</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Paid-in capital</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; padding-left: 5.4pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$815,592</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$926,765</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$825,025</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$29,806</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$21,754,523</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$18,752,086</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Municipal Enhanced</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Global Allocation</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Small Cap Core</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Distributions paid from:</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 40%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ordinary income <SUP>*</SUP></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,182,108</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$766,280</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,199,737</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$4,414,354</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$4,358,429</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$994,828</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Tax-exempt income</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">7,549,526</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">7,002,372</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Long-term capital gains</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,730,802</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,129,412</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,990,089</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,472,587</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,672,469</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">22,550,089</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Paid-in capital</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">38,843</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; padding-left: 5.4pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$11,462,436</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$8,898,064</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$6,228,669</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$14,886,941</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$15,030,898</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$23,544,917</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Small/Mid Cap</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Small Cap Value</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Distributions paid from:</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">2019</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 60%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ordinary income <SUP>*</SUP></FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$357,747</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$326,001</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$6,081,044</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,715,345</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; padding-left: 5.4pt">Long-term capital gains</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">23,549</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">239,704</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">108,470,196</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">32,040,044</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt; padding-left: 5.4pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$381,296</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$565,705</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$114,551,240</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$33,755,389</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* For tax purposes, short-term capital gain distributions, if any, are considered ordinary income
distributions.</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
95
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As of December 31, 2020, the components of
distributable earnings (excluding unrealized appreciation/depreciation) on a tax basis consisted of:</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 5.4pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Enhanced Core Bond ESG</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High Income</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bond</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Enhanced</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 51%; padding-left: 5.4pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital loss carryforward</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,427,805</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 5.4pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Undistributed ordinary income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,756</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$350,964</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$306,625</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 5.4pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Undistributed tax-exempt income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">25,252</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">10,701</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 5.4pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Undistributed long-term capital gains</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">500,029</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">621,794</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 5.4pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Late-year loss deferral</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$53,756</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 28%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 13%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Global Allocation</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Core</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small/Mid Cap</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Value</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 51%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Capital loss carryforward</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,215,727</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$646,338</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Undistributed ordinary income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$4,437,440</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$97,383</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Undistributed tax-exempt income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Undistributed long-term capital gains</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,663,042</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,928,875</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4,511,398</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Late-year loss deferral</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,883</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020, the cost of investments and the aggregate gross unrealized appreciation and depreciation
for federal income tax purposes were as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Fund</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Cost</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Appreciation</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Depreciation</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Net Appreciation (Depreciation)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="width: 52%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Enhanced Core Bond ESG</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$53,290,336</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$2,812,569</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(19,102</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 10%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$2,793,467</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">High Income</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">9,978,707</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">18,149</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(28,260</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(10,111</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Municipal Bond</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,228,526,486</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">77,219,847</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(39,579</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">77,180,268</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Municipal Enhanced</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">298,430,376</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">24,488,017</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(22,470</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">24,465,547</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Global Allocation</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">115,065,538</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">37,000,374</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(435,714</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">36,564,660</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Small Cap Core</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">428,484,140</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">174,968,837</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(6,968,326</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">168,000,511</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Small/Mid Cap</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">194,495,162</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">76,587,922</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(5,470,523</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">71,117,399</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Small Cap Value</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">317,868,065</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">17,643,160</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(3,292,282</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">14,350,878</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>e. FEDERAL TAXES</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Each Fund currently qualifies as an investment company and intends to comply with the requirements under Subchapter M of the Internal Revenue Code of 1986, as amended, and to
distribute substantially all of its taxable income and gains to its shareholders and to meet certain diversification and income requirements with respect to investment companies. Therefore, no provision for federal income or excise tax is included
in the accompanying financial statements.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Additionally, based on each Fund’s understanding of the tax rules and rates related to income, gains and
transactions for the foreign jurisdictions in which it invests, each Fund will provide for foreign taxes, and where appropriate, deferred foreign taxes.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Management has analyzed the
Funds’ tax positions taken on federal income tax returns as of December 31, 2020, and for all open tax years (generally, the three prior taxable years), and has concluded that no provision for federal income tax is required in the Funds’
financial statements. Additionally, Management is not aware of any tax position for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next twelve months.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>f. CAPITAL LOSS CARRYOVERS AND
DEFERRALS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As of December 31, 2020, the following Funds had capital loss carryovers for federal income tax purposes as shown in the following chart. These amounts may be used to offset future
realized capital gains indefinitely, and retain their character as short-term and/or long-term.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="5" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; border-bottom: Black 1pt solid"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Capital Loss </B><BR> <B>Carryover Amounts</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Short-Term</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Long-Term</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 48%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,167,553</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,260,252</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 15%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,427,805</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,215,727</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,215,727</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small/Mid Cap*</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">646,338</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">646,338</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; text-indent: 4pt"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: left; text-indent: 4pt"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* Amounts may be limited due to sections 381-384 of the Internal Revenue Code. </FONT></P> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
96
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">As of December 31, 2020, High Income, Municipal Bond, Municipal Enhanced, Global Allocation, Small Cap Core and
Small Cap Value had no accumulated net realized capital loss carryovers from securities transactions for federal income tax purposes. Should the Funds incur net capital losses for the year ending December 31, 2021, such amounts may be used to offset
future realized capital gains, for an unlimited time period.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For the fiscal year ended December 31, 2020, the following
Funds utilized capital loss carryovers as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="5" STYLE="vertical-align: top; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Capital Loss</B><BR> <B>Carryover
Utilized</B></FONT></TD>
<TD STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Short-Term</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><B>Long-Term</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 61%; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$346,462</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 3%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; width: 15%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$502,937</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 1%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small/Mid Cap</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">499,380</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">639,229</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High Income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">319,209</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">601</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>g. CAPITAL STOCK</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trust’s
Declaration of Trust authorizes for each Fund the issuance of an unlimited number of shares of beneficial interest, without par value. Each Fund records sales and repurchases of its capital stock on the trade date. For the fiscal year ended December
31, 2019, Small Cap Core transferred securities and cash to certain shareholders in connection with redemptions in-kind transactions in the amount of $47,933,644. For the purposes of U.S. GAAP, the transactions were treated as a sale of securities
and the resulting gain or loss was recognized based on the market value of the securities on the date of the transfer. For tax purposes, no gains or losses were recognized.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">For the fiscal years ended December 31, 2020 and December 31,
2019, the capital stock transactions by class for the Funds were as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Enhanced Core Bond ESG</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">High Income</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class N:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 24%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">325,128</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$3,475,322</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">385,161</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$3,841,569</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">122,058</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$2,754,401</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">47,899</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,005,926</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">20,814</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">219,293</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">30,307</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">301,677</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">36,046</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">798,071</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,347</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">28,845</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(352,412</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(3,703,576</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(514,970</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(5,145,719</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(142,591</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(3,100,201</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(118,585</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,450,499</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Share Conversion</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">190,000</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,871,729</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(6,470</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(8,961</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">90,498</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$869,256</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">15,513</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$452,271</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(69,339</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(1,415,728</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class I:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,930,056</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$20,740,872</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">442,100</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$4,378,909</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">28,452</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">303,557</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">16,552</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">165,239</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(250,872</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,616,750</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(254,280</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,503,281</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,707,636</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$18,427,679</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">204,372</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$2,040,867</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Class C:<SUP>1</SUP></B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">81</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$779</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,516</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">14,667</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(52,291</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(505,697</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Share Conversion</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(190,108</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,871,729</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net decrease</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(240,802</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(2,361,980</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class Z:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">325,068</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$3,463,674</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">141,124</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,392,522</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">20,445</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">216,232</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">26,209</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">260,974</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(278,702</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,935,192</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(789,299</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(7,834,838</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">66,811</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$744,714</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(621,966</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(6,181,342</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
97
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Municipal Bond</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Municipal Enhanced</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt; padding-bottom: 1pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2020</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2019</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2020</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2019</B></FONT></P> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-left: 5.4pt"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class N:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 23%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">841,918</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$10,312,713</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">587,077</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$6,987,998</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,891,900</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$19,211,900</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,153,398</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$11,800,890</TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">22,319</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">274,465</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">25,450</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">304,213</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">17,895</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">186,782</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">19,060</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">194,890</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(950,262</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,578,005</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(588,678</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(7,045,640</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,989,572</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(20,374,161</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,375,096</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(14,098,046</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(86,025</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(990,827</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">23,849</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$246,571</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(79,777</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(975,479</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(202,638</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(2,102,266</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class I:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">50,063,425</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$614,578,625</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">25,467,262</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$305,694,822</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">11,477,762</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$114,640,533</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">8,484,080</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$84,587,165</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,402,065</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">17,349,323</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,156,277</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">13,901,387</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">570,856</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">5,821,974</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">459,497</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,602,583</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(31,883,833</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(389,584,617</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(24,889,281</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(298,253,997</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(7,868,907</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(78,826,067</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(3,603,519</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(35,740,786</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">19,581,657</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$242,343,331</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,734,258</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$21,342,212</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,179,711</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$41,636,440</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">5,340,058</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$53,448,962</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class Z:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">146</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,500</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">455</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,635</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">418</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$4,178</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">601</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$6,135</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">418</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$4,178</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Global Allocation</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Small Cap Core</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; padding-bottom: 1pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2020</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2019</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2020</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2019</B></FONT></P> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class N:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 23%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">359,114</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$6,076,127</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">755,483</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$12,585,390</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">81,195</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,849,925</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">37,380</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$923,528</TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">114,659</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,674,037</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">219,225</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,700,415</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">7,028</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">206,122</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">20,023</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">515,592</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,932,600</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(31,474,792</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,751,239</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(29,287,443</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(191,533</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(4,505,002</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(266,629</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(6,460,696</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net decrease</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,458,827</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(23,724,628</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(776,531</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(13,001,638</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(103,310</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(2,448,955</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(209,226</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(5,021,576</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class I:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,038,932</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$33,784,181</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,971,394</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$49,904,550</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">6,647,636</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$153,200,697</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,631,723</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$65,737,211</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">112,082</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,651,265</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">320,513</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">5,466,578</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">348,162</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">10,423,972</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">614,371</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">16,108,801</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(7,267,874</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(114,947,733</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(3,884,175</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(66,016,224</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(4,112,470</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(96,834,817</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(5,324,375</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(130,505,862</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)<SUP>2</SUP></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(5,116,860</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(79,512,287</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(592,268</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(10,645,096</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,883,328</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$66,789,852</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,078,281</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(48,659,850</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class Z:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">85,028</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,346,330</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">55,790</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$947,599</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">222,490</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$5,627,757</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">355,072</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$9,136,099</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">14,496</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">214,292</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">28,546</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">486,627</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">104,205</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,120,958</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">216,732</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">5,682,701</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(395,703</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(6,255,591</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(139,084</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,358,411</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(356,478</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(8,924,122</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(408,010</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(10,367,264</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(296,179</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(4,694,969</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(54,748</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(924,185</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(29,783</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(175,407</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">163,794</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$4,451,536</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
98
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"> </P>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Arial, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"></TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Small/Mid Cap</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="11" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Small Cap Value</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2020</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2019</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2020</B></FONT></P> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD COLSPAN="5" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center; border-bottom: Black 0.5pt solid"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>December 31, 2019</B></FONT></P> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"> </TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Shares</TD>
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD COLSPAN="2" STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: center">Amount</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class N:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="width: 23%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">727</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$10,000</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,335</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$52,000</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">874,807</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$25,658,252</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 7%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,057,605</TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 8%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$37,582,901</TD>
<TD STYLE="width: 2%; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">22</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">280</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,953,511</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">77,884,081</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">651,093</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">24,090,437</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">—</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(4,383,180</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(125,831,759</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(5,790,451</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(205,246,902</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">727</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$10,000</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,357</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$52,280</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(554,862</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(22,289,426</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(4,081,753</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(143,573,564</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class I:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">4,771,671</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$58,055,212</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,410,892</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$38,761,509</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">669,037</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$19,414,296</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,028,039</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$69,243,080</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">11,292</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">178,297</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">17,872</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">230,903</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">1,212,187</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">32,050,234</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">230,009</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">8,526,416</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,334,832</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(26,093,366</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(989,978</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(11,582,617</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,068,313</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(58,336,031</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(8,850,520</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(318,805,182</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,448,131</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$32,140,143</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,438,786</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$27,409,795</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(187,089</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(6,871,501</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(6,592,472</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(241,035,686</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(201,215,210)">
<TD STYLE="font: bold 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt">Class Z:</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Proceeds from sale of shares</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">740,790</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$9,664,314</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">2,176,455</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$26,780,755</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">34,276</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,038,772</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">92,524</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$3,363,298</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt">Reinvestment of distributions</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">11,828</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">187,001</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">24,497</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">316,750</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">120,519</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">3,178,096</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">21,334</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">789,359</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt; padding-left: 5.4pt">Cost of shares repurchased</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,583,660</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(19,896,793</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(1,393,119</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(16,331,573</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(80,517</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(2,507,706</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(341,573</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1pt"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(12,296,912</TD>
<TD STYLE="padding-bottom: 1pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1.5pt; padding-left: 5.4pt">Net increase (decrease)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(831,042</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(10,045,478</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">807,833</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$10,765,932</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">74,278</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$1,709,162</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">(227,715</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-bottom: 1.5pt"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$(8,144,255</TD>
<TD STYLE="padding-bottom: 1.5pt; font: 9pt Arial, Helvetica, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"> </TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"> </TD></TR> </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: justify; width: 99%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Effective May 31, 2019, Class C shares were converted into Class N shares.</FONT></TD> </TR></TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 99%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Includes redemption in-kind in the amount of $47,933,644.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020, certain unaffiliated shareholders of record, individually or collectively held greater
than 10% of the net assets of the Funds as follows: Small/Mid Cap - two own 36%. Transactions by this shareholder may have a material impact on the Fund.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>h.
REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds may enter into third-party repurchase agreements for temporary cash management purposes and
third-party or bilateral joint repurchase agreements for reinvestment of cash collateral on securities lending transactions under the securities lending program offered by The Bank of New York Mellon (“BNYM”) (the “Program”)
(collectively, “Repurchase Agreements”). The value of the underlying collateral, including accrued interest, must equal or exceed the value of the Repurchase Agreements during the term of the agreement. For joint repurchase agreements,
the Funds participate on a pro rata basis with other clients of BNYM in its share of the underlying collateral under such joint repurchase agreements and in its share of proceeds from any repurchase or other disposition of the underlying collateral.
The underlying collateral for all Repurchase Agreements is held in safekeeping by the Funds’ custodian or at the Federal Reserve Bank. If the seller defaults and the value of the collateral declines, or if bankruptcy proceedings commence with
respect to the seller of the security, realization of the collateral by the Funds may be delayed or limited. Pursuant to the Program, the Funds are indemnified for such losses by BNYM on joint repurchase agreements.</FONT></P> </DIV>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020, the market value of Repurchase
Agreements outstanding for Enhanced Core Bond ESG, Global Allocation, and Small Cap Core were $2,379,186, $2,576,545, and $674,281, respectively.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>i.
FOREIGN CURRENCY TRANSLATION</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The books and records of the Funds are maintained in U.S. dollars. The value of investments, assets and
liabilities denominated in currencies other than U.S. dollars are translated into U.S. dollars based upon current foreign exchange rates. Purchases and sales of foreign investments, income and expenses are converted into U.S. dollars based on
currency exchange rates prevailing on the respective dates of such transactions. Net realized and unrealized gain (loss) on foreign currency transactions represent: (1) foreign exchange gains and losses from the sale and holdings of foreign
currencies; (2) gains and losses between trade date and settlement date on investment securities transactions and foreign currency exchange contracts; and (3) gains and losses from the difference between amounts of interest and dividends recorded
and the amounts actually received.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">The Funds do not isolate the net realized and unrealized gain or loss resulting from changes in exchange rates from the fluctuations in market prices of securities held. Such fluctuations are included
with the net realized and unrealized gain or loss on investments.</FONT></P> </DIV> <BR CLEAR="ALL"> <BR>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
99
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"><P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>j. DELAYED DELIVERY TRANSACTIONS AND
WHEN-ISSUED SECURITIES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds (except Small Cap Value) may enter into securities transactions on a delayed delivery or when issued
basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is
negotiated. During the time a delayed delivery sell is outstanding, the contract is marked to market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued
basis are identified as such in each Fund’s Schedule of Portfolio Investments. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment.
Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract, or if the issuer does not issue the securities due to political, economic, or other factors.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For each of the Funds, the
Trusts have entered into an investment advisory agreement under which the Investment Manager, a subsidiary and the U.S. retail distribution arm of Affiliated Managers Group, Inc. (“AMG”), serves as investment manager to the Funds and is
responsible for the Funds’ overall administration and operations. The Investment Manager selects one or more subadvisers for the Funds (subject to Board approval) and monitors each subadviser’s investment performance, security holdings
and investment strategies. Each Fund’s investment portfolio is managed by GW&K Investment Management, LLC, (“GW&K”) who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority
interest in GW&K.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net
assets. For the fiscal year ended December 31, 2020, the Funds’ investment management fees were paid at the following annual rates of each Fund’s respective average daily net assets:</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 80%; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Enhanced Core Bond ESG</B></FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High Income</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.39%<SUP>1</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bond</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">on first $25 million</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.35%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">on next $25 million</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.30%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">on next $50 million</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 25.95pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">on balance over $100 million</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.20%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Enhanced</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.45%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Global Allocation</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.60%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Core</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.70%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small/Mid Cap</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.62%<SUP>2</SUP></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Value</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 5pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.70%<SUP>3</SUP></FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prior to December 4, 2020, the annual rate for the investment management fees for High Income was 0.55% of
the Fund’s average daily net assets.</FONT></TD></TR></TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prior to October 8, 2020, the annual rate for the investment management fees for Small Mid/Cap was 0.65% of
the Fund’s average daily net assets.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%">
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prior to December 4, 2020, the annual rate for the investment management fees for Small Cap Value was 0.73% of the
Fund’s average daily net assets.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Investment Manager has contractually agreed, through at least May 1, 2021 for Enhanced Core Bond ESG,
Municipal Bond, Municipal Enhanced, and Small Cap Core and through at least May 1, 2022 for High Income, Global Allocation, Small/Mid Cap, and Small Cap Value , to waive management fees and/or pay or reimburse fund expenses in order to limit total
annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts, and in connection with securities sold short), shareholder
servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Enhanced Core Bond ESG,
High Income, Municipal Bond, Municipal Enhanced, Global Allocation, Small Cap Core, Small/Mid Cap and Small Cap Value to the annual rate of 0.48%. 0.59%, 0.34%, 0.59%, 0.81%, 0.90%, 0.82% and 0.90%, respectively, of each Fund’s average daily
net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances. Prior to April 17, 2020, Global Allocation expense
limitation was 0.84%. Prior to October 8, 2020, Small/Mid Cap expense limitation was 0.85%. Prior to December 4, 2020, High Income and Small Cap Value expense limitation was 0.89% and 0.92%, respectively.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a
Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect
at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The contractual expense
limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of a Fund or a successor fund, by mutual agreement between the Investment Manager and the Board, or in the event of a
Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of a Fund.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020, the Funds’ expiration of reimbursements subject to recoupment is as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: left; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expiration <BR> Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Enhanced Core Bond ESG</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High Income</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Bond</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 39%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less than 1 year</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">$110,054</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81,291</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">604,775</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-2 years</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">153,359</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">94,471</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">651,229</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-3 years</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">135,792</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,430</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">704,935</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">399,205</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">251,192</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,960,939</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV> <BR CLEAR="ALL">
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<BR>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
100
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </FONT></P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expiration</B><BR> <B>Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Municipal Enhanced</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Global Allocation</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Core</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 39%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less than 1 year</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">186,327</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">132,068</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,686</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-2 years</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">220,347</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">179,640</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,563</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-3 years</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">242,883</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">203,900</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">29,131</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">649,557</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">515,608</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">81,380</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0 0pt 0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Expiration</B><BR> <B>Period</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small/Mid Cap</B></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Value</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 59%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Less than 1 year</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">67,647</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">147,194</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1-2 years</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">68,437</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">165,098</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2-3 years</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">48,533</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">144,468</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">184,617</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">456,760</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trusts, on behalf of the Funds, have entered into an amended and restated Administration Agreement under
which the Investment Manager serves as the Funds’ administrator (the “Administrator”) and is responsible for all non-portfolio management aspects of managing the Funds’ operations, including administration and shareholder
services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds are distributed by
AMG Distributors, Inc. (the “Distributor”), a wholly-owned subsidiary of the Investment Manager. The Distributor serves as the distributor and underwriter for each Fund and is a registered broker-dealer and member of the Financial
Industry Regulatory Authority, Inc. (“FINRA”). Shares of each Fund will be continuously offered and will be sold directly to prospective purchasers and through brokers, dealers or other financial intermediaries who have executed selling
agreements with the Distributor. Generally the Distributor bears all or a portion of the expenses of providing services pursuant to the distribution agreement, including the payment of the expenses relating to the distribution of prospectuses for
sales purposes and any advertising or sales literature.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trusts have adopted a distribution and service plan (the “Plan”) with respect to the Class N
shares, in accordance with the requirements of Rule 12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, each Fund, except High Income and Small Cap Value, may make
payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The
Plan authorized payments to the Distributor up to 0.25% annually of each Fund’s, except High Income and Small Cap Value, average daily net assets attributable to the Class N shares. The portion of payments made under the plan by Class N shares
of each Fund, except High Income and Small Cap Value, for shareholder servicing may not exceed an annual rate of 0.25% of the average daily net asset value of each Fund’s shares of that class owned by clients of such broker, dealer or
financial intermediary.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">For Enhanced Core Bond ESG’s and Global Allocation’s Class I shares, for High Income’s Class N
shares, and for each of the Class N and Class I shares of Municipal Bond, Municipal Enhanced, Small Cap Core, Small/Mid Cap, and Small Cap Value, the Board has approved reimbursement payments to the Investment</FONT></P> </div>
<DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Manager for shareholder servicing expenses (“shareholder servicing
fees”) incurred. Shareholder servicing fees include payments to financial intermediaries, such as broker-dealers (including fund supermarket platforms), banks, and trust companies who provide shareholder recordkeeping, account servicing and
other services. The Class N and Class I shares may reimburse the Investment Manager for the actual amount incurred up to a maximum annual rate of each Class’s average daily net assets as shown in the table below.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The impact on the annualized expense ratios for the fiscal year ended December 31, 2020, were as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif; width: 56%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="width: 22%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Maximum Annual</B><BR> <B>Amount</B><BR> <B>Approved</B></FONT></TD>
<TD STYLE="width: 22%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Actual</B><BR> <B>Amount</B><BR> <B>Incurred</B></FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.10%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High Income</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N<SUP>1</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bond</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.12%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Enhanced</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.10%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.10%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Core</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.15%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small/Mid Cap</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.00%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.02%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I<SUP>2</SUP></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.09%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Value</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class N</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25%</FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.25%</FONT></TD></TR>
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Class I<SUP>3</SUP></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.05%</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.07%</FONT></TD></TR> </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>1</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prior to December 4, 2020, Class N shares did not incur shareholder servicing fees.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>2</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prior to October 8, 2020, the maximum annual amount approved was 0.15% and 0.10% for Class N and Class I shares,
respectively.</FONT></TD></TR></TABLE> <P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 9pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 0pt">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 0%; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="width: 0.125in; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><SUP>3</SUP></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prior to December 4, 2020, the maximum annual amount approved was 0.15%.</FONT></TD></TR></TABLE>
<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Board provides supervision of the affairs of the Trusts and other trusts within the AMG Funds Family. The Trustees of the Trusts who are not affiliated with the Investment Manager
receive an annual retainer and per meeting fees for regular, special and telephonic meetings, and they are reimbursed for out-of-pocket expenses incurred while carrying out their duties as Board members. The Chairman of the Board and the Audit
Committee Chair receive additional annual retainers. Certain Trustees and Officers of the Funds are Officers and/or Directors of the Investment Manager, AMG and/or the Distributor.</FONT></P> </div> <BR CLEAR="ALL">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
101
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Securities and Exchange Commission (the “SEC”) granted an exemptive order that permits the Funds
to lend and borrow money for certain temporary purposes directly to and from other eligible funds in the AMG Funds Family. Participation in this interfund lending program is voluntary for both the borrowing and lending funds, and an interfund loan
is only made if it benefits each participating fund. The Administrator manages the program according to procedures approved by the Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set
out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and miscellaneous expense,
respectively. At December 31, 2020, the Funds had no interfund loans outstanding.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following Funds utilized the interfund loan program during the fiscal year ended December 31, 2020 as
follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average</B><BR> <B>Lent</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Number</B><BR> <B>of Days</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Interest</B><BR> <B>Earned</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average</B><BR> <B>Interest Rate</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 35%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bond</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,082,989</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$886</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.954</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Enhanced</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">634,261</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">4</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">95</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1.368</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">870,308</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">7</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">160</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.958</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Core</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,532,151</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">270</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.930</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Value</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,450,140</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">195</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.970</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average</B><BR> <B>Borrowed</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Number</B><BR> <B>of Days</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Interest</B><BR> <B>Paid</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Average</B><BR> <B>Interest Rate</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 35%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bond</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$5,585,478</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$149</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.973</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Enhanced</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3,275,164</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">87</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.966</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,270,940</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">12</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,922</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.932</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,999,209</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">5</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">397</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.969</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">%</FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>3. PURCHASES AND
SALES OF SECURITIES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the
