AMG Funds I N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSRS

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:811-06520

AMG FUNDS I

(Exact name of registrant as specified in charter)

600 Steamboat Road, Suite 300, Greenwich, Connecticut 06830

(Address of principal executive offices) (Zip code)

AMG Funds LLC

600 Steamboat Road, Suite 300, Greenwich, Connecticut 06830

(Name and address of agent for service)

Registrant’s telephone number, including area code: (203)299-3500

Date of fiscal year end: OCTOBER 31

Date of reporting period: NOVEMBER 1, 2018 – APRIL 30, 2019

(Semi-Annual Shareholder Report)

Item 1. Reports to Shareholders

SEMI-ANNUAL REPORT

AMG Funds

April 30, 2019

AMG FQTax-Managed U.S. Equity Fund

Class N:MFQAX    |    Class I:MFQTX

AMG FQ Long-Short Equity Fund

Class N:FQUAX    |    Class I:MEQFX

AMG FQ Global Risk-Balanced Fund

Class N:MMAVX    |    Class I:MMASX    |    Class Z:MMAFX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website (https://www.amgfunds.com/resources/order_literature.html), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary or, if you invest directly with the Funds, by logging into your account at www.amgfunds.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1.800.548.4539 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds in the AMG Funds Family of Funds held in your account if you invest through your financial intermediary or all funds in the AMG Funds Family of Funds held with the fund complex if you invest directly with the Funds.

  amgfunds.com        | 043019             SAR016

AMG Funds

Semi-Annual Report — April 30, 2019(unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES	2
FUND PERFORMANCE	3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG FQTax-Managed U.S. Equity Fund	5
AMG FQ Long-Short Equity Fund	9
AMG FQ Global Risk-Balanced Fund	22
FINANCIAL STATEMENTS
Statement of Assets and Liabilities	26
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations	28
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets	29
Detail of changes in assets for the past two fiscal periods
Financial Highlights	30
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements	37
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

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 mutual funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

About Your Fund’s Expenses(unaudited)

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.

ACTUAL EXPENSES

The first line of the following table provides information about the actual account values and

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.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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.

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.

Six Months Ended April 30, 2019	Expense Ratio for the Period			Beginning Account Value 11/01/18		Ending Account Value 04/30/19		Expenses Paid During the Period*
AMG FQTax-Managed U.S. Equity Fund
Based on Actual Fund Return
Class N		1.14	%	$	1,000	$	1,053	$	5.80
Class I		0.89	%	$	1,000	$	1,054	$	4.53
Based on Hypothetical 5% Annual Return
Class N		1.14	%	$	1,000	$	1,019	$	5.71
Class I		0.89	%	$	1,000	$	1,020	$	4.46
AMG FQ Long-Short Equity Fund**
Based on Actual Fund Return
Class N		1.04	%	$	1,000	$	1,042	$	5.27
Class I		0.73	%	$	1,000	$	1,044	$	3.70
Based on Hypothetical 5% Annual Return
Class N		1.04	%	$	1,000	$	1,020	$	5.21
Class I		0.73	%	$	1,000	$	1,021	$	3.66

Six Months Ended April 30, 2019	Expense Ratio for the Period			Beginning Account Value 11/01/18		Ending Account Value 04/30/19		Expenses Paid During the Period*
AMG FQ Global Risk-Balanced Fund
Based on Actual Fund Return
Class N		1.29	%	$	1,000	$	1,092	$	6.69
Class I		1.04	%	$	1,000	$	1,093	$	5.40
Class Z		0.89	%	$	1,000	$	1,094	$	4.62
Based on Hypothetical 5% Annual Return
Class N		1.29	%	$	1,000	$	1,018	$	6.46
Class I		1.04	%	$	1,000	$	1,020	$	5.21
Class Z		0.89	%	$	1,000	$	1,020	$	4.46

* 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 (181), then divided by 365.

