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AMG FUNDS III
AMG Managers Cadence Capital Appreciation Fund
AMG Managers Cadence Emerging Companies Fund
Supplement dated March 20, 2017 to the
Prospectus, dated October 1, 2016, as revised October 27, 2016 and supplemented January 3, 2017 and February 27, 2017, and Statement of Additional Information, dated October 1, 2016, as supplemented January 3, 2017 and February 27, 2017
The following information supplements and supersedes any information to the contrary relating to AMG Managers Cadence Capital Appreciation Fund (the “Capital Appreciation Fund”) and AMG Managers Cadence Emerging Companies Fund (the “Emerging Companies Fund” and, together with the Capital Appreciation Fund, the “Funds”), each a series of AMG Funds III (the “Trust”), contained in the Funds’ Prospectus (the “Prospectus”) and Statement of Additional Information (“SAI”), dated, revised, and supplemented as noted above.
AMG Managers Cadence Capital Appreciation Fund
At a meeting held on March 15-16, 2017, the Board of Trustees of the Trust approved the reorganization of the Capital Appreciation Fund with and into AMG Renaissance Large Cap Growth Fund (the “Reorganization”), subject to the approval of shareholders of the Capital Appreciation Fund. If approved by the shareholders of the Capital Appreciation Fund, the Reorganization is expected to close on or about July 31, 2017, or as soon thereafter as practicable. Additional information about the Reorganization will be provided in the proxy solicitation materials for the Reorganization, which will be sent at a future date.
AMG Managers Cadence Emerging Companies Fund
Effective on or about June 1, 2017, the management fee for the Emerging Companies Fund will be reduced from 1.25% to 0.69%, the contractual expense limitation amount will be reduced from 1.42% to 0.89% (the terms of the Emerging Companies Fund’s expense limitation arrangement will otherwise remain the same) and Class I shares of the Emerging Companies Fund will be authorized to pay up to 0.10% in shareholder servicing fees. Shareholders will not experience any increase in expenses as a result of these changes as there will be no increase in the net expense ratio for the Emerging Companies Fund. AMG Funds LLC will pay a portion of the management fee to the Emerging Companies Fund’s subadviser for its services.
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE
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AMG FUNDS III
AMG Managers Cadence Capital Appreciation Fund
AMG Managers Cadence Mid Cap Fund
AMG Managers Cadence Emerging Companies Fund
Supplement dated January 3, 2017 to the Prospectus, dated October 1, 2016, as revised October 27, 2016, and Statement of Additional Information, dated October 1, 2016
The following information supplements and supersedes any information to the contrary relating to AMG Managers Cadence Capital Appreciation Fund, AMG Managers Cadence Mid Cap Fund and AMG Managers Cadence Emerging Companies Fund, each a series of AMG Funds III (each, a “Fund” and collectively, the “Funds”), contained in the Funds’ Prospectus (the “Prospectus”) and Statement of Additional Information (the “SAI”), dated and revised as noted above.
Effective immediately, William B. Bannick no longer serves as a portfolio manager of the Funds. Robert L. Fitzpatrick, Michael J. Skillman, Robert E. Ginsberg and Stephen C. Demirjian are the portfolio managers jointly and primarily responsible for the day-to-day management of each Fund. Accordingly, all references in the Prospectus and SAI to Mr. Bannick are hereby deleted and all references to the portfolio managers of the Funds shall refer to Messrs. Fitzpatrick, Skillman, Ginsberg and Demirjian.
In addition, the table pertaining to Mr. Bannick under the heading “Management of the Funds – Portfolio Managers of the Funds – Other Accounts Managed by the Portfolio Manager(s)” on pages 39-40 of the SAI is hereby deleted.
Finally, the information regarding Mr. Bannick under the heading “Management of the Funds – Portfolio Managers of the Funds –Portfolio Manager Ownership of Fund Shares” on page 41 of the SAI is hereby deleted.
PLEASE KEEP THIS SUPPLEMENT FOR FUTURE REFERENCE
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determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.