fiscal year ended December 31, 2020, were as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Long Term Securities</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Purchases</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sales</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 59%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$46,147,869</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$32,483,408</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High Income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">13,077,053</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">11,381,214</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Bond</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">409,245,901</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">175,656,653</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Municipal Enhanced</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">268,251,547</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">237,830,937</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">218,809,112</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">296,265,282</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Core</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">216,932,036</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">168,486,521</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small/Mid Cap</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">82,358,532</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,939,579</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Value</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">390,783,833</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">512,708,533</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Purchases and sales of U.S. Government Obligations for the fiscal year ended December 31, 2020 were as follows:</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>U.S. Government Obligations</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Purchases</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Sales</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 59%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$13,400,002</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 16%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$8,540,454</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">High Income</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">775,043</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,716,015</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">39,618,584</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">75,575,338</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>4. PORTFOLIO SECURITIES LOANED</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds participate in the Program providing for the lending of securities to qualified borrowers. Securities lending income includes earnings of such temporary cash investments,
plus or minus any rebate to a borrower. These earnings (after any rebate) are then divided between BNYM, as a fee for its services under the Program, and the Funds, according to agreed-upon rates. Collateral on all securities loaned is accepted in
cash, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It
is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may
be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the
collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to
exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM that cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash
collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is
normally within three business days.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The value of securities loaned on positions held, cash collateral and securities collateral received at December
31, 2020, were as follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Securities</B><BR> <B>Loaned</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Cash</B><BR> <B>Collateral</B><BR> <B>Received</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Securities</B><BR> <B>Collateral</B><BR> <B>Received</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Total</B><BR> <B>Collateral</B><BR> <B>Received</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 35%; padding-left: 0.25in; font: 9pt Arial, Helvetica, Sans-Serif; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,928,951</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,379,186</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$659,095</FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 12%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$3,038,281</FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,270,264</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">2,576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">6,105,109</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">8,681,654</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Core</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">58,647,390</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">59,438,228</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">60,112,509</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small/Mid Cap</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">16,713,653</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,116,018</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">17,116,018</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV> <BR CLEAR="ALL"><BR>
<DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
102
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following table summarizes the securities received as
collateral for securities lending at December 31, 2020:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 25%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="width: 25%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Collateral</B><BR> <B>Type</B></FONT></TD>
<TD STYLE="width: 25%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Coupon</B><BR> <B>Range </B></FONT></TD>
<TD STYLE="width: 25%; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Maturity</B><BR> <B>Date Range</B></FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.000%-6.000%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/15/21-05/15/50</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Global Allocation</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.000%-8.125%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/15/21-08/15/50</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="text-align: left; padding-left: 17.3pt; text-indent: -8.65pt; font: 9pt Arial, Helvetica, Sans-Serif; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small Cap Core</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.000%-8.125%</FONT></TD>
<TD STYLE="vertical-align: bottom; text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/15/21-08/15/50</FONT></TD></TR>
<TR STYLE="font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="text-align: left; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 17.3pt; text-indent: -8.65pt; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Small/Mid
Cap</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">U.S. Treasury Obligations</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">0.000%-8.125%</FONT></TD>
<TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">01/15/21-08/15/50</FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>5. FOREIGN
SECURITIES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Certain Funds invest in securities of foreign entities and in instruments denominated in foreign currencies which involve risks not typically associated with investments in domestic
securities. Non-domestic securities carry special risks, such as exposure to currency fluctuations, less developed or less efficient trading markets, political instability, a lack of company information, differing auditing and legal standards, and,
potentially, less liquidity. Realized gains in certain countries may be subject to foreign taxes at the Fund level and the Fund would pay such foreign taxes at the appropriate rate for each jurisdiction.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>6. COMMITMENTS AND CONTINGENCIES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Under the Trusts’
organizational documents, its trustees and officers are indemnified against certain liabilities arising out of the performance of their duties to the Trusts. In addition, in the normal course of business, the Funds may enter into contracts and
agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund
that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>7. RISKS
ASSOCIATED WITH HIGH YIELD SECURITIES</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Investing in high yield securities involves greater risks and considerations not typically associated with U.S.
Government and other high quality/investment grade securities. High yield securities are generally below investment grade securities and do not have an established retail secondary market. Economic downturns may disrupt the high yield market and
impair the issuer’s ability to repay principal and interest. Also, an increase in interest rates would likely have an adverse impact on the value of such obligations and could cause the securities to become less liquid.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>8. FORWARD COMMITMENTS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Certain transactions, such
as futures and forward transactions, or delayed delivery securities may have a similar effect on a Fund’s net asset value as if a Fund had created a degree of leverage in its portfolio. However, if a Fund enters into such a transaction, a Fund
will establish a segregated account with its custodian in which it will maintain cash, U.S. government securities or other liquid securities equal in value to its obligations in respect to such transaction. Securities and other assets held in the
segregated account may not be sold while the transaction is outstanding, unless other suitable assets are substituted.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>9. DERIVATIVE INSTRUMENTS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following disclosures
contain information on how and why High Income used derivative instruments previous to the change in subadviser, the credit risk and how derivative instruments affect the Funds’ financial position, and results of operations. The location and
fair value amounts of these instruments on the Statement of Assets and Liabilities, and the realized gains and losses and changes in unrealized appreciation and depreciation on the Statement of Operations, each categorized by type of derivative
contract, are included in a table at the end of the applicable Fund’s Schedule of Portfolio Investments. For the fiscal year ended December 31, 2020, the average quarterly balances of derivative financial instruments outstanding were as
follows:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>High Income</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 75%; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Foreign Currency Exchange Contracts</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 20%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average U.S. Dollar amount purchased/sold</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"></FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">287,304,441</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Financial Futures Contracts</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average number of contracts purchased</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">3</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Average notional value of contracts purchased</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right">$<FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">436,650</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>10. FORWARD
FOREIGN CURRENCY CONTRACTS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">During the fiscal year ended December 31, 2020, High Income invested in forward foreign currency contracts,
before the subadviser change, to facilitate transactions in foreign securities and to hedge against foreign currency exchange rate risk on its non- U.S. dollar denominated investment securities.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A forward foreign currency contract is an agreement between a fund and another party to buy or sell a currency at a set price at a future date. The market value of the contract will
fluctuate with changes in currency exchange rates. The contract is marked-to-market daily, and the change in market value is recorded as an unrealized appreciation or depreciation. Risks may arise upon entering into these contracts from the
potential inability of counterparties to meet the terms of their contracts and from unanticipated movements in the value of a foreign currency relative to the U.S. dollar.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020, there
were no open forward foreign currency contracts.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>11. FUTURES CONTRACTS</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Before the subadviser change, High Income purchased futures contracts to achieve a desired level of investment, whether to accommodate portfolio turnover or cash flows from capital
shares transactions. There are certain risks associated with futures contracts. Prices may not move as expected or the Fund may not be able to close out the contract when it desires to do so, resulting in losses.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">On entering into a futures contract, either cash or securities in an amount equal to a certain percentage of the contract value (initial margin) must be deposited with the futures
broker. Subsequent variation margin payments are made or received by the Funds depending on the fluctuations in the value of the futures contracts and the value of cash or securities on deposit with the futures broker. The Funds must have total
value at the futures broker consisting of either net unrealized gains, cash or securities collateral to meet the initial margin requirement, and any value over the initial margin requirement may be transferred to the Fund.</FONT></P> </DIV>
<BR CLEAR="ALL"><BR> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
103
</P></DIV>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font: 9pt Arial, Helvetica, Sans-Serif"><BR> <BR> <FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Notes to Financial Statements </FONT><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Arial, Helvetica, Sans-Serif; width: 100%; background-color: rgb(0,78,56)">
<TR STYLE="vertical-align: top; text-align: left">
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD>
<TD STYLE="width: 50%"><FONT STYLE="font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%">
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Variation margin on future contracts is recorded as unrealized appreciation or depreciation until the futures
contract is closed or expired. The Funds recognize a realized gain or loss when the contract is closed or expires equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Fluctuations in the value of the contracts are recorded in the</FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Statement of Assets and Liabilities as an asset (liability) and in the Statement of Operations as unrealized appreciation (depreciation) until the contracts are closed, when they are
recorded as realized gains (losses) on futures contracts.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020, there were no open futures contracts.</FONT></P> </DIV> <BR CLEAR="ALL"><BR>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>12. MASTER NETTING AGREEMENTS</B></FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds may enter into
master netting agreements with their counterparties for the securities lending program and Repurchase Agreements, which provide the right, in the event of default (including bankruptcy or insolvency) for the non-defaulting party to liquidate the
collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Funds do not offset financial assets and financial liabilities that are subject to master netting agreements in the
Statement of Assets and Liabilities. For securities lending transactions, see Note 4.</FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At December 31, 2020 there were no open foreign currency contracts or futures contracts.</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following table is a
summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of December 31, 2020:</FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Gross Amount Not Offset in the </B><BR> <B>Statement of
Assets and Liabilities</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; padding-left: 8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Gross Amounts of</B><BR> <B>Assets Presented in</B><BR>
<B>the Statement of</B><BR> <B>Assets and Liabilities</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Offset</B><BR> <B>Amount</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net</B><BR> <B>Asset</B><BR> <B>Balance</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Collateral</B><BR> <B>Received</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: center"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Net</B><BR> <B>Amount</B></FONT></TD>
<TD STYLE="text-align: center; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="width: 25%; padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Enhanced Core Bond ESG</B></FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 14%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 3%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 10%; text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Global Markets, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Morgan, Stanley & Co. LLC</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RBC Dominion Securities, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,379,186</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Global Allocation</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Global Markets, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Daiwa Capital Markets America</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RBC Dominion Securities, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">1,000,000</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Total</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$2,576,545</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1.5pt double; font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif; background-color: rgb(201,215,210)">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Small Cap Core</B></FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: bottom; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="padding-left: 8.65pt; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Citigroup Global Markets, Inc.</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"> </TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 15pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">$674,281</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: right; font: 9pt Arial, Helvetica, Sans-Serif; padding-right: 20pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">—</FONT></TD>
<TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"> </P>
<DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:48%"> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>13. SUBSEQUENT EVENTS</B></FONT></P>
<P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds have determined that no material events or transactions occurred through the issuance date of the Funds’ financial statements which require an additional disclosure in
or adjustment of the Funds’ financial statements.</FONT></P> </DIV> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:48%"> </DIV> <BR CLEAR="ALL"><BR> <P STYLE="font: 9pt Arial, Helvetica, Sans-Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 9pt Arial, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top; font: 9pt Arial, Helvetica, Sans-Serif">
<TD STYLE="width: 100%; border-top: Black 1pt solid; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR> </TABLE>
<P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="margin: 0; font: 9pt Arial, Helvetica, Sans-Serif"></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
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<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER"> <DIV STYLE="page-break-before: none; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt"> </P></DIV>
<P STYLE="margin: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"><I> </I></TD>
<TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><I> </I></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><I> </I></TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Report of Independent Registered Public Accounting Firm</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(0,78,56)">
<TD STYLE="width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B> </B></FONT></P> <DIV STYLE="POSITION:RELATIVE;FLOAT:LEFT;WIDTH:68%"> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>TO THE BOARD OF TRUSTEES OF AMG FUNDS, AMG FUNDS II, AND AMG Funds III AND SHAREHOLDERS OF AMG GW&K ENHANCED CORE BOND ESG FUND, AMG GW&K GLOBAL
ALLOCATION FUND, AMG GW&K HIGH INCOME FUND, AMG GW&K MUNICIPAL BOND FUND, AMG GW&K MUNICIPAL ENHANCED YIELD FUND, AMG GW&K SMALL CAP CORE FUND AMG GW&K SMALL/MID CAP FUND AND AMG GW&K SMALL CAP VALUE FUND</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Opinions on the Financial Statements</I></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We have audited the
accompanying statements of assets and liabilities, including the schedules of portfolio investments, of AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K Global Allocation Fund (formerly AMG Chicago Equity Partners Balanced Fund) (two of the
funds constituting AMG Funds II), AMG GW&K High Income Fund (formerly AMG Managers Global Income Opportunity Fund) (one of the funds constituting AMG Funds III), AMG GW&K Municipal Bond Fund, AMG GW&K Municipal Enhanced Yield Fund, AMG
GW&K Small Cap Core Fund, AMG GW&K Small/Mid Cap Fund and AMG GW&K Small Cap Value Fund (formerly AMG Skyline Special Equities Fund) (five of the funds constituting AMG Funds) (collectively referred to hereafter as the
“Funds”) as of December 31, 2020, the related statements of operations for the year ended December 31, 2020, the statement of changes in net assets for each of the two years in the period ended December 31, 2020, including the related
notes, and the financial highlights for each of the periods indicated therein (collectively referred to as the “financial statements”). In our opinion, each of the Funds’ financial statements present fairly, in all material
respects, the financial position of the Funds as of December 31, 2020, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended December 31, 2020, and each
of the financial highlights for each of the periods indicated therein in conformity with accounting principles generally accepted in the United States of America.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B><I>Basis for
Opinions</I></B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">These financial statements are the responsibility of the Funds’ management. Our responsibility is to
express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to
the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We conducted our audits of
these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due
to error or fraud.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Our audits included performing procedures to assess the risks of material misstatement of the financial
statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also
included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of December 31,
2020, by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">PricewaterhouseCoopers LLP</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boston, Massachusetts</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">February 23, 2021</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">We have served as the auditor of one or more investment companies in AMG Funds Family since 1993.</FONT></P> </div> <DIV STYLE="POSITION:RELATIVE;FLOAT:RIGHT;WIDTH:28%"> </div>
<BR CLEAR="ALL"><BR> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
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<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
<TD STYLE="width: 3%; border-left: Black 1pt solid"> </TD>
<TD STYLE="width: 97%; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"> </TD>
<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt"><B>Other Information
</B></FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><I>(unaudited)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Times New Roman, Times, Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left; background-color: rgb(0,78,56)">
<TD STYLE="width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: rgb(0,78,56) 1pt solid; width: 100%"> </DIV></DIV>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: rgb(0,78,56)"><B>TAX INFORMATION</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds each hereby designate the maximum amount allowable of its net taxable income as qualified dividends as provided in the Jobs and Growth Tax Relief Reconciliation Act of 2003.