** Excludes interest expense and dividends on short positions. If included, your annualized expense ratios would be 1.38% and 1.07% for Class N and Class I, respectively, and your actual and hypothetical expenses paid during the period would be $6.99 and $5.42, and $6.90 and $5.36 for Class N and Class I, respectively.

2

Fund Performance(unaudited)

Periods ended April 30, 2019

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended April 30, 2019.

Average Annual Total Returns1	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG FQTax-Managed U.S. Equity Fund2,3, 4, 5, 6
Class N		5.31	%		8.60	%		8.99	%		14.71	%		7.76	%		03/01/06
Class I		5.41	%		8.88	%		9.26	%		14.99	%		7.33	%		12/18/00
Russell 3000® Index7		9.71	%		12.68	%		11.20	%		15.29	%		6.85	%		12/18/00	†
Returns After Tax on Distributions8
Class N		4.90	%		8.18	%		8.82	%		14.60	%		7.66	%		03/01/06
Class I		4.92	%		8.38	%		9.03	%		14.82	%		7.19	%		12/18/00
Returns After Tax on Distributions & Sale of Fund Shares8
Class N		3.36	%		5.31	%		7.08	%		12.46	%		6.42	%		03/01/06
Class I		3.46	%		5.52	%		7.29	%		12.70	%		6.18	%		12/18/00
AMG FQ Long-Short Equity Fund2,3, 5, 6, 9, 10, 11, 12, 13, 14
Class N		4.22	%		9.16	%		8.88	%		13.39	%		7.35	%		03/01/06
Class I		4.39	%		9.48	%		9.21	%		13.70	%		8.54	%		08/14/92
Russell 3000® Index7		9.71	%		12.68	%		11.20	%		15.29	%		9.83	%		08/14/92	†
50% Russell 3000® Index/50% ICE BofAML0-3 Month U.S. Treasury Bill Index15		5.55	%		7.59	%		6.08	%		7.93	%		6.52	%		08/14/92	†
AMG FQ Global Risk-Balanced Fund2, 5, 10, 11, 12, 14, 16, 17, 18, 19, 20, 21, 22, 23
Class N		9.17	%		2.68	%		4.12	%		—			5.52	%		01/01/10
Class I		9.31	%		2.91	%		4.48	%		—			5.90	%		01/01/10
Class Z		9.42	%		3.08	%		4.58	%		8.03	%		5.99	%		11/18/88
Composite Hedged Index24		7.16	%		6.74	%		5.97	%		7.53	%		5.82	%		11/30/88	26
Composite UnHedged Index24		7.07	%		3.96	%		4.65	%		7.98	%		6.56	%		11/30/88	26
S&P 500® Index25		9.76	%		13.49	%		11.63	%		15.32	%		10.58	%		11/18/88	†

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.

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 Funds 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.

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

* Not annualized.

^†  Date reflects the inception date of the Fund, not the index.

¹ 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. Except for AMG FQTax-Managed U.S. Equity Fund, 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 Funds are net of expenses and based on the published NAV as of April 30, 2019. All returns are in U.S. dollars ($).

² From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

³  The Fund invests in large-capitalization companies that may underperform other stock funds (such as funds that focus on small- and medium-capitalization companies) when stocks of large-capitalization companies are out of favor.

⁴  Although the Fund is managed to minimize taxable distributions, it may not be able to avoid taxable distributions.

⁵  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.

⁶  In managing the Fund, the Fund’s Subadviser may rely heavily on one or more quantitative models (“Model”) and information and data supplied by third parties (“Data”). When a Model or Data is used in managing the Fund contains an error, or is incorrect or incomplete, any investment decision made in reliance on the Model or Data may not produce the desired results and the Fund may realize losses. In addition, any hedging based on a faulty Model or Data may prove to be unsuccessful.

⁷  The Russell 3000^® Index is composed of the 3,000 largest U.S. companies as measured by market capitalization, and represents about 98% of the U.S. stock market. Unlike the Fund, the Russell 3000^® Index is unmanaged, is not available for investment and does not incur expenses.