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3-11 | Summary of The Funds AMG Managers Cadence Capital Appreciation Fund AMG Managers Cadence Mid Cap Fund AMG Managers Cadence Emerging Companies Fund |
31-36 | Financial Highlights AMG Managers Cadence Capital Appreciation Fund AMG Managers Cadence Mid Cap Fund AMG Managers Cadence Emerging Companies Fund |
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(expenses that you pay each year as a percentage of the value of your investment)
Class N | Class I | Class Z | |
Management Fee | 0.45% | 0.45% | 0.45% |
Distribution and Service (12b-1) Fees | 0.25% | None | None |
Other Expenses1 | 0.35% | 0.45% | 0.30% |
Total Annual Fund Operating Expenses | 1.05% | 0.90% | 0.75% |
Fee Waiver and Expense Reimbursements2 | (0.03)% | (0.03)% | (0.03)% |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements2 | 1.02% | 0.87% | 0.72% |
1 | Expense information has been restated to reflect current fees. |
2 | AMG Funds LLC (the “Investment Manager”) has contractually agreed, through at least October 1, 2017, to waive management fees and/or reimburse the Fund’s 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), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 0.72% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months, the Investment Manager may recover from the Fund fees waived and expenses paid pursuant to this contractual agreement, provided that such repayment would not cause the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of the items noted in the parenthetical above) to exceed the contractual expense limitation amount. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the AMG Funds III Board of Trustees or in the event of the 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 the Fund. |
1 Year | 3 Years | 5 Years | 10 Years | |
Class N | $104 | $331 | $576 | $1,280 |
Class I | $ 89 | $284 | $496 | $1,105 |
Class Z | $ 74 | $237 | $414 | $ 928 |
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Worst Quarter: -22.41% (4th Quarter 2008)
Year-to-Date (as of 6/30/16): -0.45%
Average Annual Total Returns as of 12/31/15 | |||
AMG Managers Cadence Capital Appreciation Fund | 1 Year | 5 Years | 10 Years |
Class Z Return Before Taxes | 3.77% | 10.16% | 5.29% |
Class Z Return After Taxes on Distributions | 3.56% | 9.97% | 4.84% |
Class Z Return After Taxes on Distributions and Sale of Fund Shares | 2.32% | 8.07% | 4.20% |
Class I Return Before Taxes | 3.55% | 9.89% | 5.03% |
Class N Return Before Taxes | 3.42% | 9.74% | 4.88% |
Russell 1000® Growth Index (reflects no deduction for fees, expenses, or taxes) | 5.67% | 13.53% | 8.53% |
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Managing Director and Chief Compliance Officer of Cadence;
Portfolio Manager of the Fund since 1992.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2004.
Managing Director and Chief Executive Officer of Cadence;
Portfolio Manager of the Fund since 2006.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2011.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2012.
Regular Account: $2,000
Individual Retirement Account: $1,000
Regular Account: $100,000
Individual Retirement Account: $25,000
Regular Account: $5,000,000
Individual Retirement Account: $50,000
Class Z (all accounts): $1,000
c/o BNY Mellon Investment Servicing (US) Inc.
P.O. Box 9769
Providence, RI 02940-9769
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(expenses that you pay each year as a percentage of the value of your investment)
Class N | Class I | Class Z | |
Management Fee | 0.45% | 0.45% | 0.45% |
Distribution and Service (12b-1) Fees | 0.25% | None | None |
Other Expenses1 | 0.41% | 0.42% | 0.27% |
Total Annual Fund Operating Expenses | 1.11% | 0.87% | 0.72% |
1 | Expense information has been restated to reflect current fees. |
1 Year | 3 Years | 5 Years | 10 Years | |
Class N | $113 | $353 | $612 | $1,352 |
Class I | $ 89 | $278 | $482 | $1,073 |
Class Z | $ 74 | $230 | $401 | $ 894 |
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Worst Quarter: -26.34% (4th Quarter 2008)
Year-to-Date (as of 6/30/16): -0.25%
Average Annual Total Returns as of 12/31/15 | |||
AMG Managers Cadence Mid Cap Fund | 1 Year | 5 Years | 10 Years |
Class Z Return Before Taxes | -0.83% | 9.48% | 5.91% |
Class Z Return After Taxes on Distributions | -4.06% | 7.46% | 4.53% |
Class Z Return After Taxes on Distributions and Sale of Fund Shares | 0.99% | 7.06% | 4.49% |
Class I Return Before Taxes | -1.06% | 9.21% | 5.65% |
Class N Return Before Taxes | -1.22% | 9.04% | 5.49% |
Russell Midcap® Growth Index (reflects no deduction for fees, expenses, or taxes) | -0.20% | 11.54% | 8.16% |
Managing Director and Chief Compliance Officer of Cadence;
Portfolio Manager of the Fund since 1992.
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Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2004.
Managing Director and Chief Executive Officer of Cadence;
Portfolio Manager of the Fund since 2006.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2011.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2012.
Regular Account: $2,000
Individual Retirement Account: $1,000
Regular Account: $100,000
Individual Retirement Account: $25,000
Regular Account: $5,000,000
Individual Retirement Account: $50,000
Class Z (all accounts): $1,000
c/o BNY Mellon Investment Servicing (US) Inc.