The 2020 Form 1099-DIV you receive for each Fund will show the tax status of all distributions paid to you during the year.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pursuant to section 852 of
the Internal Revenue Code, AMG GW&K Enhanced Core Bond ESG Fund, AMG GW&K High Income Fund, AMG GW&K Municipal Bond Fund, AMG GW&K Municipal Enhanced Yield Fund, AMG GW&K Global Allocation Fund, AMG GW&K Small Cap Core Fund,
AMG Small/Mid Cap Fund, and AMG GW&K Small Cap Value Fund each hereby designate $0, $460,580, $3,524,571, $2,730,802, $4,990,089, $10,672,469, $23,549 and $111,263,992, respectively, as a capital gain distribution with respect to the taxable
year ended December 31, 2020, or if subsequently determined to be different, the net capital gains of such fiscal year.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 100%"> </DIV></DIV>
<DIV STYLE="margin-top: 6pt; margin-bottom: 6pt; border-bottom: Gray 3pt solid"><P STYLE="margin-top: 0pt; text-align: center; margin-bottom: 0pt; font: 8pt Arial, Helvetica, Sans-Serif">
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<P STYLE="margin-top: 0; margin-bottom: 0"> </P>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG Funds</FONT></TD></TR>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Trustees and Officers</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<TD STYLE="font-size: 10pt; width: 34%; padding-right: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trustees and Officers of the Trust, their business addresses, principal occupations for the past five years and
ages are listed below. The Trustees provide broad supervision over the affairs of the Trust and the Funds. The Trustees are experienced executives who meet periodically throughout the year to oversee the Funds’ activities, review contractual
arrangements with companies that provide services to the Funds, and</FONT></TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">review the Funds’ performance. Unless otherwise noted, the address of each Trustee or Officer is the address of the Trust: One Stamford Plaza, 263 Tresser Blvd, Suite 949,
Stamford, Connecticut 06901.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">There is no stated term of office for Trustees. Trustees serve until their resignation, retirement or removal
in </FONT></P></TD>
<TD STYLE="font-size: 10pt; width: 33%; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">accordance with the Trust’s organizational documents and policies adopted by the Board from time to time. The
Chairman of the Trustees, President, Treasurer and Secretary of the Trust are elected by the Trustees annually. Other officers hold office at the pleasure of the Trustees.</FONT></TD></TR> </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 10pt; color: #004E38"><B>Independent Trustees</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The following Trustees are
not “interested persons” of the Trust within the meaning of the 1940 Act:</FONT></P>
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<TD STYLE="width: 25%; border-top: Black 1pt solid; font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Number of Funds Overseen in<BR> Fund Complex</B></FONT></TD>
<TD STYLE="width: 75%; border-top: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Name, Age, Principal Occupation(s) During
Past 5 Years and Other Directorships Held by Trustee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2012</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 49 Funds in Fund Complex</FONT></P></TD>
<TD STYLE="border-top: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Bruce B. Bingham, 72</B><BR> Partner, Hamilton Partners (real
estate development firm) (1987-2020); Director of The Yacktman Funds (2 portfolios) (2000-2012).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2003</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 52 Funds in Fund Complex</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Kurt A. Keilhacker, 57</B><BR> Managing Partner, TechFund Capital (1997-Present); Managing
Partner, TechFund Europe (2000-Present); Managing Partner, Elementum Ventures (2013-Present); Director, MetricStory, Inc. (2017-Present); Trustee, Wheaton College (2018-Present); Trustee, Gordon College (2001-2016); Trustee, Board Member, 6wind SA,
(2002-2019).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2000</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 49 Funds in Fund Complex</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Steven J. Paggioli, 70</B><BR> Independent Consultant (2002-Present); Trustee, Professionally
Managed Portfolios (28 portfolios); Advisory Board Member, Sustainable Growth Advisors, LP; Independent Director, Muzinich BDC, Inc. (business development company) (2019-Present); Director, The Wadsworth Group; Independent Director, Chase Investment
Counsel(2008–2019); Executive Vice President, Secretary and Director, Investment Company Administration, LLC and First Fund Distributors, INC. (1990-2001).</FONT></TD></TR>
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<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2013</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 49 Funds in Fund Complex</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; padding-left: 5.4pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Richard F. Powers III,
75 </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Adjunct Professor, U.S. Naval War College (2016-Present); Adjunct Professor, Boston
College (2011-2015); Director, Ameriprise Financial Inc. (2005-2009); President and CEO of Van Kampen Investments Inc. (1998-2003); President, Morgan Stanley Client Group (2000-2002); Executive </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Vice President and Chief Marketing Officer of the Morgan Stanley Individual Investor Group
(1984-1998). </FONT></P></TD></TR>
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<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Independent Chairman</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2000</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 52 Funds in Fund Complex</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Eric Rakowski, 62</B><BR> Professor of Law, University of California at Berkeley School of
Law (1990-Present); Tax Attorney at Davis Polk & Wardwell and clerked for Judge Harry T. Edwards of the U.S. Court of Appeals for the District of Columbia Circuit and for Justice William J. Brennan Jr. of the U.S. Supreme Court; Director of
Harding, Loevner Funds, Inc. (9 portfolios); Trustee of Third Avenue Trust (3 portfolios) (2002-2019); Trustee of Third Avenue Variable Trust (1 portfolio) (2002-2019).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2013</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 52 Funds in Fund Complex</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Victoria L. Sassine, 55</B><BR> Adjunct Professor, Babson College (2007–Present);
Director, Board of Directors, PRG Group (2017-Present); CEO, Founder, Scale Smarter Partners, LLC (2018-Present); Adviser, EVOFEM Biosciences (2019-Present); Teaching Fellow, Goldman Sachs 10,000 Small Business Initiative (2010-Present); Chairperson
of the Board of Directors of Business Management Associates (2018 to 2019).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2004 - AMG Funds</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2000 - AMG Funds II</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 49 Funds in Fund Complex </FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Thomas R. Schneeweis, 73</B><BR> Professor Emeritus, University of Massachusetts
(2013-Present); President, TRS Associates (1982-Present); Board Member, Chartered Alternative Investment Association (“CAIA”) (2002-Present); Director, CAIA Foundation (2010-2019); Director, Institute for Global Asset and Risk Management
(Education) (2010-Present); Co-Owner, Quantitative Investment Technologies (2014-Present); Co-Owner, Yes Wealth Management (2018-Present); Director of Research, Yes Wealth Management (2018-Present); Partner, S Capital Wealth Advisors (2015-2018);
Partner, S Capital Management, LLC (2007-2015); President, Alternative Investment Analytics, LLC, (formerly Schneeweis Partners, LLC) (2001-2013); Finance Professor, University of Massachusetts (1977-2013).</FONT></TD></TR> </TABLE>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">AMG Funds</FONT></TD></TR>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt">Trustees and Officers
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<TD STYLE="width: 100%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>Interested Trustees</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Each Trustee in the following table is an “interested person” of the Trust within the meaning of the 1940 Act. Ms. Carsman is an interested person of the Trust within the
meaning of the 1940 Act by virtue of her position with, and interest in securities of, AMG.</FONT></P>
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<TD STYLE="width: 25%; border-top: Black 1pt solid; font-size: 10pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Number of Funds Overseen in</B></FONT></TD>
<TD STYLE="width: 75%; border-top: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 0.25in; text-indent: -0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Fund Complex</B></FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Name, Age, Principal Occupation(s) During Past 5 Years and Other Directorships Held by
Trustee</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Trustee since 2011</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Oversees 52 Funds in Fund Complex</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Christine C. Carsman, 68</B><BR> Senior Policy Advisor, Affiliated Managers Group, Inc.