⁸  After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actualafter-tax returns depend on an investor’s tax situation and may differ from those shown, andafter-tax returns are not relevant to investors who hold their Fund shares throughtax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

⁹  The Fund may suffer significant losses on assets that it sells short. Unlike the possible loss on a security that is purchased, there is no limit on the amount of loss on an appreciating security that is sold short.

¹⁰ The use of leverage in a Fund’s strategy, such as futures, swaps, and forward commitment transactions, can magnify relatively small market movements into relatively larger losses for the Fund.

¹¹ 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.

¹² The Fund is subject to risks associated with investments inmid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

3

Fund Performance

Periods ended April 30, 2019(continued)

¹³  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

¹⁴  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.

¹⁵  ICE BofAML0-3 Month U.S. Treasury Bill Index is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at eachmonth-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. Unlike the Fund, the ICE BofAML0-3 Month U.S. Treasury Bill Index is unmanaged, is not available for investment and does not incur expenses.

¹⁶ 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.

¹⁷  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on anon-U.S. Dollar investment when converted back to U.S. Dollars.

¹⁸ 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.

¹⁹  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.

²⁰ Because exchange-traded funds (ETFs) incur their own costs, investing in them could result in a higher cost to the investor. Additionally, the fund will be indirectly exposed to all the risks of securities held by the ETFs.

²¹  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.

²²  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.

²³  Investments in commodities are subject to greater volatility than investments in traditional securities, such as stocks and bonds. Commodities are subject to risks, including but not limited to climate conditions, livestock disease, war, terrorism, political conflicts, interest rates, currency fluctuations, embargoes, tariffs and other regulatory developments.

²⁴ The benchmark is composed of 60% MSCI World Index and 40% FTSE World Government Bond Index. The MSCI World Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed markets. The MSCI World Index consists of 23 developed market country indices. Please go to msci.com for most current list of countries represented by the index. The FTSE World Government Bond Index (FTSE) measures the performance of fixed-rate, local currency, investment grade sovereign bonds. The FTSE is a widely used benchmark that currently comprises sovereign debt from over 20 countries, denominated in a variety of currencies, and has more than 25 years of history available. Prior to July 31, 2018, the FTSE World Government Bond Index was known as the Citigroup World Government Bond Index. Unlike the Fund, the Composite Index is unmanaged, is not available for investment and does not incur fees. All MSCI data is provided ’as is.’ The products described herein 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.

²⁵  The S&P 500^® Index is a capitalization-weighted index of 500 stocks. The S&P 500^® Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. Unlike the Fund, the S&P 500^® Index is unmanaged, is not available for investment and does not incur expenses.

²⁶ The date reflects the closest available index date to the Fund’s inception date.

The Russell 3000^® Index is a trademark of the London Stock Exchange Group companies.

The S&P 500® Index is proprietary data of Standard & Poor’s, a division of McGraw-Hill Companies, Inc.

Not FDIC insured, nor bank guaranteed. May lose value.

4

AMG FQTax-Managed U.S. Equity Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology		23.3
Financials		14.0
Health Care		12.9
Consumer Discretionary		10.5
Industrials		9.5
Communication Services		8.4
Consumer Staples		7.2
Energy		4.4
Real Estate		3.5
Materials		2.7
Utilities		2.3
Short-Term Investments		1.5
Other Assets Less Liabilities		(0.2	)

TOP TEN HOLDINGS

	% of
Security Name	Net Assets
Microsoft Corp.		4.7
Mastercard, Inc., Class A		3.8
Visa, Inc., Class A		3.8
Apple, Inc.		3.3
Berkshire Hathaway, Inc., Class B		3.1
Amazon.com, Inc.		2.7
UnitedHealth Group, Inc.		2.7
Brown & Brown, Inc.		2.3
Crocs, Inc.		2.2
Huntington Ingalls Industries, Inc.		1.8
Top Ten as a Group		30.4

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.

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.