P.O. Box 9769
Providence, RI 02940-9769
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(expenses that you pay each year as a percentage of the value of your investment)
Class S | Class I | |
Management Fee | 1.25% | 1.25% |
Distribution and Service (12b-1) Fees | None | None |
Other Expenses1 | 0.62% | 0.39% |
Total Annual Fund Operating Expenses | 1.87% | 1.64% |
Fee Waiver and Expense Reimbursements2 | (0.22)% | (0.22)% |
Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements2 | 1.65% | 1.42% |
1 | Expense information has been restated to reflect current fees. |
2 | AMG Funds LLC (the “Investment Manager”) has contractually agreed, through at least October 1, 2017, to waive management fees and/or reimburse the Fund’s 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), shareholder servicing fees, distribution and service (12b-1) fees, brokerage commissions and other transaction costs, acquired fund fees and expenses, and extraordinary expenses) of the Fund to the annual rate of 1.42% of the Fund’s average daily net assets, subject to later reimbursement by the Fund in certain circumstances. In general, for a period of up to 36 months, the Investment Manager may recover from the Fund fees waived and expenses paid pursuant to this contractual agreement, provided that such repayment would not cause the Fund’s Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursements (exclusive of the items noted in the parenthetical above) to exceed the contractual expense limitation amount. The contractual expense limitation may only be terminated in the event the Investment Manager or a successor ceases to be the investment manager of the Fund or a successor fund, by mutual agreement between the Investment Manager and the AMG Funds III Board of Trustees or in the event of the 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 the Fund. |
1 Year | 3 Years | 5 Years | 10 Years | |
Class S | $168 | $566 | $991 | $2,172 |
Class I | $145 | $496 | $871 | $1,925 |
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Worst Quarter: -24.75% (4th Quarter 2008)
Year-to-Date (as of 6/30/16): 4.48%
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Average Annual Total Returns as of 12/31/15 | |||
AMG Managers Cadence Emerging Companies Fund | 1 Year | 5 Years | 10 Years |
Class I Return Before Taxes | 6.23% | 13.21% | 7.68% |
Class I Return After Taxes on Distributions | 6.23% | 13.21% | 7.26% |
Class I Return After Taxes on Distributions and Sale of Fund Shares | 3.53% | 10.60% | 6.17% |
Class S Return Before Taxes | 5.96% | 12.92% | 7.41% |
Russell Microcap® Growth Index (reflects no deduction for fees, expenses, or taxes) | -3.85% | 10.08% | 5.74% |
Russell 2000® Growth Index (reflects no deduction for fees, expenses, or taxes) | -1.38% | 10.67% | 7.95% |
Managing Director and Chief Compliance Officer of Cadence;
Portfolio Manager of the Fund since 1993.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2004.
Managing Director and Chief Executive Officer of Cadence;
Portfolio Manager of the Fund since 2006.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2011.
Portfolio Manager and Managing Director of Cadence;
Portfolio Manager of the Fund since 2012.
Regular Account: $2,000
Individual Retirement Account: $1,000
Regular Account: $100,000
Individual Retirement Account: $50,000
c/o BNY Mellon Investment Servicing (US) Inc.
P.O. Box 9769
Providence, RI 02940-9769
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• | Looking to gain exposure to high quality, U.S. companies. |
• | Seeking long-term growth of capital. |
• | Willing to accept a higher degree of risk for the opportunity of higher potential returns. |
• | Willing to accept short-term volatility of returns. |
Managing Director and Chief Compliance Officer
Portfolio Manager and Managing Director
Managing Director and Chief Executive Officer
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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• | Looking to gain exposure to mid-sized, high quality, U.S. companies. |
• | Seeking long-term growth of capital. |
• | Willing to accept a higher degree of risk for the opportunity of higher potential returns. |
• | Willing to accept short-term volatility of returns. |
Managing Director and Chief Compliance Officer
Portfolio Manager and Managing Director
Managing Director and Chief Executive Officer
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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• | Looking to gain exposure to small-sized, high quality, U.S. companies. |
• | Seeking long-term growth of capital. |
• | Willing to accept a higher degree of risk for the opportunity of higher potential returns. |
• | Willing to accept short-term volatility of returns. |
Managing Director and Chief Compliance Officer
Portfolio Manager and Managing Director
Managing Director and Chief Executive Officer
Portfolio Manager and Managing Director
Portfolio Manager and Managing Director
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In addition to the principal investment strategies described in this Prospectus, the Funds may also make other types of investments, and, therefore, may be subject to other risks. Some of these risks are described in the Funds' Statement of Additional Information, dated October 1, 2016, as supplemented from time to time (the “SAI”).