(2019-Present); Chair of the Board of Directors, AMG Funds plc (2015-2018); Director, AMG Funds plc (2010-2018); Executive Vice President, Deputy General Counsel and Chief Regulatory Counsel, Affiliated Managers Group, Inc. (2017-2018); Senior Vice
President and Deputy General Counsel, Affiliated Managers Group, Inc. (2011-2016); Senior Vice President and Chief Regulatory Counsel, Affiliated Managers Group, Inc. (2007-2011); Vice President and Chief Regulatory Counsel, Affiliated Managers
Group, Inc. (2004-2007); Senior Counsel, Vice President and Director of Operational Risk Management and Compliance, Wellington Management Company, LLP (1995-2004); Director of Harding, Loevner Funds, Inc. (9 portfolios) (2017-Present); Secretary and
Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2004-2011).</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"> </P> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
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<TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>Officers</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="width: 25%; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 0.125in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Position(s) Held with Fund and<BR> Length of Time Served</FONT></TD>
<TD STYLE="width: 75%; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt; text-align: left; vertical-align: bottom"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Name, Age, Principal Occupation(s) During
Past 5 Years</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● President since 2018</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Principal Executive Officer since 2018</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Chief Executive Officer since 2018</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Chief Operating Officer since 2007</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Keitha L. Kinne, 62</B><BR> Chief Operating Officer, AMG Funds LLC (2007-Present); Chief
Investment Officer, AMG Funds LLC (2008-Present); President and Principal, AMG Distributors, Inc. (2018-Present); Chief Operating Officer, AMG Distributors, Inc. (2007-Present); President, Chief Executive Officer and Principal Executive Officer, AMG
Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2018-Present); Chief Operating Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2007-Present); Chief Operating Officer, AMG Funds IV (2016-Present); Chief Operating
Officer and Chief Investment Officer, Aston Asset Management, LLC (2016); President and Principal Executive Officer, AMG Funds, AMG Funds I, AMG Funds II and AMG Funds III (2012-2014); Managing Partner, AMG Funds LLC (2007-2014); President and
Principal, AMG Distributors, Inc. (2012-2014); Managing Director, Legg Mason & Co., LLC (2006-2007); Managing Director, Citigroup Asset Management (2004-2006).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Secretary since 2015</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Chief Legal Officer since 2015</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Mark J. Duggan, 55</B><BR> Senior Vice President and Senior Counsel, AMG Funds LLC
(2015-Present); Secretary and Chief Legal Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2015-Present); Attorney, K&L Gates, LLP (2009-2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-left: 0.125in; text-indent: -0.125in"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Chief Financial Officer since 2017</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Treasurer since 2017</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Principal Financial Officer since 2017</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Principal Accounting Officer since 2017</FONT></P></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Thomas G. Disbrow, 54</B><BR> Vice President, Mutual Fund Treasurer & CFO, AMG Funds, AMG
Funds LLC (2017-Present); Chief Financial Officer, Principal Financial Officer, Treasurer and Principal Accounting Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Managing Director - Global Head of
Traditional Funds Product Control, UBS Asset Management (Americas), Inc. (2015-2017); Managing Director - Head of North American Funds Treasury, UBS Asset Management (Americas), Inc. (2011-2015).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 0.125in; text-indent: 0in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Deputy
Treasurer since 2017</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>John A. Starace, 50</B><BR> Director, Mutual Fund Accounting, AMG Funds LLC (2017-Present);
Vice President, Deputy Treasurer of Mutual Funds Services, AMG Funds LLC (2014-2017); Deputy Treasurer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2017-Present); Vice President, Citi Hedge Fund Services (2010-2014); Audit
Senior Manager (2005-2010) and Audit Manager (2001-2005), Deloitte & Touche LLP.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 0.375in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Chief
Compliance Officer since 2019</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Patrick J. Spellman, 46</B><BR> Vice President, Chief Compliance Officer, AMG Funds LLC
(2017-Present); Chief Compliance Officer and Sarbanes-Oxley Code of Ethics Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present); Chief Compliance Officer, AMG Distributors, Inc., (2010-Present);
Senior Vice President, Chief Compliance Officer, AMG Funds LLC (2011-2017); Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, and AMG Funds III (2014-2019); Anti-Money Laundering Officer, AMG Funds IV, (2016-2019);
Compliance Manager, Legal and Compliance, Affiliated Managers Group, Inc. (2005-2011).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 0.375in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">● Assistant
Secretary since 2016</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Maureen A. Meredith, 35</B><BR> Vice President, Counsel, AMG Funds LLC (2019-Present);
Director, Counsel, AMG Funds LLC (2017-2018); Vice President, Counsel, AMG Funds LLC (2015-2017); Assistant Secretary, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2016-Present); Associate, Ropes & Gray LLP (2011-2015);
Law Fellow, Massachusetts Appleseed Center for Law and Justice (2010-2011).</FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 0.375in; text-indent: -0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">●
Anti-Money Laundering Compliance Officer since 2019</FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; padding-left: 5.4pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>Hector D. Roman, 43</B><BR> Director, Legal and Compliance, AMG Funds LLC (2020-Present);
Manager, Legal and Compliance, AMG Funds LLC (2017-2019); Director of Compliance, Morgan Stanley Investment Management (2015-2017); Senior Advisory, PricewaterhouseCoopers LLP (2014-2015); Risk Manager, Barclays Investment Bank (2008-2014);
Anti-Money Laundering Compliance Officer, AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (2019-Present).</FONT></TD></TR> </TABLE> <P STYLE="margin-top: 0; margin-bottom: 0"></P>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Approval of Subadvisory Agreements</FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<TD STYLE="padding-right: 10pt; width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG Managers Skyline Special Equities Fund: Approval of
Subadvisory Agreements on December 3, 2020</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At a telephonic meeting held on December 3, 2020<SUP>1</SUP>, the Board of Trustees (the “Board”
or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds (the “Trust”) (the “Independent Trustees”), unanimously voted to approve the interim
subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and GW&K Investment Management, LLC (“GW&K”) with respect to AMG Managers Skyline Special Equities Fund (the “Fund”) (the
“Interim Subadvisory Agreement”), the new subadvisory agreement between the Investment Manager and GW&K with respect to the Fund (the “New Subadvisory Agreement” and together with the Interim Subadvisory Agreement, the
“Agreements”), and the presentation of the New Subadvisory Agreement for shareholder approval at a special meeting to be held for such purpose. The Independent Trustees were separately represented by independent legal counsel in their
consideration of the Agreements.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In considering the Agreements, the Trustees considered the information relating to the Fund and GW&K
provided to them in connection with the meeting on December 3, 2020 and other meetings of the Board throughout the last twelve months, as well as in prior years. In considering the Agreements, the Trustees also considered information relating to the
eleven other funds that GW&K sub-advises in the AMG Funds Family of Funds, which, as of December 3, 2020, consisted of 49 funds (the “AMG Funds Complex”). Prior to voting, the Independent Trustees: (a) reviewed the foregoing
information; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Agreements; and (c) met with their independent legal counsel in a private session at which no
representatives of management were present.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>NATURE, EXTENT AND QUALITY OF SERVICES</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In considering the nature, extent and quality of the services to be provided by GW&K, the Trustees reviewed information relating to GW&K’s financial condition,
operations and personnel and the investment philosophy, strategies and techniques (the “Investment Strategy”) that are intended to be used by GW&K in managing the Fund. Among other things, at this meeting and/or prior meetings, the
Trustees reviewed information on portfolio management and other professional staff, information regarding GW&K’s organizational and management structure, GW&K’s compliance policies</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">and procedures, and GW&K’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at GW&K
that are expected to have portfolio management responsibility for the Fund. The Trustees noted that one proposed portfolio manager joined GW&K in 2005 and the other proposed portfolio manager joined GW&K in 2008. The Trustees further noted
that one of the proposed portfolio managers serves as co-portfolio manager on other funds subadvised by GW&K in the AMG Funds Complex. In the course of their deliberations, the Trustees evaluated, among other things: (a) the expected services to
be rendered by GW&K to the Fund; (b) the qualifications and experience of GW&K’s personnel; and (c) GW&K’s compliance program. The Trustees additionally considered GW&K’s risk management processes. The Trustees also
took into account the financial condition of GW&K with respect to its ability to provide the services required under the Agreements and noted that, as of September 30, 2020, GW&K managed approximately $47 billion in assets.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>PERFORMANCE</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because GW&K was proposing to manage the Fund with its small cap value investment strategy, the Trustees noted that they could not draw any conclusions regarding the performance
of the Fund. The Trustees, however, considered the performance of GW&K with respect to its Small Cap Value Composite. The Trustees further considered the performance of the other funds in the AMG Funds Complex sub-advised by GW&K.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>SUBADVISORY FEES, PROFITABILITY AND ECONOMIES OF SCALE</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trustees noted that
the Investment Manager, and not the Fund, is responsible for paying the fees charged by GW&K. In considering the anticipated profitability of GW&K with respect to the provision of subadvisory services to the Fund, the Trustees considered
information regarding GW&K’s organization, management and financial stability. The Trustees noted that, because GW&K is an affiliate of the Investment Manager, a portion of GW&K’s revenues or anticipated profits might be
shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fee rate to be paid to GW&K under each Agreement was lower than the rate paid to Skyline Asset Management, L.P. (“Skyline”) under
the former subadvisory agreement between the Investment Manager and Skyline with respect to the Fund.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="padding-left: 10pt; width: 33%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Board took into account management’s discussion of the
proposed subadvisory fee structure, and the services GW&K is expected to provide in performing its functions under the Agreements. The Trustees also were provided, in advance of their June 25, 2020 meeting, with the profitability of GW&K
with respect to the other funds it sub-advises in the AMG Funds Complex. Based on the foregoing, the Trustees concluded that the profitability to GW&K is expected to be reasonable and that GW&K is not expected to realize material benefits
from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of
scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In addition, the Trustees
considered other potential benefits of the subadvisory relationship to GW&K, including, among others, the potential broadening of GW&K’s small cap value investment capabilities, as well as the indirect benefits that GW&K may
receive from GW&K’s relationship with the Fund, including any so-called “fallout benefits” to GW&K, such as reputational value derived from GW&K serving as subadviser to the Fund, which bears GW&K’s name.
Taking into account all of the foregoing, the Trustees concluded that, in light of the nature, extent and quality of the services to be provided by GW&K, and the other considerations noted above with respect to GW&K, the Fund’s
subadvisory fees are reasonable.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* * *
*</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; text-indent: -8.65pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">After consideration of the foregoing, the Trustees reached the following conclusions (in addition to the
conclusions discussed above) regarding each Agreement: (a) GW&K has demonstrated that it possesses the capability and resources to perform the duties required of it under each Agreement; (b) GW&K’s Investment Strategy is appropriate
for pursuing the Fund’s investment objectives; (c) GW&K is reasonably likely to execute its investment strategy consistently over time; and (d) GW&K maintains appropriate compliance programs.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing
the same weight to each factor, the Trustees concluded that approval of each Agreement would be in the best interests of the Fund and its shareholders. Accordingly, on December 3, 2020, the Trustees, and separately a majority of the Independent
Trustees, unanimously voted to approve each Agreement.</FONT></P></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Approval of Subadvisory Agreements
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<TD STYLE="width: 34%; padding-right: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><B>AMG Managers Global Income Opportunity Fund: Approval of
Subadvisory Agreements on December 3, 2020</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">At a telephonic meeting held on December 3, 2020<SUP>1</SUP>, the Board of Trustees (the “Board”
or the “Trustees”), and separately a majority of the Trustees who are not “interested persons” of AMG Funds III (the “Trust”) (the “Independent Trustees”), unanimously voted to approve the interim
subadvisory agreement between AMG Funds LLC (the “Investment Manager”) and GW&K Investment Management, LLC (“GW&K”) with respect to AMG Managers Global Income Opportunity Fund (the “Fund”) (the
“Interim Subadvisory Agreement”), the new subadvisory agreement between the Investment Manager and GW&K with respect to the Fund (the “New Subadvisory Agreement” and together with the Interim Subadvisory Agreement, the
“Agreements”), and the presentation of the New Subadvisory Agreement for shareholder approval at a special meeting to be held for such purpose. The Independent Trustees were separately represented by independent legal counsel in their
consideration of the Agreements.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In considering the Agreements, the Trustees considered the information relating to the Fund and GW&K
provided to them in connection with the meeting on December 3, 2020 and other meetings of the Board throughout the last twelve months, as well as in prior years. In considering the Agreements, the Trustees also considered information relating to the
eleven other funds that GW&K sub-advises in the AMG Funds Family of Funds, which, as of December 3, 2020, consisted of 49 funds (the “AMG Funds Complex”). Prior to voting, the Independent Trustees: (a) reviewed the foregoing
information; (b) received materials from their independent legal counsel discussing the legal standards applicable to their consideration of the Agreements; and (c) met with their independent legal counsel in a private session at which no
representatives of management were present.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>NATURE, EXTENT AND QUALITY OF SERVICES</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In considering the nature, extent and quality of the services to be provided by GW&K, the Trustees reviewed information relating to GW&K’s financial condition,
operations and personnel and the investment philosophy, strategies and techniques (the “Investment Strategy”) that are intended to be used by GW&K in managing the Fund. Among other things, at this meeting and/or prior meetings, the
Trustees reviewed information on portfolio management and other professional staff, information regarding GW&K’s organizational and management structure, GW&K’s compliance policies</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 33%; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">and procedures, and GW&K’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals at GW&K
that are expected to have portfolio management responsibility for the Fund. The Trustees noted that one proposed portfolio manager joined GW&K in 2005, and one proposed portfolio manager joined GW&K in 2013. The Trustees further noted that
one of the proposed portfolio managers serves as a portfolio manager on other funds subadvised by GW&K in the AMG Funds Complex. In the course of their deliberations, the Trustees evaluated, among other things: (a) the expected services to be
rendered by GW&K to the Fund; (b) the qualifications and experience of GW&K’s personnel; and (c) GW&K’s compliance program. The Trustees additionally considered GW&K’s risk management processes. The Trustees also
took into account the financial condition of GW&K with respect to its ability to provide the services required under the Agreements and noted that, as of September 30, 2020, GW&K managed approximately $47 billion in assets.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>PERFORMANCE</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Because GW&K was proposing to manage the Fund with its high income investment strategy, the Trustees noted that they could not draw any conclusions regarding the performance of
the Fund. The Trustees, however, considered the performance of GW&K with respect to its Short Term Focused High Income Composite. The Trustees further considered the performance of the other funds in the AMG Funds Complex sub-advised by
GW&K.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>SUBADVISORY FEES, PROFITABILITY AND ECONOMIES OF SCALE</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Trustees noted that
the Investment Manager, and not the Fund, is responsible for paying the fees charged by GW&K. In considering the anticipated profitability of GW&K with respect to the provision of subadvisory services to the Fund, the Trustees considered
information regarding GW&K’s organization, management and financial stability. The Trustees noted that, because GW&K is an affiliate of the Investment Manager, a portion of GW&K’s revenues or anticipated profits might be
shared directly or indirectly with the Investment Manager. The Trustees also noted that the subadvisory fee rate to be paid to GW&K under each Agreement was lower than the rate paid to Loomis, Sayles & Company, L.P. (“Loomis”)
under the former subadvisory agreement between the Investment Managers and Loomis with respect to the Fund.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 33%; padding-left: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Board took into account management’s discussion of the
proposed subadvisory fee structure, and the services GW&K is expected to provide in performing its functions under the Agreements. The Trustees also were provided, in advance of their June 25, 2020 meeting, with the profitability of GW&K
with respect to the other funds it sub-advises in the AMG Funds Complex. Based on the foregoing, the Trustees concluded that the profitability to GW&K is expected to be reasonable and that GW&K is not expected to realize material benefits
from economies of scale that would warrant adjustments to the subadvisory fees at this time. Also with respect to economies of scale, the Trustees noted that as the Fund’s assets increase over time, the Fund may realize other economies of
scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">In addition, the Trustees
considered other potential benefits of the subadvisory relationship to GW&K, including, among others, the potential broadening of GW&K’s short term high income investment capabilities, as well as the indirect benefits that GW&K may
receive from GW&K’s relationship with the Fund, including any so-called “fallout benefits” to GW&K, such as reputational value derived from GW&K serving as subadviser to the Fund, which bears GW&K’s name.