5

AMG FQTax-Managed U.S. Equity Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks—98.7%
Communication Services—8.4%
Alphabet, Inc., Class A*		738	$	884,833
Alphabet, Inc., Class C*		753		894,925
AT&T, Inc.		10,870		336,535
Boingo Wireless, Inc.*		12,095		275,040
Care.com, Inc.*		18,857		315,855
Comcast Corp., Class A		3,542		154,183
Facebook, Inc., Class A*		5,796		1,120,946
Gray Television, Inc.*		8,296		194,375
Liberty Media Corp-Liberty SiriusXM, Class A*		18,977		757,941
Liberty TripAdvisor Holdings, Inc., Class A*		12,888		189,969
Netflix, Inc.*		1,040		385,362
Sinclair Broadcast Group, Inc., Class A		1,263		57,833
TechTarget, Inc.*		4,156		69,364
Twitter, Inc.*		994		39,671
Verizon Communications, Inc.		2,911		166,480
The Walt Disney Co.		376		51,501
Zynga, Inc., Class A*		8,227		46,565
Total Communication Services				5,941,378
Consumer Discretionary—10.5%
Aaron’s, Inc.		411		22,888
Amazon.com, Inc.*		1,002		1,930,373
Best Buy Co., Inc.		2,515		187,141
Crocs, Inc.*		54,582		1,520,109
Gentex Corp.		33,888		780,441
Graham Holdings Co., Class B		662		492,151
The Home Depot, Inc.		1,128		229,773
International Speedway Corp., Class A		5,124		226,071
J. Jill, Inc.		8,040		45,104
K12, Inc.*		7,056		212,527
Lowe’s Cos., Inc.		6,998		791,754
MasterCraft Boat Holdings, Inc.*		7,209		178,351
Ross Stores, Inc.		2,546		248,642
Speedway Motorsports, Inc.		8,762		160,783
Standard Motor Products, Inc.		3,900		194,883
Stoneridge, Inc.*		6,312		198,386
Total Consumer Discretionary				7,419,377
Consumer Staples—7.2%
Central Garden & Pet Co.*,1		8,781		236,912
Central Garden & Pet Co., Class A*		11,889		291,043
The Coca-Cola Co.		1,355		66,476
Medifast, Inc.		7,415		1,087,706

	Shares		Value
National Beverage Corp.1		6,098	$	341,488
Performance Food Group Co.*		14,916		610,810
The Procter & Gamble Co.		1,657		176,437
Tyson Foods, Inc., Class A		14,878		1,115,999
US Foods Holding Corp.*		23,490		858,560
USANA Health Sciences, Inc.*		4,059		338,764
Total Consumer Staples				5,124,195
Energy—4.4%
Chevron Corp.		1,896		227,634
CONSOL Energy, Inc.*		11,895		403,240
Exxon Mobil Corp.		6,070		487,300
Marathon Petroleum Corp.		9,400		572,178
Phillips 66		4,600		433,642
ProPetro Holding Corp.*		739		16,354
Southwestern Energy Co.*,1		3,950		15,602
Valero Energy Corp.		5,800		525,828
W&T Offshore, Inc.*		67,152		428,430
Total Energy				3,110,208
Financials—14.0%
Arch Capital Group, Ltd. (Bermuda)*		35,037		1,183,550
Bank of America Corp.		10,214		312,344
Berkshire Hathaway, Inc., Class B*		10,190		2,208,275
Brown & Brown, Inc.		50,805		1,613,059
Canadian Imperial Bank of Commerce (Canada)1		1,806		152,101
Citigroup, Inc.		4,100		289,870
Discover Financial Services		6,597		537,589
Employers Holdings, Inc.		6,148		263,872
Enterprise Financial Services Corp.		2,000		85,080
Erie Indemnity Co., Class A		2,000		378,640
Essent Group, Ltd.*		7,148		339,173
Evercore, Inc., Class A		3,695		360,004
Everest Re Group, Ltd. (Bermuda)		2,200		518,100
First Defiance Financial Corp.		2,962		87,409
First Interstate BancSystem, Inc., Class A		4,099		173,224
Houlihan Lokey, Inc.		763		37,631
JPMorgan Chase & Co.		6,852		795,175
LegacyTexas Financial Group, Inc.		440		17,635
MGIC Investment Corp.*		10,933		160,059
SEI Investments Co.		1,319		71,819
SunTrust Banks, Inc.		3,197		209,340
Wells Fargo & Co.		2,811		136,080
Total Financials				9,930,029

The accompanying notes are an integral part of these financial statements.