Each Fund is a series of AMG Funds III, a Massachusetts business trust (the “Trust”). The Trust is part of the AMG Funds Family of Funds, a mutual fund family comprised of different funds, each
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AMG MANAGERS CADENCE MID CAP FUND
AMG MANAGERS CADENCE EMERGING COMPANIES FUND
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Fund Name | Portfolio Manager | Managed Fund Since | Managed Predecessor Fund Since |
AMG Managers Cadence Capital Appreciation Fund | William Bannick Robert L. Fitzpatrick Michael J. Skillman Robert E. Ginsberg Stephen C. Demirjian | September 2010 September 2010 September 2010 August 2011 May 2012 | 1992 2004 2006 N/A N/A |
AMG Managers Cadence Mid Cap Fund | William Bannick Robert L. Fitzpatrick Michael J. Skillman Robert E. Ginsberg Stephen C. Demirjian | September 2010 September 2010 September 2010 August 2011 May 2012 | 1992 2004 2006 N/A N/A |
AMG Managers Cadence Emerging Companies Fund | William Bannick Robert L. Fitzpatrick Michael J. Skillman Robert E. Ginsberg Stephen C. Demirjian | September 2010 September 2010 September 2010 August 2011 May 2012 | 1993 (Since Inception) 2004 2006 N/A N/A |
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• | The amount you plan to invest; |
• | Your investment objectives; and |
• | The expenses and charges for the class. |
AMG Managers Cadence Mid Cap Fund
Class S shares have no up-front sales charges or deferred sales charges. Your entire amount invested purchases Fund shares at the Class S’s NAV. Shareholders may bear shareholder servicing fees of up to 0.25% for shareholder servicing provided by financial intermediaries, such as broker-dealers (including fund supermarket
AMG Managers Cadence Mid Cap Fund
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If you wish to open an account and buy shares*... | If you wish to add shares to your account*... | If you wish to sell shares*,†... | |
Through your registered investment professional: | Contact your investment advisor or other investment professional | Send any additional monies to your investment professional to the address on your account statement | Contact your investment advisor or other investment professional |
On your own: By mail | Complete the account application, then mail the application and a check payable to AMG Funds to: AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. PO Box 9769 Providence, RI 02940-9769 | Send a letter of instruction and a check payable to AMG Funds to: AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. PO Box 9769 Providence, RI 02940-9769 (Include your account number and Fund name on your check) | Write a letter of instruction containing:• Name of the Fund • Dollar amount or number of shares you wish to sell • Your name • Your account number • Signatures of all account owners Mail your letter to: AMG Funds c/o BNY Mellon Investment Servicing (US) Inc. PO Box 9769 Providence, RI 02940-9769 |
By telephone | Not available | If your account has already been established, call the transfer agent at 800.548.4539 | If you elected telephone redemption privileges on your account application, call us at 800.548.4539 (Telephone redemptions are available only for redemptions of less than $50,000 for Class N shares, Class S shares and Class I shares and $250,000 for Class Z shares) |
Over the Internet | Not available | If your account has already been established and ACH banking instructions are on file, go to our website at www.amgfunds.com | Go to our website at www.amgfunds.com (Internet redemptions are available only for redemptions of less than $50,000 for Class N shares, Class S shares and Class I shares and $250,000 for Class Z shares) |
By bank wire | Call us at 800.548.4539 for instructions | Call us at 800.548.4539 for instructions | Available if bank wire instructions are on file for your account |
* | Please indicate which class of shares you are buying or selling when you place your order. |
† | Redemptions of $50,000 or more for Class N, Class S and Class I shares or $250,000 or more for Class Z shares require a medallion signature guarantee. A medallion guarantee is a signature guarantee by a guarantor institution such as a bank, broker-dealer, credit union, national securities exchange, or savings association that is a recognized participant of the Securities Transfer Agents Medallion Program (STAMP) 2000. Telephone and Internet redemptions are available only for redemptions that are below $50,000 for Class N, Class S and Class I shares and below $250,000 for Class Z. |
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Share Class | Initial Investment | Additional Investments |
Class N: | ||
• Regular Accounts | $2,000 | $100 |
• Individual Retirement Accounts | $1,000 | $100 |
Class S: | ||
• Regular Accounts | $2,000 | $100 |
• Individual Retirement Accounts | $1,000 | $100 |
Class I (AMG Managers Cadence Capital Appreciation Fund and AMG Managers Cadence Mid Cap Fund): | ||