Taking into account all of the foregoing, the Trustees concluded that, in light of the nature, extent and quality of the services to be provided by GW&K, and the other considerations noted above with respect to GW&K, the Fund’s
subadvisory fees are reasonable.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: center; margin-bottom: 0pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">* * *
*</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: -9pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">After consideration of the foregoing, the Trustees reached the following conclusions (in addition to the
conclusions discussed above) regarding each Agreement: (a) GW&K has demonstrated that it possesses the capability and resources to perform the duties required of it under each Agreement; (b) GW&K’s Investment Strategy is appropriate
for pursuing the Fund’s investment objectives; (c) GW&K is reasonably likely to execute its investment strategy consistently over time; and (d) GW&K maintains appropriate compliance programs.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Based on all of the above-mentioned factors and their related conclusions, with no single factor or conclusion being determinative and with each Trustee not necessarily attributing
the same weight to each factor, the Trustees concluded that approval of each Agreement would be in the best interests of the Fund and its shareholders. Accordingly, on</FONT></P></TD></TR> </TABLE>
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<TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 13pt">Approval of Subadvisory Agreements
</FONT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 11pt; color: #004E38"><I>(continued)</I></FONT></TD></TR> </TABLE> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"> </P>
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<TD STYLE="width: 34%; padding-right: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">December 3, 2020, the Trustees, and separately a majority of the
Independent Trustees, unanimously voted to approve each Agreement.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I><SUP>1 </SUP>The Trustees determined that the conditions surrounding the COVID-19 virus constituted
unforeseen or emergency circumstances and that reliance on the Securities and Exchange</I></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="padding-top: 8pt; font-size: 10pt; width: 33%; padding-right: 10pt; padding-left: 10pt; border-right: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>Commission’s
(“SEC”) exemptive order, which provides relief from the in-person voting requirements of the 1940 Act in certain circumstances (the “In-Person Relief”), was necessary or appropriate due to the circumstances related to
current or potential effects of COVID-19. The Trustees unanimously wished to rely on the In-Person Relief with respect to the approval of those matters on the</I></FONT></TD>
<TD STYLE="padding-top: 8pt; font-size: 10pt; width: 33%; padding-left: 10pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"><I>agenda for the December 3, 2020 meeting that would otherwise require in-person votes under the
1940 Act. See Investment Company Release No. 33897 (June 19, 2020). This exemptive order supersedes, in part, a similar, earlier exemptive order issued by the SEC (Investment Company Release No. 33824 (March 25, 2020)).</I></FONT></TD></TR> </TABLE>
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<TD STYLE="width: 34%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>INVESTMENT MANAGER AND ADMINISTRATOR</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Funds LLC</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">One Stamford Plaza</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">263 Tresser Blvd, Suite 949</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Stamford, CT 06901</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">800.548.4539</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>DISTRIBUTOR</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Distributors, Inc.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">One Stamford Plaza</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">263 Tresser Blvd, Suite 949</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Stamford, CT 06901</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">800.548.4539</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>SUBADVISER</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GW&K Investment Management, LLC</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">222 Berkeley St.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Boston, MA 02116</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 33%; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-left: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>CUSTODIAN</B></FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Bank of New York Mellon</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">111 Sanders Creek Parkway</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">East Syracuse, NY 13057</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>LEGAL COUNSEL</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ropes & Gray LLP</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Prudential
Tower, 800 Boylston Street</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Boston, MA 02199-3600</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: #004E38"><B>TRANSFER AGENT</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">BNY Mellon Investment Servicing (US) Inc.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Attn: AMG
Funds</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">4400 Computer Drive</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font: 9pt Arial, Helvetica, Sans-Serif">Westborough, MA 01581</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font: 9pt Arial, Helvetica, Sans-Serif">800.548.4539</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P></TD>
<TD STYLE="width: 33%; padding-left: 10pt"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">This report is prepared for the Funds’ shareholders. It is
authorized for distribution to prospective investors only when preceded or accompanied by an effective prospectus. To receive a free copy of the prospectus or Statement of Additional Information, which includes additional information about Fund
Trustees, please contact us by calling 800.548.4539. Distributed by AMG Distributors, Inc., member FINRA/SIPC.</FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Current net asset values
per share for each Fund are available on the Funds’ website at amgfunds.com.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">A description of the policies and procedures each Fund uses to vote its proxies is available: (i) without charge, upon request, by calling 800.548.4539, or (ii) on the Securities and
Exchange Commission’s (SEC) website at sec.gov. For information regarding each Fund’s proxy voting record for the 12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.</FONT></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT
STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Funds file their complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to their reports on Form N-PORT. The
Funds’ portfolio holdings on Form N-PORT are available on the SEC’s website at sec.gov and the Fund’s website at amgfunds.com. To review a complete list of the Funds’ portfolio holdings, or to view the most recent semi-annual
report or annual report, please visit amgfunds.com.</FONT></P></TD></TR> </TABLE> <P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
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<TD STYLE="width: 15%; font-size: 10pt; border-right: Black 1pt solid; padding-top: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">amgfunds.com</FONT></TD>
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<TD STYLE="width: 100%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 14pt"> </FONT></TD></TR> </TABLE> <P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<TD STYLE="width: 29%; border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>AFFILIATE SUBADVISED FUNDS</B></FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 34%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG TimesSquare Emerging Markets Small Cap</FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 1%"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="width: 31%"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Emerging Opportunities</FONT></TD>
<TD STYLE="width: 1%; border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG TimesSquare Global Small Cap</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">WEDGE Capital Management L.L.P.</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>BALANCED FUNDS</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG TimesSquare International Small Cap</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Next Century Growth Investors LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Global Allocation</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG TimesSquare Mid Cap Growth</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">RBC Global Asset Management (U.S.) Inc.</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GW&K Investment Management, LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG TimesSquare Small Cap Growth</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Fairpointe Mid Cap</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">TimesSquare Capital Management, LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Fairpointe Capital LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG FQ Global Risk-Balanced</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quadrant, L.P.</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Yacktman</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers LMCG Small Cap Growth</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Yacktman Focused</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">LMCG Investments, LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>EQUITY FUNDS</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Yacktman Focused Fund - Security Selection</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG FQ Tax-Managed U.S. Equity</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-left: 0.25in"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Only</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Montag & Caldwell Growth</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG FQ Long-Short Equity</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Yacktman Special Opportunities</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Montag & Caldwell, LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">First Quadrant, L.P.</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Yacktman Asset Management LP</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Pictet International</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt"> </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Frontier Small Cap Growth </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>FIXED INCOME FUNDS</B></FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Pictet Asset Management Limited </FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Frontier Capital Management Co., LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Core Bond ESG</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Silvercrest Small Cap</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="padding-top: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small Cap Core</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Enhanced Core Bond ESG</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD STYLE="text-align: left; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Silvercrest Asset Management Group LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
<TR STYLE="vertical-align: top">
<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small Cap Value</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K High Income</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Special Equity</FONT></TD>
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<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Small/Mid Cap</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Municipal Bond</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Ranger Investment Management, L.P.</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
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<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Mid Cap</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Municipal Enhanced Yield</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Lord, Abbett & Co. LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD></TR>
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<TD STYLE="border-left: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Emerging Markets Equity</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GW&K Investment Management, LLC</FONT></TD>
<TD STYLE="border-right: Black 1pt solid"><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-size: 9pt"> </FONT></TD>
<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Smith Asset Management Group, L.P.</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K Emerging Wealth Equity</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Federated MDTA LLC</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG GW&K International Small Cap</FONT></TD>
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<TD STYLE="border-top: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 12pt"><B>OPEN-ARCHITECTURE FUNDS</B></FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">GW&K Investment Management, LLC</FONT></TD>
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<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>FIXED INCOME FUNDS</B></FONT></TD>
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<TD STYLE="border-bottom: Black 1pt solid"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt; color: rgb(0,78,56)"><B>EQUITY FUNDS</B></FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers DoubleLine Core Plus Bond</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Renaissance Large Cap Growth</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Brandywine</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">DoubleLine Capital LP</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">The Renaissance Group LLC</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Brandywine Blue</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Friess Associates, LLC</FONT></TD>
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<TD><P STYLE="margin-top: 0; margin-bottom: 0"></P> <P STYLE="margin-top: 0; margin-bottom: 0"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers Loomis Sayles Bond</FONT></P></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG River Road Dividend All Cap Value</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">Loomis, Sayles & Company, L.P.</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG River Road Focused Absolute Value</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG Managers CenterSquare Real Estate</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG River Road Long-Short</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">CenterSquare Investment Management LLC</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">AMG River Road Small-Mid Cap Value</FONT></TD>
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<TD><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 9pt">River Road Asset Management, LLC</FONT></TD>
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<TD STYLE="width: 20%; border-right: Black 1pt solid; padding-top: 8pt; padding-bottom: 8pt"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">amgfunds.com</FONT></TD>
<TD STYLE="width: 60%; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">123120</FONT></TD>
<TD STYLE="width: 20%; text-align: right; vertical-align: middle"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif; font-size: 8pt">AR019</FONT></TD></TR> </TABLE> <P STYLE="margin: 0"> </P> <P STYLE="margin: 0"></P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CODE OF ETHICS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registrant has adopted a Code of Ethics. See attached Exhibit (a)(1). </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 3.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AUDIT COMMITTEE FINANCIAL EXPERT </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Registrant’s Board of Trustees has determined that independent Trustee Mr. Steven J. Paggioli qualifies as an Audit Committee Financial Expert.