6

AMG FQTax-Managed U.S. Equity Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Health Care—12.9%
Agilent Technologies, Inc.		1,239	$	97,261
Amgen, Inc.		6,284		1,126,847
AngioDynamics, Inc.*		5,317		109,211
Anika Therapeutics, Inc.*,1		9,000		286,650
Assertio Therapeutics, Inc.*,1		4,421		18,435
Atrion Corp.		251		220,880
Biogen, Inc.*		1,735		397,731
Cardiovascular Systems, Inc.*		6,232		221,485
Centene Corp.*		21,888		1,128,545
Charles River Laboratories International, Inc.*		5,927		832,566
Fluidigm Corp.*		5,136		70,569
Genomic Health, Inc.*		7,518		483,633
Haemonetics Corp.*		570		49,750
Horizon Pharma PLC*		4,155		106,077
IDEXX Laboratories, Inc.*		353		81,896
Johnson & Johnson		4,713		665,476
McKesson Corp.		1,199		142,981
Merck & Co., Inc.		850		66,903
OraSure Technologies, Inc.*		9,021		85,339
Pfizer, Inc.		5,762		233,995
The Providence Service Corp.*		3,524		233,747
Simulations Plus, Inc.		1,181		26,608
UnitedHealth Group, Inc.		8,186		1,907,911
WellCare Health Plans, Inc.*		2,003		517,475
Total Health Care				9,111,971
Industrials—9.5%
Alaska Air Group, Inc.1		17,600		1,089,440
Allison Transmission Holdings, Inc.		22,691		1,063,300
The Boeing Co.		319		120,483
Brady Corp., Class A		478		23,322
BWX Technologies, Inc.		20,839		1,064,873
Continental Building Products, Inc.*		8,677		222,565
Delta Air Lines, Inc.		2,728		159,015
Forward Air Corp.		274		17,350
HEICO Corp., Class A		387		34,609
Herman Miller, Inc.		11,489		446,003
Huntington Ingalls Industries, Inc.		5,787		1,288,070
ICF International, Inc.		1,569		122,178
Kimball International, Inc., Class B		1,313		20,562
Mesa Air Group Inc.*		2,630		24,038
Rush Enterprises, Inc., Class B		5,151		216,342
Southwest Airlines Co.		4,500		244,035

	Shares		Value
TPI Composites, Inc.*,1		1,903	$	58,898
UniFirst Corp.		3,000		474,390
Total Industrials				6,689,473
Information Technology—23.3%
Appfolio, Inc., Class A*,1		2,427		235,686
Apple, Inc.		11,654		2,338,608
CACI International, Inc., Class A*		4,415		860,660
CDW Corp.		8,491		896,650
Ciena Corp.*		4,571		175,344
Cisco Systems, Inc.		2,851		159,514
Diodes, Inc.*		1,266		46,108
Intel Corp.		3,836		195,789
Lumentum Holdings, Inc.*,1		2,363		146,435
Mastercard, Inc., Class A		10,525		2,675,876
MAXIMUS, Inc.		1,542		113,568
Micron Technology, Inc.*		5,574		234,442
Microsoft Corp.		25,645		3,349,237
Oracle Corp.		583		32,257
PC Connection, Inc.		1,741		64,696
Progress Software Corp.		26,426		1,205,290
QAD, Inc., Class A		9,851		461,716
Rudolph Technologies, Inc.*		11,599		280,580
salesforce.com, Inc.*		1,696		280,434
ServiceNow, Inc.*		326		88,512
Visa, Inc., Class A		16,270		2,675,276
Total Information Technology				16,516,678
Materials—2.7%
AdvanSix, Inc.*		4,109		124,215
Graphic Packaging Holding Co.		25,299		351,150
LyondellBasell Industries NV, Class A		7,700		679,371
Stepan Co.		4,315		399,310
Warrior Met Coal, Inc.		12,028		372,868
Total Materials				1,926,914
Real Estate—3.5%
American Homes 4 Rent, Class A, REIT		11,900		285,362
American Tower Corp., REIT		481		93,939
Equity Commonwealth, REIT		1,867		59,371
HFF, Inc., Class A		3,168		150,765
Marcus & Millichap, Inc.*		18,974		817,780
PS Business Parks, Inc., REIT		4,713		724,011
Sunstone Hotel Investors, Inc., REIT		22,068		317,779
Total Real Estate				2,449,007