• Regular Accounts | $100,000 | $100 |
• Individual Retirement Accounts | $25,000 | $100 |
Class I (AMG Managers Cadence Emerging Companies Fund): | ||
• Regular Accounts | $100,000 | $100 |
• Individual Retirement Accounts | $50,000 | $100 |
Class Z: | ||
• Regular Accounts | $5,000,000 | $1,000 |
• Individual Retirement Accounts | $50,000 | $1,000 |
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• | Redeem your account if its value (i) falls below $500 for Class N, Class S or Class I shares or $25,000 for Class Z shares due to redemptions you make, or (ii) is below $100, but, in each case, not until after the Fund gives you at least 60 days’ notice and the opportunity to increase your account balance to the minimum account balance amount; |
• | Suspend sales or postpone payments when the NYSE is closed for any reason other than its usual weekend or holiday closings or when the SEC restricts trading; |
• | Change the minimum required investment amounts; |
• | Delay sending out sales proceeds for up to seven days. This usually applies to very large sales without notice, excessive trading, or during unusual market conditions; |
• | Make a redemption-in-kind, a payment in portfolio securities instead of in cash. If a Fund makes a redemption-in-kind, the securities received as payment remain subject to market and other risks until they are sold and such sales may result in transaction costs, such as brokerage fees; |
• | Refuse a buy order for any reason, including your failure to submit a properly completed application; |
• | Refuse an exchange request for any person or group if a Fund determines that the request could adversely affect the Fund, for example, if the person or group has engaged in excessive trading. (See “Limiting Trades” below.) This determination is at the Investment Manager’s discretion, based on a case-by-case analysis consistent with the Trust’s policies and procedures regarding frequent trading; and |
• | End or limit the exchange privilege policy after giving 60 days’ advance notice to shareholders or impose fees in connection with exchanges or sales. |
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• | Except for the JPMorgan Fund, the value of the shares exchanged must meet the minimum purchase requirement of the fund and class for which you are exchanging them. There is no minimum purchase requirement to exchange into the JPMorgan Fund. |
• | There is no fee associated with the exchange privilege; however, your exchange may result in tax consequences. For details, see “Taxability of Transactions” below. |
• | The exchange privilege is available only if both of the accounts involved in the transaction are registered in the same name with the same address and taxpayer identification number. |
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• | Distributions from the sale of investments that a Fund owns or is considered to have owned for more than one year and that are properly reported by the Fund as capital gain dividends are treated as long-term capital gains includible in your net capital gain and taxed to individuals at reduced rates. |
• | Distributions from the sale of investments that a Fund owns or is considered to have owned for one year or less are taxable as ordinary income. |
• | Properly reported distributions of “qualified dividend income” are taxable to you at the rate that applies to net capital gains, provided that both you and such distributing Fund meet certain holding period and other requirements. |
• | A 3.8% Medicare contribution tax is imposed on the “net investment income” of certain individuals, estates and trusts to the extent their income exceeds certain threshold amounts. Net investment income generally includes for this purpose dividends paid by a Fund, including any net capital gain dividends, and net |
gains recognized on the sale, redemption or exchange of shares of a Fund. Shareholders are advised to consult their tax advisors regarding the possible implications of this additional tax on their investment in a Fund. | |
• | Distributions are taxable to you in the same manner whether you receive them in cash or reinvest them in additional shares. |
• | Provide your Social Security Number (“SSN”) or other taxpayer identification number (“TIN”); |
• | Certify that your SSN or TIN is correct; and |
• | Certify that you are not subject to back-up withholding. |
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For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Capital Appreciation Fund Investor Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $26.49 | $23.54 | $19.78 | $16.59 | $17.57 | |||||
Income from Investment Operations: | ||||||||||
Net investment income1,2 | 0.15 14 | 0.08 | 0.13 4 | 0.15 6 | 0.04 | |||||
Net realized and unrealized gain (loss) on investments | (0.67) | 3.01 | 3.73 | 3.17 | (1.01) | |||||
Total income (loss) from investment operations | (0.52) | 3.09 | 3.86 | 3.32 | (0.97) | |||||