Mr. Paggioli is “independent” as such term is defined in Form <FONT STYLE="white-space:nowrap">N-CSR.</FONT> </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
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<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 4.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PRINCIPAL ACCOUNTANT FEES AND SERVICES </B></P></TD></TR></TABLE>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Audit Fees</U></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aggregate fees billed by the Funds’ independent registered public accounting firm, PricewaterhouseCoopers LLP (“PwC”), to the Funds for the
Funds’ two most recent fiscal years for professional services rendered for audits of annual financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements (“Audit Fees”)
were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="5%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Fund - AMG Funds III</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal 2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal 2019</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMG Managers Special Equity Fund</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">25,105</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">23,678</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMG Managers Loomis Sayles Bond Fund</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">54,098</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">47,310</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMG GW&K High Income Fund</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">35,892</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">33,930</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Audit-Related Fees </U></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There were no fees billed by PwC to the Funds in their two recent fiscal years for services rendered for assurance and related services that are reasonably
related to the performance of the audit or review of the Fund’s financial statements, but are not reported as Audit Fees (“Audit-Related Fees”). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Funds’ two most recent fiscal years, there were no Audit-Related Fees billed by PwC for engagements related directly to the operations and
financial reporting of one or more Funds by a Fund Service Provider. A Fund Service Provider is (a) any investment adviser to the Fund (not including any Subadvisor whose role is primarily portfolio management and is subcontracted with or
overseen by another investment adviser) or (b) any entity that provides ongoing services to the Fund and is controlling, controlled by or under common control with a Fund investment adviser described in (a). </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>Tax Fees </U></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The aggregate fees billed by PwC to the Funds for the two most recent fiscal years for professional services rendered for tax compliance, tax advice, and tax
planning (“Tax Fees”) were as follows: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="76%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="78%"></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="6%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom" NOWRAP> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; border-bottom:1.00pt solid #000000; display:table-cell; font-size:8pt; font-family:Times New Roman; "><B>Fund - AMG Funds III</B></P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal 2020</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Fiscal 2019</B></TD>
<TD VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMG Managers Special Equity Fund</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,250</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">6,250</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMG Managers Loomis Sayles Bond Fund</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
<TR BGCOLOR="#cceeff" STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">AMG GW&K High Income Fund</P></TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> </TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">8,400</TD>
<TD NOWRAP VALIGN="bottom"> </TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For the Funds’ two most recent fiscal years, Tax Fees billed by PwC for engagements by Fund Service Providers that
related directly to the operations and financial reporting of the Funds were $0 for fiscal 2020 and $0 for fiscal 2019, respectively. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The services for
which Tax Fees were charged comprise all services performed by professional staff in PwC’s tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice.
Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and
acquisitions and requests for rulings or technical advice from taxing authorities. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B><U>All Other Fees </U></B> </P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">There were no other fees billed by PwC to the Funds for all other <FONT STYLE="white-space:nowrap">non-audit</FONT> services (“Other Fees”) during
the Funds’ two most recent fiscal years. During the same period, there were no Other Fees billed by PwC for engagements by Fund Service Providers that related directly to the operations and financial reporting of the Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)(1) According to policies adopted by the Audit Committee, services provided by PwC to the Funds must be
<FONT STYLE="white-space:nowrap">pre-approved</FONT> by the Audit Committee. On an annual basis, the Audit Committee reviews and <FONT STYLE="white-space:nowrap">pre-approves</FONT> various types of services that PwC may perform for the Funds
without specific approval of each engagement, subject to specified budget limitations. As contemplated by the Sarbanes-Oxley Act of 2002 and related SEC rules, the Audit Committee also <FONT STYLE="white-space:nowrap">pre-approves</FONT> <FONT
STYLE="white-space:nowrap">non-audit</FONT> services provided by PwC to any Fund Service Provider for any engagement that relates directly to the operations and financial reporting of the Funds. Any engagement that is not already <FONT
STYLE="white-space:nowrap">pre-approved</FONT> or that will exceed a <FONT STYLE="white-space:nowrap">pre-approved</FONT> budget must be submitted to the Audit Committee for <FONT STYLE="white-space:nowrap">pre-approval.</FONT> The Chairman of the
Audit Committee is authorized on behalf of the Board of Trustees and the Audit Committee to approve the engagement of PwC to perform <FONT STYLE="white-space:nowrap">non-audit</FONT> services subject to certain conditions, including notification to
the Audit Committee of such <FONT STYLE="white-space:nowrap">pre-approval</FONT> not later than the next meeting of the Audit Committee following the date of such <FONT STYLE="white-space:nowrap">pre-approval.</FONT> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(e)(2) None. </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(f) Not applicable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(g) The aggregate fees billed by PwC in 2020 and 2019 for <FONT STYLE="white-space:nowrap">non-audit</FONT> services rendered to the Funds and Fund Service
Providers were $72,550 and $72,550, respectively. For the fiscal year ended December 31, 2020, this amount reflects the amounts disclosed above in Item 4(b),(c),(d), plus $49,500 in fees billed to the Fund Service Providers for <FONT
STYLE="white-space:nowrap">non-audit</FONT> services that did not relate directly to the operations and financial reporting of the Funds. For the fiscal year ended December 31, 2019, this amount reflects the amounts disclosed above in
Item 4(b),(c),(d), plus $49,500 in fees billed to the Fund Service Providers for <FONT STYLE="white-space:nowrap">non-audit</FONT> services that did not relate directly to the operations and financial reporting of the Funds. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">(h) The Trust’s Audit Committee has considered whether the provision of <FONT STYLE="white-space:nowrap">non-audit</FONT> services by registrant’s
independent registered public accounting firm to the registrant’s investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser that provided ongoing services to the registrant that were not <FONT
STYLE="white-space:nowrap">pre-approved</FONT> by the Committee (because such services did not relate directly to the operations and financial reporting of the registrant) was compatible with maintaining the independence of the independent
registered public accounting firm. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 5.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>AUDIT COMMITTEE OF LISTED REGISTRANTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 6.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SCHEDULE OF INVESTMENTS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The schedule of investments in securities of unaffiliated issuers as of the close of the reporting period is included as part of the report to shareholders
filed under Item 1 of this form. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 7.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR <FONT STYLE="white-space:nowrap">CLOSED-END</FONT>
MANAGEMENT INVESTMENT COMPANIES </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 8.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PORTFOLIO MANAGERS OF <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> MANAGEMENT INVESTMENT COMPANIES
</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 9.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>PURCHASES OF EQUITY SECURITIES BY <FONT STYLE="white-space:nowrap">CLOSED-END</FONT> MANAGEMENT INVESTMENT
COMPANIES AND AFFILIATED PURCHASERS </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 10.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 11.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>CONTROLS AND PROCEDURES </B></P></TD></TR></TABLE>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) The Registrant’s principal executive and principal financial officers have concluded, based on their evaluation of the
registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, that the Registrant’s disclosure controls and procedures are reasonably designed to ensure that
</P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
information required to be disclosed by the Registrant on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> is recorded, processed, summarized and reported within the required time periods and
that information required to be disclosed by the registrant in the reports that it files or submits on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> is accumulated and communicated to the Registrant’s management, including its principal
executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) There were no
changes in the Registrant’s internal control over financial reporting during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting. </P>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 12.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>DISCLOSURE OF SECURITIES LENDING ACTIVITIES FOR <FONT STYLE="white-space:nowrap">CLOSED-END</FONT>
MANAGEMENT INVESTMENT COMPANIES </B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Not applicable. </P> <P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="11%" VALIGN="top" ALIGN="left"><B>Item 13.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>EXHIBITS </B></P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="97%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(1)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"><A HREF="d137829dex99code.htm">Any Code of Ethics or amendments hereto. Filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(2)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"><A HREF="d137829dex99cert.htm">Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(a)</FONT> under the Investment Company Act of 1940 - Filed herewith. </A></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(a)(3)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Not applicable.</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>(b)</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"><A HREF="d137829dex99906cert.htm">Certifications pursuant to Rule <FONT STYLE="white-space:nowrap">30a-2(b)</FONT> under the Investment Company Act of 1940 - Filed herewith. </A></TD></TR>
</TABLE>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">SIGNATURES </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>AMG FUNDS III </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keitha L. Kinne</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">Keitha L. Kinne, Principal Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date: <U>March 4, 2021</U></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has
been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="92%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By:</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keitha L. Kinne</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom">Keitha L. Kinne, Principal Executive Officer</TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date: <U>March 4, 2021</U></P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By:</P></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Disbrow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Thomas Disbrow, Principal Financial Officer</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Date: <U>March 4, 2021</U></P></TD></TR>
</TABLE>
</DIV></Center>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE
<SEQUENCE>2
<FILENAME>d137829dex99code.htm
<DESCRIPTION>CODE OF ETHICS
<TEXT>
<HTML><HEAD>
<TITLE>Code of Ethics</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMG FUNDS, AMG FUNDS I, AMG FUNDS II, AMG FUNDS III AND AMG FUNDS IV </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Sarbanes-Oxley Code of Ethics </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>for Principal Executive and Principal Financial Officers </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>I. Covered Officers/Purpose of the Code </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">AMG Funds, AMG Funds I, AMG Funds II, AMG Funds III and AMG Funds IV (each, a “Trust,” and each series thereof, a “Fund”) have adopted this
Sarbanes-Oxley Code of Ethics (this “Code”) to apply to the Trusts’ Principal Executive Officer, Principal Financial Officer/Chief Financial Officer and Principal Accounting Officer (the “Covered Officers” each of whom are
set forth in Exhibit A) for the purpose of promoting: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the Securities and Exchange Commission (“SEC”) and in other public communications made by the Trusts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">compliance with applicable laws and governmental rules and regulations; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">accountability for adherence to the Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as
apparent conflicts of interest. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the
interest of the Trusts. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>II. Covered Officers Should Ethically Handle Actual and Apparent Conflicts of Interest </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">A “conflict of interest” occurs when a Covered Officer’s private interest interferes with the interests of, or the Covered Officer’s
service to, the Trusts. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer’s family, receives improper personal benefits as a result of the Covered Officer’s position with the Trusts.
</P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">1 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
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<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Certain conflicts of interest arise out of the relationships between Covered Officers and the Funds and
already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the “1940 Act”) and the Investment Advisers Act of 1940, as amended (the “Advisers Act”). For example, Covered Officers may
not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as “affiliated persons” of the Funds. The compliance programs and procedures of the Funds
and AMG Funds LLC (together with AMG Distributors, Inc., “AMG Funds Entities”) are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs
and procedures, and such conflicts fall outside of the parameters of this Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Although typically not presenting an opportunity for improper personal
benefit, conflicts arise from, or are a result of, the contractual relationship between a Fund and the investment adviser and/or principal underwriter of which the Covered Officers are also officers or employees. As a result, this Code recognizes
that the Covered Officers will, in the normal course of their duties (whether formally for the Trusts or for AMG Funds Entities, or for both), be involved in establishing policies and implementing decisions that will have different effects on AMG
Funds Entities and the Funds. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trusts and AMG Funds Entities and is consistent with the performance by the Covered Officers of their
duties as officers of the Trusts. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trusts’ Boards of
Trustees (“Trustees”) that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act.
