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AMG Managers Cadence Emerging Companies Fund reorganized into AMG GW&K Intl Small Cap Fund

TheShadowTheShadow
edited October 2020 in Fund Discussions
https://www.sec.gov/Archives/edgar/data/720309/000119312520266471/d46556d497k.htm

AMG Managers Cadence Emerging Companies Fund

Supplement dated October 8, 2020 to the Summary Prospectus, dated October 1, 2020

The following information supplements and supersedes any information to the contrary relating to AMG Managers Cadence Emerging Companies Fund (the “Fund”), a series of AMG Funds III (the “Trust”), contained in the Fund’s Summary Prospectus (the “Summary Prospectus”), dated as noted above.

At a meeting held on October 8, 2020 (the “Meeting”), the Trust’s Board of Trustees (the “Board”) approved the appointment of GW&K Investment Management, LLC (“GW&K” or the “Subadviser”) as the subadviser to the Fund on an interim basis to replace Cadence Capital Management LLC (“Cadence”), effective October 8, 2020 (the “Implementation Date”). The appointment of GW&K was pursuant to an interim subadvisory agreement between AMG Funds LLC (“AMGF”) and GW&K (the “Interim Subadvisory Agreement”), to be effective until the earlier of 150 days after the termination of the former subadvisory agreement between AMGF and Cadence with respect to the Fund (the “Former Subadvisory Agreement”), which occurred on October 8, 2020, or the approval of a new subadvisory agreement between AMGF and GW&K by the Board and Fund shareholders. At the Meeting, the Board also approved the longer-term appointment of GW&K as the subadviser to the Fund, a new subadvisory agreement between AMGF and GW&K (the “New Subadvisory Agreement”), and the submission of the New Subadvisory Agreement to Fund shareholders for approval. The rate of compensation to be received by GW&K under the Interim Subadvisory Agreement approved by the Board is the same rate of compensation that Cadence would have received under the Former Subadvisory Agreement.

In connection with the hiring of GW&K, effective as of the Implementation Date, the Fund (i) changed its name from AMG Managers Cadence Emerging Companies Fund to AMG GW&K International Small Cap Fund, (ii) made changes to its investment objective, principal investment strategies and principal risks, and (iii) replaced its existing benchmark index with the MSCI World ex USA Small Cap Index.

In addition, effective as of the Implementation Date, the Summary Prospectus is amended as follows:

All references to the name of AMG Managers Cadence Emerging Companies Fund shall refer to AMG GW&K International Small Cap Fund.

The section titled “Investment Objective” on page 1 is deleted and replaced with the following:...

Also from AMG website,

https://www.amgfunds.com/products/gwk_international_small_cap_fund_mecax.html

Fund Notice:

Effective October 8, 2020, the subadviser of AMG Managers Cadence Emerging Companies Fund (the “Fund”) changed from Cadence Capital Management LLC to GW&K Investment Management, LLC (“GW&K”). The appointment of GW&K is pursuant to an interim subadvisory agreement in anticipation of shareholder approval of a definitive subadvisory agreement. Also effective October 8, 2020, the Fund changed its name to AMG GW&K International Small Cap Fund and changed its investment objective, principal investment strategies and principal risks. For more information regarding these and other changes to the Fund, please see the Fund’s prospectus.

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