Less Distributions to Shareholders from: | ||||||||||
Net investment income | (0.14) | (0.14) | (0.10) | (0.13) | (0.01) | |||||
Net Asset Value, End of Year | $25.83 | $26.49 | $23.54 | $19.78 | $16.59 | |||||
Total Return2 | (1.98)% | 13.16% | 19.53% | 20.12% | (5.50)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 1.02% | 1.12% | 1.09% 5 | 1.12% 7 | 1.11% | |||||
Ratio of expenses to average net assets (with offsets) | 1.02% | 1.13% | 1.13% 5 | 1.14% 7 | 1.12% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 1.15% | 1.22% | 1.23% 5 | 1.23% 7 | 1.21% | |||||
Ratio of net investment income to average net assets2 | 0.60% | 0.30% | 0.59% 5 | 0.81% 7 | 0.21% | |||||
Portfolio turnover | 22% | 41% | 52% | 79% | 163% | |||||
Net assets at end of year (000’s omitted) | $62,760 | $75,755 | $81,866 | $87,419 | $68,310 |
For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Capital Appreciation Fund Service Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $26.88 | $23.74 | $19.99 | $16.71 | $17.67 | |||||
Income from Investment Operations: | ||||||||||
Net investment income1,2 | 0.17 14 | 0.12 | 0.16 4 | 0.14 6 | 0.06 | |||||
Net realized and unrealized gain (loss) on investments | (0.70) | 3.06 | 3.76 | 3.24 | (1.01) | |||||
Total income (loss) from investment operations | (0.53) | 3.18 | 3.92 | 3.38 | (0.95) | |||||
Less Distributions to Shareholders from: | ||||||||||
Net investment income | (0.16) | (0.04) | (0.17) | (0.10) | (0.01) | |||||
Net Asset Value, End of Year | $26.19 | $26.88 | $23.74 | $19.99 | $16.71 | |||||
Total Return2 | (1.97)% | 13.41% | 19.63% 8 | 20.31% 8 | (5.38)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 0.96% | 0.97% | 0.94% 5 | 0.95% 7 | 0.96% | |||||
Ratio of expenses to average net assets (with offsets) | 0.96% | 0.98% | 0.98% 5 | 0.97% 7 | 0.97% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 1.09% | 1.07% | 1.08% 5 | 1.06% 7 | 1.06% | |||||
Ratio of net investment income to average net assets2 | 0.66% | 0.45% | 0.74% 5 | 0.76% 7 | 0.34% | |||||
Portfolio turnover | 22% | 41% | 52% | 79% | 163% | |||||
Net assets at end of year (000’s omitted) | $4,842 | $10,287 | $42,245 | $55,735 | $67,536 |
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For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Capital Appreciation Fund Institutional Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $27.50 | $24.44 | $20.57 | $17.21 | $18.24 | |||||
Income from Investment Operations: | ||||||||||
Net investment income1,2 | 0.24 14 | 0.18 | 0.22 4 | 0.18 6 | 0.10 | |||||
Net realized and unrealized gain (loss) on investments | (0.70) | 3.14 | 3.88 | 3.34 | (1.03) | |||||
Total income (loss) from investment operations | (0.46) | 3.32 | 4.10 | 3.52 | (0.93) | |||||
Less Distributions to Shareholders from: | ||||||||||
Net investment income | (0.24) | (0.26) | (0.23) | (0.16) | (0.10) | |||||
Net Asset Value, End of Year | $26.80 | $27.50 | $24.44 | $20.57 | $17.21 | |||||
Total Return2 | (1.67)% | 13.62% | 19.96% | 20.57% | (5.10)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 0.72% | 0.72% | 0.69% 5 | 0.70% 7 | 0.71% | |||||
Ratio of expenses to average net assets (with offsets) | 0.72% | 0.73% | 0.73% 5 | 0.72% 7 | 0.72% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 0.85% | 0.82% | 0.83% 5 | 0.81% 7 | 0.81% | |||||
Ratio of net investment income to average net assets2 | 0.90% | 0.70% | 1.00% 5 | 1.00% 7 | 0.58% | |||||
Portfolio turnover | 22% | 41% | 52% | 79% | 163% | |||||
Net assets at end of year (000’s omitted) | $34,673 | $45,927 | $45,795 | $37,536 | $85,338 |
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For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Mid Cap Fund Investor Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $32.15 | $34.15 | $28.32 | $24.10 | $26.29 | |||||
Income from Investment Operations: | ||||||||||
Net investment income (loss)1,2 | 0.19 14 | (0.06) | (0.02) 4 | 0.03 6 | (0.06) | |||||
Net realized and unrealized gain (loss) on investments | (2.32) | 4.88 | 5.85 | 4.23 | (2.13) | |||||
Total income (loss) from investment operations | (2.13) | 4.82 | 5.83 | 4.26 | (2.19) | |||||
Less Distributions to Shareholders from: | ||||||||||
Net investment income | — | — | — | (0.04) | — | |||||
Net realized gain on investments | (3.15) | (6.82) | — | — | — | |||||
Total distributions to shareholders | (3.15) | (6.82) | — | (0.04) | — | |||||
Net Asset Value, End of Year | $26.87 | $32.15 | $34.15 | $28.32 | $24.10 | |||||
Total Return2 | (6.64)% | 15.14% | 20.59% | 17.70% | (8.33)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 1.11% | 1.12% | 1.11% 9 | 1.13% 10 | 1.11% | |||||
Ratio of expenses to average net assets (with offsets) | 1.11% | 1.13% | 1.13% 9 | 1.14% 10 | 1.12% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 1.21% | 1.19% | 1.18% 9 | 1.21% 10 | 1.20% | |||||
Ratio of net investment income (loss) to average net assets2 | 0.67% | (0.16)% | (0.05)% 9 | 0.13% 10 | (0.25)% | |||||