The accompanying notes are an integral part of these financial statements.

7

AMG FQTax-Managed U.S. Equity Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Utilities—2.3%
American Water Works Co., Inc.		4,551	$	492,373
Evergy, Inc.		306		17,693
Hawaiian Electric Industries, Inc.		10,503		435,664
NRG Energy, Inc.		409		16,839
OGE Energy Corp.		16,554		700,896
Total Utilities				1,663,465
Total Common Stocks (Cost $40,206,259)				69,882,695
	Principal Amount
Short-Term Investments—1.5%
Joint Repurchase Agreements—0.1%2
RBC Dominion Securities, Inc., dated 04/30/19, due 05/01/19, 2.720% total to be received $102,236 (collateralized by various U.S. Government Agency Obligations, 2.652% - 7.000%, 04/01/34 - 04/20/49, totaling $104,273)	$	102,228		102,228

	Shares		Value
Other Investment Companies—1.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%3		319,185	$	319,185
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%3		319,185		319,185
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%3		328,858		328,858
Total Other Investment Companies				967,228
Total Short-Term Investments (Cost $1,069,456)				1,069,456
Total Investments—100.2% (Cost $41,275,715)				70,952,151
Other Assets, less Liabilities—(0.2)%				(172,050	)
Net Assets—100.0%			$	70,780,101

^*  Non-income producing security.

¹  Some or all of these securities, amounting to $2,343,021 or 3.3% 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

³  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	69,882,695		—		—	$	69,882,695
Short-Term Investments
Joint Repurchase Agreements		—	$	102,228		—		102,228
Other Investment Companies		967,228		—		—		967,228
Total Investments in Securities	$	70,849,923	$	102,228		—	$	70,952,151

^†  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.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

8

AMG FQ Long-Short Equity Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

	Long			Short			Net
Sector	Exposure1, 2			Exposure1,2			Exposure1,2
Financials		16.8	%		(17.3	)%		(0.5	)%
Industrials		14.2			(17.0	)		(2.8	)
Real Estate		11.9			(10.4	)		1.5
Consumer Discretionary		8.1			(5.6	)		2.5
Information Technology		6.4			(5.4	)		1.0
Health Care		6.0			(3.7	)		2.2
Utilities		5.2			(3.1	)		2.0
Consumer Staples		4.2			(1.9	)		2.3
Materials		4.1			(4.2	)		(0.1	)
Energy		2.7			(1.5	)		1.2
Communication Services		1.3			(0.7	)		0.5
Short Term Investments		17.4			—			17.4
Other Assets3								72.8

¹ As a percentage of net assets.

² Includes notional market value of constituents in Equity Basket Swaps.

³ Includes collateral for swaps.

TOP TEN HOLDINGS

	% of
Security Name	Net Assets
Gentex Corp.		1.6
The Toro Co.		1.5
MGIC Investment Corp.		1.5
First American Financial Corp.		1.5
Evercore, Inc., Class A		1.5
Essent Group, Ltd.		1.5
Radian Group, Inc.		1.5
Performance Food Group Co.		1.5
US Foods Holding Corp.		1.4
PS Business Parks, Inc.		1.4
Top Ten as a Group		14.9

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.

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.