The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Covered Officer must not: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">use the Covered Officer’s personal influence or personal relationships improperly to influence investment
decisions or financial reporting by the Trusts whereby the Covered Officer would benefit personally to the detriment of the Trusts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">cause the Trusts to take action, or fail to take action, for the individual personal benefit of the Covered
Officer, rather than for the benefit of the Trusts; </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">2 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">use material <FONT STYLE="white-space:nowrap">non-public</FONT> knowledge of portfolio transactions made or
contemplated for a Fund to profit personally or cause others to profit, by the market effect of such transactions; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">retaliate against any other Covered Officer or any employee of AMG Funds Entities or their affiliated persons for
reports of potential violations that are made in good faith. </P></TD></TR></TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Material conflict of interest situations should be discussed with the
Funds’ Chief Compliance Officer (the “Fund CCO”)<SUP STYLE="font-size:85%; vertical-align:top">1</SUP>, who shall serve as the Compliance Officer for this Code. Examples of these include: </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any outside business activity other than with AMG Funds Entities that detracts from an individual’s ability
to devote appropriate time and attention to the Covered Officer’s responsibilities with a Trust; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">service as a director on the board of any company that files periodic reports with the SEC;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">service as a board member of any organization, public or private including
<FONT STYLE="white-space:nowrap">non-profits;</FONT> </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt of any gifts in excess of $300; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the receipt of any entertainment from any company with which a Trust has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any ownership interest in, or any consulting or employment relationship with, any of the Trusts’ service
providers, other than AMG Funds Entities, the principal underwriter or any affiliated person thereof; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer’s employment, such as compensation or equity ownership. </P></TD></TR></TABLE>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>III. Disclosure and Compliance </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Covered Officer
should: </P> <P STYLE="line-height:8.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000;width:11%"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><SUP STYLE="font-size:85%; vertical-align:top">1</SUP> </TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">For purposes of this policy and procedure, references to the “Fund CCO” shall include his/her
delegate(s). </P></TD></TR></TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">3 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">familiarize himself or herself with the disclosure requirements generally applicable to the Funds;
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">not knowingly misrepresent, or cause others to misrepresent, facts about the Funds to others, whether within or
outside Funds, including the Trustees and independent accountants, and to governmental regulators and self-regulatory organizations; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">to the extent appropriate within the Covered Officer’s area of responsibility, consult with other officers
and employees of AMG Funds Entities with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Trusts file with, or submit to, the SEC and in other public communications made by the Trusts;
and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">assume responsibility for promoting compliance with the standards and restrictions imposed by applicable laws,
rules and regulations. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>IV. Reporting and Accountability </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Each Covered Officer must: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">report at least annually a list of affiliations or other relationships related to conflicts of interest that the
Trusts’ Trustees and Officers Questionnaire covers; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">upon adoption of the Code, including amendments to the Code (or thereafter as applicable, upon becoming a Covered
Officer), affirm in writing to the Trustees or Fund CCO that the Covered Officer has received, read, and understands the Code; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">annually thereafter affirm to the Trustees that the Covered Officer has complied with the requirements of the
Code; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">notify the Fund CCO promptly if the Covered Officer knows of any violation of this Code. </P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Failure to take any of the preceding four actions is itself a violation of this Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On an annual basis the Fund CCO will provide each Covered Officer with a copy of this Code. Each Covered Officer will complete and deliver to the Fund CCO a
completed Acknowledgement and Certification form (as set forth in Exhibit B). A completed Acknowledgement and Certification is one that has been initialed next to each acknowledgement and certification, signed, and dated, with any affiliations or
other conflicting relationships provided. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">4 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Fund CCO is responsible for applying this Code to specific situations in which questions are presented
under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by a committee (the “Committee”) comprised of the Trusts’ trustees who
are not “interested persons” of the Trusts (as defined in Section 2(a)(19) of the 1940 Act) (the “Independent Trustees”). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The
Trusts will follow these procedures in investigating and enforcing this Code: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Fund CCO will take all appropriate action to investigate any actual or potential conflicts or violations
reported to him/her; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if, after investigating a potential violation, the Fund CCO believes that no violation has occurred, the Fund CCO
is not required to take any further action; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any matter that the Fund CCO believes is a violation will be reported to the Committee; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">if the Committee concurs that a violation has occurred, it will make a recommendation to the Trustees, who will
consider appropriate action, which may include review of, and appropriate modifications to, applicable policies and procedures; notification to appropriate personnel of AMG Funds Entities; or a recommendation to dismiss the Covered Officer as an
officer of the Trusts; </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Committee will be responsible for granting waivers and/or approvals, as appropriate; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">the Fund CCO is responsible for identifying and documenting waivers; </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">•</TD>
<TD WIDTH="1%" VALIGN="top"> </TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt">any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules
currently in effect. </P></TD></TR></TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>V. Other Policies and Procedures </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">This Code shall be the sole code of ethics adopted by the Trusts for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable
to registered investment companies thereunder. Insofar as other policies or procedures of the Trusts, either of the AMG Funds Entities, or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are
subject to this Code, </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">5 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
they are superseded by this Code to the extent that they conflict with the provisions of this Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Funds’ and AMG Funds Entities’ codes of ethics under Rule <FONT STYLE="white-space:nowrap">17j-1</FONT> under the 1940 Act and the more detailed
policies and procedures set forth in the Code of Ethics for AMG Funds Entities are separate requirements applying to the Covered Officers and others, and are not part of this Code. This Code does not, and is not intended to, repeat or replace these
programs and procedures. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VI. Amendments </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Any
material changes to this Code, other than amendments to Exhibit A, must be approved by a majority vote of the Trustees, including a majority of Independent Trustees. Any <FONT STYLE="white-space:nowrap">non-material</FONT> changes to this Code,
other than amendments to Exhibit A, must be ratified by a majority vote of the Trustees, including a majority of Independent Trustees. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VII.
Confidentiality </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and
protected accordingly. Except as otherwise required by law or this Code, such reports and records shall not be disclosed to anyone other than the Trustees, counsel to the Independent Trustees, counsel to the Trusts and the investment adviser of the
Funds. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIII. Internal Use </B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Code is intended
solely for the internal use by the Funds and does not constitute an admission, by or on behalf of any Trust, as to any fact, circumstance, or legal conclusion and does not create any rights of third parties. </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">6 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>COVERED OFFICERS </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="51%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="48%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Keitha L. Kinne</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">President, Principal Executive Officer, Chief Executive<BR>Officer and Chief Operating Officer</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Thomas G. Disbrow</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Chief Financial Officer, Principal Financial Officer,<BR>Treasurer and Principal Accounting Officer</TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">7 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EXHIBIT B </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>AMG FUNDS, AMG FUNDS I, AMG FUNDS II, AMG FUNDS III AND AMG FUNDS IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND PRINCIPAL FINANCIAL OFFICERS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(</B><B><I>Insert Year</I></B><B>) ACKNOWLEDGEMENT AND CERTIFICATION </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please initial each individual item and then provide your signature below. </P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I acknowledge and affirm that I have received,
reviewed, and understand the Sarbanes-Oxley Code of Ethics for Principal Executive and Senior Financial Officers (the “Code”) (each a “Covered Officer”) adopted by the Boards of Trustees of each of AMG Funds, AMG Funds I, AMG
Funds II, AMG Funds III and AMG Funds IV (each, a “Trust” and collectively, the “Trusts”). <U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I understand that as a Covered Officer it is my responsibility now and going forward to comply with the Code and any revisions made to it. Most importantly, I
understand that the Code’s overarching principle is that my personal interests should not be placed improperly before the interests of the Trusts. <U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I affirm that I have notified the Compliance Officer for the Code (the “Compliance Officer’) promptly if I knew of any violation of the Code by
myself or any other Covered Officer. <U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I affirm that I have discussed with the Compliance Officer
any material personal conflict of interest comparable to those discussed within Section II of the Code prior to entering into any such arrangements. <U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">On Schedule A of this (<I>insert year</I>) Acknowledgement and Certification, I have provided a complete and accurate listing of all affiliations or other
relationships related to conflicts of interest that the Trusts’ Trustees and Officers Questionnaire covers. <U> </U> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I acknowledge and affirm that since I last signed an Acknowledgement and Certification related to the Code, to the best of my knowledge, I have complied with
the requirements of the Code. <U> </U> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If I have not so complied with the requirements of the Code, I have
included a detailed description of any instances of <FONT STYLE="white-space:nowrap">non-compliance</FONT> immediately below: </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000"> </P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000"> </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">8 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="11%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="88%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covered Officer’s Name (Printed):</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Covered Officer’s Signature:</P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"> </P></TD></TR>
<TR STYLE="font-size:1pt">
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Date:</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman"> </P></TD></TR>
</TABLE>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">9 </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SCHEDULE A </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TO THE </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(</B><B><I>Insert
Year</I></B><B>) ACKNOWLEDGEMENT AND CERTIFICATION </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RELATING TO THE TRUSTS’ </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SARBANES-OXLEY CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SENIOR FINANCIAL OFFICERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Please list
below all affiliations or other relationships related to conflicts of interest that the Trusts’ Trustees and Officers Questionnaire covers as of the date of my signing of the (<I>insert year</I>) Acknowledgement and Certification: </P>
<p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt"> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">—AMG Funds LLC
Proprietary/Confidential – Not To Be Duplicated or Distributed— </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">Last Updated: September 2020 </P>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">10 </P>
</DIV></Center>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>d137829dex99cert.htm
<DESCRIPTION>SECTION 302 CERTIFICATIONS
<TEXT>
<HTML><HEAD>
<TITLE>Section 302 Certifications</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CERTIFICATION FILED AS EXHIBIT 13(a)(2) TO FORM
<FONT STYLE="white-space:nowrap">N-CSR</FONT> </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Keitha L. Kinne, certify that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of AMG Funds III; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of
1940) for the registrant and have: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial
information; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: <U>March 4, 2021</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keitha L. Kinne</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Keitha L. Kinne</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Principal Executive Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CERTIFICATION FILED AS EXHIBIT 13(a)(2) TO FORM
<FONT STYLE="white-space:nowrap">N-CSR</FONT> </U></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">I, Thomas Disbrow, certify that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">1. I have reviewed this report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of AMG Funds III; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the
statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the
financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">4. The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in
Rule <FONT STYLE="white-space:nowrap">30a-3(c)</FONT> under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule <FONT STYLE="white-space:nowrap">30a-3(d)</FONT> under the Investment Company Act of
1940) for the registrant and have: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) Designed such disclosure controls and procedures, or caused such disclosure controls and
procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which
this report is being prepared; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Designed such internal control over financial reporting, or caused such internal control over
financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted
accounting principles; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period
covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and </P>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">5. The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors
and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions): </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(a) All significant
deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial
information; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the
registrant’s internal control over financial reporting. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Date: <U>March 4, 2021</U> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="100%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Disbrow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Thomas Disbrow</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">Principal Financial Officer</TD></TR>
</TABLE></DIV>
</DIV></Center>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>d137829dex99906cert.htm
<DESCRIPTION>SECTION 906 CERTIFICATIONS
<TEXT>
<HTML><HEAD>
<TITLE>Section 906 Certifications</TITLE>
</HEAD>
<BODY BGCOLOR="WHITE">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CERTIFICATION FILED AS EXHIBIT 13(B) TO FORM
<FONT STYLE="white-space:nowrap">N-CSR</FONT> </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="13%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="86%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"><B>Name of Issuer:</B></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"><B><U>AMG FUNDS III</U> – AMG MANAGERS SPECIAL EQUITY FUND, AMG MANAGERS LOOMIS SAYLES BOND FUND, AMG GW&K HIGH INCOME FUND</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In connection with the Report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of the above-named issuer
that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the issuer. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: <U>March 4, 2021</U></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Keitha L. Kinne</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Keitha L. Kinne</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Principal Executive Officer</TD></TR>
</TABLE>
</DIV></Center>
<p style="margin-top:1em; margin-bottom:0em; page-break-before:always">
<HR SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">
<Center><DIV STYLE="width:8.5in" align="left">
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B><U>CERTIFICATION FILED AS EXHIBIT 13(B) TO FORM
<FONT STYLE="white-space:nowrap">N-CSR</FONT> </U></B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">
<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Name of Issuer:</TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top"><B><U>AMG FUNDS III</U> – AMG MANAGERS SPECIAL EQUITY FUND, AMG MANAGERS LOOMIS SAYLES BOND FUND, AMG GW&K HIGH INCOME FUND</B></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:9%; font-size:10pt; font-family:Times New Roman">In connection with the Report on Form <FONT STYLE="white-space:nowrap">N-CSR</FONT> of the above-named issuer
that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">1.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and </P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%"> </TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left">2.</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the issuer. </P></TD></TR></TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt"> </P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">
<TR>
<TD WIDTH="50%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="49%"></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Dated: <U>March 4, 2021</U></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Thomas Disbrow</P></TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Thomas Disbrow</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"> </TD>
<TD VALIGN="top">Principal Financial Officer</TD></TR>
</TABLE>
</DIV></Center>
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<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>11
<FILENAME>g134249img016_v1.jpg
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>