Portfolio turnover | 149% | 130% | 203% | 121% | 127% | |||||
Net assets at end of year (000’s omitted) | $89,179 | $116,666 | $122,497 | $163,088 | $138,115 |
For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Mid Cap Fund Service Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $33.07 | $35.04 | $29.02 | $24.67 | $26.87 | |||||
Income from Investment Operations: | ||||||||||
Net investment income (loss)1,2 | 0.25 14 | (0.01) | 0.05 4 | 0.08 6 | (0.02) | |||||
Net realized and unrealized gain (loss) on investments | (2.39) | 5.02 | 5.97 | 4.32 | (2.18) | |||||
Total income (loss) from investment operations | (2.14) | 5.01 | 6.02 | 4.40 | (2.20) | |||||
Less Distributions to Shareholders from: | ||||||||||
Net investment income | (0.03) | — | — | (0.05) | — | |||||
Net realized gain on investments | (3.25) | (6.98) | — | — | — | |||||
Total distributions to shareholders | (3.28) | (6.98) | — | (0.05) | — | |||||
Net Asset Value, End of Year | $27.65 | $33.07 | $35.04 | $29.02 | $24.67 | |||||
Total Return2 | (6.50)% | 15.34% | 20.74% | 17.88% | (8.19)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 0.97% | 0.97% | 0.96% 9 | 0.98% 10 | 0.96% | |||||
Ratio of expenses to average net assets (with offsets) | 0.97% | 0.98% | 0.98% 9 | 0.99% 10 | 0.97% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 1.07% | 1.04% | 1.03% 9 | 1.06% 10 | 1.05% | |||||
Ratio of net investment income (loss) to average net assets2 | 0.86% | (0.01)% | 0.15% 9 | 0.32% 10 | (0.09)% | |||||
Portfolio turnover | 149% | 130% | 203% | 121% | 127% | |||||
Net assets at end of year (000’s omitted) | $13,715 | $14,809 | $33,215 | $65,393 | $92,851 |
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For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Mid Cap Fund Institutional Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $34.45 | $36.44 | $30.18 | $25.66 | $27.88 | |||||
Income from Investment Operations: | ||||||||||
Net investment income1,2 | 0.33 14 | 0.09 | 0.12 4 | 0.15 6 | 0.04 | |||||
Net realized and unrealized gain (loss) on investments | (2.49) | 5.21 | 6.23 | 4.50 | (2.26) | |||||
Total income (loss) from investment operations | (2.16) | 5.30 | 6.35 | 4.65 | (2.22) | |||||
Less Distributions to Shareholders from: | ||||||||||
Net investment income | (0.11) | — | (0.09) | (0.13) | — | |||||
Net realized gain on investments | (3.39) | (7.29) | — | — | — | |||||
Total distributions to shareholders | (3.50) | (7.29) | (0.09) | (0.13) | — | |||||
Net Asset Value, End of Year | $28.79 | $34.45 | $36.44 | $30.18 | $25.66 | |||||
Total Return2 | (6.28)% | 15.62% | 21.04% | 18.20% | (7.96)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 0.72% | 0.72% | 0.71% 9 | 0.73% 10 | 0.71% | |||||
Ratio of expenses to average net assets (with offsets) | 0.72% | 0.73% | 0.73% 9 | 0.74% 10 | 0.72% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 0.82% | 0.79% | 0.78% 9 | 0.81% 10 | 0.80% | |||||
Ratio of net investment income to average net assets2 | 1.07% | 0.24% | 0.35% 9 | 0.56% 10 | 0.15% | |||||
Portfolio turnover | 149% | 130% | 203% | 121% | 127% | |||||
Net assets at end of year (000’s omitted) | $26,636 | $33,693 | $170,920 | $194,755 | $234,346 |
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For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Emerging Companies Fund Service Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $35.29 | $30.70 | $26.84 | $20.39 | $21.88 | |||||
Income from Investment Operations: | ||||||||||
Net investment loss1,2 | (0.33) 14 | (0.32) 11 | (0.29) 4 | (0.07) 6 | (0.24) | |||||
Net realized and unrealized gain (loss) on investments | 1.37 | 4.91 | 4.15 | 6.52 | (1.25) | |||||
Total income (loss) from investment operations | 1.04 | 4.59 | 3.86 | 6.45 | (1.49) | |||||
Net Asset Value, End of Year | $36.33 | $35.29 | $30.70 | $26.84 | $20.39 | |||||
Total Return2 | 2.95% 8 | 14.95% | 14.38% | 31.63% | (6.81)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 1.65% | 1.66% | 1.61% 12 | 1.63% 13 | 1.60% | |||||
Ratio of expenses to average net assets (with offsets) | 1.65% | 1.67% | 1.66% 12 | 1.68% 13 | 1.66% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 1.97% | 1.96% | 1.90% 12 | 1.99% 13 | 1.98% | |||||
Ratio of net investment loss to average net assets2 | (0.96)% | (0.98)% | (0.94)% 12 | (0.31)% 13 | (1.16)% | |||||
Portfolio turnover | 150% | 146% | 127% | 101% | 120% | |||||
Net assets at end of year (000’s omitted) | $3,099 | $3,143 | $3,540 | $3,184 | $2,505 |
For the fiscal years ended May 31, | ||||||||||
AMG Managers Cadence Emerging Companies Fund Institutional Class | 2016 | 2015 | 2014 | 2013 | 2012 | |||||
Net Asset Value, Beginning of Year | $38.04 | $33.00 | $28.80 | $21.81 | $23.35 | |||||
Income from Investment Operations: | ||||||||||
Net investment loss1,2 | (0.27) 14 | (0.25) 11 | (0.23) 4 | (0.01) 6 | (0.20) | |||||
Net realized and unrealized gain (loss) on investments | 1.48 | 5.29 | 4.43 | 7.00 | (1.34) | |||||