9

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks—78.8%
Communication Services—0.8%
Liberty TripAdvisor Holdings, Inc., Class A*		19,925	$	293,694
TripAdvisor, Inc.*,1		2,182		116,148
Twitter, Inc.*		1,726		68,885
Yelp, Inc.*,1		2,986		119,619
Zynga, Inc., Class A*		10,610		60,053
Total Communication Services				658,399
Consumer Discretionary—8.1%
Aaron’s, Inc.		952		53,017
Barnes & Noble Education, Inc.*		4,693		20,180
Career Education Corp.*		2,520		45,738
Core-Mark Holding Co., Inc.		3,286		119,446
Crocs, Inc.*		5,127		142,787
Dana, Inc.		2,607		50,837
Deckers Outdoor Corp.*		2,448		387,298
eBay, Inc.		8,201		317,789
Etsy, Inc.*,1		834		56,328
Gentex Corp.2		56,648		1,304,603
Hanesbrands, Inc.		710		12,830
Installed Building Products, Inc.*,1		7,050		338,612
J. Jill, Inc.		30,125		169,001
K12, Inc.*		2,478		74,637
MarineMax, Inc.*,1		13,864		239,709
Meritage Homes Corp.*		5,496		281,120
The Michaels Cos., Inc.*,1		32,251		362,501
Nordstrom, Inc.1		157		6,440
Office Depot, Inc.		19,873		47,695
PulteGroup, Inc.		29,259		920,488
Red Rock Resorts, Inc., Class A		1,629		43,950
Rent-A-Center, Inc.*		4,346		108,346
ServiceMaster Global Holdings, Inc.*,1		9,920		486,378
Skechers U.S.A., Inc., Class A*,1		4,575		144,845
Speedway Motorsports, Inc.		16,146		296,279
Stamps.com, Inc.*		1,134		97,297
Taylor Morrison Home Corp., Class A*		20,888		404,392
The Cato Corp., Class A		8,190		124,160
Tower International, Inc.		2,704		63,111
Urban Outfitters, Inc.*		3,356		99,774
ZAGG, Inc.*		1,687		13,901
Total Consumer Discretionary				6,833,489
Consumer Staples—4.2%
BJ’s Wholesale Club Holdings, Inc.*,1		5,290		149,971

	Shares		Value
Monster Beverage Corp.*		8,856	$	527,818
Performance Food Group Co.*,2		29,941		1,226,084
US Foods Holding Corp.*		33,173		1,212,473
USANA Health Sciences, Inc.*		3,906		325,995
Weis Markets, Inc.		1,361		57,230
Total Consumer Staples				3,499,571
Energy—2.7%
Adams Resources & Energy, Inc.2		399		14,424
Baker Hughes, a GE Co.		229		5,500
Cabot Oil & Gas Corp.		8,061		208,699
Carrizo Oil & Gas, Inc.*,1		5,028		64,459
CONSOL Energy, Inc.*		17,320		587,148
Denbury Resources, Inc.*		15,131		33,742
Evolution Petroleum Corp.		26,576		186,829
Helix Energy Solutions Group, Inc.*		11,496		89,899
HollyFrontier Corp.		1,205		57,515
Keane Group, Inc.*		5,615		58,901
Laredo Petroleum, Inc.*,1		5,624		16,985
Midstates Petroleum Co., Inc.*		5,465		69,788
ProPetro Holding Corp.*,1		9,662		213,820
Renewable Energy Group, Inc.*		16,171		390,045
Southwestern Energy Co.*,1		39,608		156,452
W&T Offshore, Inc.*		18,015		114,936
Total Energy				2,269,142
Financials—16.8%
Arthur J Gallagher & Co.		426		35,622
Artisan Partners Asset Management, Inc., Class A		23,040		652,953
BrightSphere Investment Group
PLC (United Kingdom)		20,867		305,910
Cadence BanCorp		347		7,894
Citizens Financial Group, Inc.		4,614		167,027
Employers Holdings, Inc.2		9,892		424,565
Enova International, Inc.*		6,165		169,106
Essent Group, Ltd.*,2		26,256		1,245,847
Evercore, Inc., Class A		12,818		1,248,858
Fidelity National Financial, Inc.		20,949		836,913
First American Financial Corp.2		22,201		1,266,789
GAMCO Investors, Inc., Class A		270		5,853
Great Western Bancorp, Inc.		29,966		1,053,904
Houlihan Lokey, Inc.		5,018		247,488
MGIC Investment Corp.*		87,158		1,275,993
Moelis & Co., Class A		2,168		88,780
National General Holdings Corp.		9,144		225,400

The accompanying notes are an integral part of these financial statements.