Total income (loss) from investment operations | 1.21 | 5.04 | 4.20 | 6.99 | (1.54) | |||||
Net Asset Value, End of Year | $39.25 | $38.04 | $33.00 | $28.80 | $21.81 | |||||
Total Return2 | 3.18% | 15.27% | 14.58% 8 | 32.05% 8 | (6.60)% | |||||
Ratio of net expenses to average net assets (with offsets/reductions) | 1.42% | 1.41% | 1.38% 12 | 1.38% 13 | 1.37% | |||||
Ratio of expenses to average net assets (with offsets) | 1.42% | 1.42% | 1.43% 12 | 1.43% 13 | 1.43% | |||||
Ratio of total expenses to average net assets (without offsets/reductions)3 | 1.74% | 1.71% | 1.67% 12 | 1.74% 13 | 1.73% | |||||
Ratio of net investment loss to average net assets2 | (0.71)% | (0.73)% | (0.71)% 12 | (0.05)% 13 | (0.94)% | |||||
Portfolio turnover | 150% | 146% | 127% | 101% | 120% | |||||
Net assets at end of year (000’s omitted) | $36,064 | $34,566 | $39,463 | $36,123 | $34,883 |
1 | Per share numbers have been calculated using average shares. |
2 | Total returns and net investment income would have been lower had certain expenses not been offset. |
3 | Excludes the impact of expense reimbursements 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. |
4 | Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.12, $0.15, and $0.21 for AMG Managers Cadence Capital Appreciation Fund’s Investor Class, Service Class, and Institutional Class, respectively, $(0.03), $0.04, and $0.11 for AMG Managers Cadence Mid Cap Fund’s Investor Class, Service Class, and Institutional Class, respectively, and $(0.32) and $(0.26) for AMG Managers Cadence Emerging Companies Fund’s Service Class and Institutional Class, respectively. |
5 | Includes non-routine extraordinary expenses amounting to 0.007%, 0.007%, and 0.007% of average net assets for the Investor Class, Service Class and Institutional Class, respectively. |
6 | Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.09, $0.08, and $0.13 for AMG Managers Cadence Capital Appreciation Fund’s Investor Class, Service Class, and Institutional Class, respectively, $(0.11), $(0.06), and $0.01 for AMG Managers Cadence Mid Cap Fund’s Investor Class, Service Class, and Institutional Class, respectively, and $(0.31) and $(0.25) for AMG Managers Cadence Emerging Companies Fund’s Service Class and Institutional Class, respectively. |
7 | Includes non-routine extraordinary expenses amounting to 0.022%, 0.004%, and 0.003% of average net assets for the Investor Class, Service Class and Institutional Class, respectively. |
8 | The Total Return is based on the Financial Statement Net Asset Values as shown above. |
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9 | Includes non-routine extraordinary expenses amounting to 0.008%, 0.007%, and 0.008% of average net assets for the Investor Class, Service Class and Institutional Class, respectively. |
10 | Includes non-routine extraordinary expenses amounting to 0.018%, 0.015%, and 0.016% of average net assets for the Investor Class, Service Class and Institutional Class, respectively. |
11 | Includes non-recurring dividends. Without these dividends, net investment income per share would have been $(0.33) and $(0.27) for the Service Class and Institutional Class, respectively. |
12 | Includes non-routine extraordinary expenses amounting to 0.009% and 0.009% of average net assets for the Institutional Class and Service Class, respectively. |
13 | Includes non-routine extraordinary expenses amounting to 0.014% and 0.014% of average net assets for the Institutional Class and Service Class, respectively |
14 | Includes non-recurring dividends. Without these dividends, net investment income per share would have been $0.14, $0.16, and $0.23 for AMG Managers Cadence Capital Appreciation Fund’s Investor Class, Service Class, and Institutional Class, respectively, $0.01, $0.07, and $0.13 for AMG Managers Cadence Mid Cap Fund’s Investor Class, Service Class, and Institutional Class, respectively and $(0.36) and $(0.29) for AMG Managers Cadence Emerging Companies Fund’s Service Class, and Institutional Class, respectively. |
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AMG MANAGERS CADENCE MID CAP FUND
AMG MANAGERS CADENCE EMERGING COMPANIES FUND
600 Steamboat Road, Suite 300
Greenwich, Connecticut 06830
203.299.3500 or 800.835.3879
265 Franklin Street, 4th Floor
Boston, MA 02110
600 Steamboat Road, Suite 300
Greenwich, Connecticut 06830
2 Hanson Place
Brooklyn, New York 10286
Prudential Tower
800 Boylston Street
Boston, Massachusetts 02199-3600
P.O. Box 9769
Providence, Rhode Island 02940-9769
800.548.4539
Christine C. Carsman
William E. Chapman, II
Edward J. Kaier
Kurt A. Keilhacker
Steven J. Paggioli
Richard F. Powers III
Eric Rakowski
Victoria L. Sassine
Thomas R. Schneeweis
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• | By telephone: 800.835.3879 |
• | By mail: AMG Funds 600 Steamboat Road, Suite 300 Greenwich, Connecticut 06830 |
• | On the Internet: Electronic copies are available on our website at www.amgfunds.com |
determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.