10

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Financials—16.8%(continued)
NMI Holdings, Inc., Class A*		21,192	$	595,071
Pzena Investment Management, Inc., Class A		64,274		639,526
Radian Group, Inc.2		52,715		1,234,585
SEI Investments Co.2		22,259		1,212,002
Silvercrest Asset Management Group, Inc., Class A		3,722		54,118
Umpqua Holdings Corp.		17,849		309,859
Walker & Dunlop, Inc.		470		25,826
WSFS Financial Corp.		18,211		786,351
Total Financials				14,116,240
Health Care—5.8%
ACADIA Pharmaceuticals, Inc.*,1		5,101		122,679
AMAG Pharmaceuticals, Inc.*		3,587		40,031
Amedisys, Inc.*,2		5,082		649,581
Arrowhead Pharmaceuticals, Inc.*,1		2,916		52,430
Assertio Therapeutics, Inc.*,1		20,954		87,378
Biogen, Inc.*,2		1,715		393,147
Calithera Biosciences, Inc.*		1,032		6,357
Cardiovascular Systems, Inc.*,2		8,682		308,558
Castlight Health Inc. , Class B*		39,136		145,977
Collegium Pharmaceutical, Inc.*		2,395		33,362
Covetrus, Inc.*,1		866		28,465
Endo International PLC (Ireland)*		14,202		106,515
The Ensign Group, Inc.		826		42,555
Epizyme, Inc.*		1,138		14,123
Fluidigm Corp.*		11,753		161,486
Genomic Health, Inc.*		2,389		153,684
HealthEquity, Inc.*		4,329		293,290
HMS Holdings Corp.*		577		17,558
Horizon Pharma PLC*		2,006		51,213
Humana, Inc.		23		5,874
Incyte Corp.*		545		41,856
Ionis Pharmaceuticals, Inc.*		673		50,024
Lantheus Holdings, Inc.*		1,150		27,784
Mallinckrodt PLC*		9,964		154,043
Medpace Holdings, Inc.*,1		3,181		178,677
Molina Healthcare, Inc.*		6,150		797,225
Natera, Inc.*		339		6,478
Nektar Therapeutics*		3,690		118,154
NextGen Healthcare, Inc.*		539		10,128
OMNICELL INC*		444		35,680
OraSure Technologies, Inc.*		9,754		92,273

	Shares		Value
Pacira BioSciences, Inc.*		5,092	$	202,763
STAAR Surgical Co.*,1		716		23,256
Supernus Pharmaceuticals, Inc.*,1		485		17,814
Syneos Health, Inc.*,1		4,305		202,034
Vanda Pharmaceuticals, Inc.*		5,172		84,252
Veracyte, Inc.*		1,147		26,232
Vericel Corp.*,1		1,540		26,165
Voyager Therapeutics Inc.*		716		15,108
Total Health Care				4,824,209
Industrials—13.6%
Allison Transmission Holdings, Inc.2		25,708		1,204,677
Atkore International Group, Inc.*,2		10,769		266,640
Avis Budget Group, Inc.*,2		12,464		443,095
BMC Stock Holdings, Inc.*		4,136		85,119
Builders FirstSource, Inc.*		6,002		82,708
Carlisle Cos., Inc.		6,121		865,632
Commercial Vehicle Group, Inc.*		15,332		136,761
Continental Building Products, Inc.*,2		24,424		626,476
Covenant Transportation Group, Inc., Class A*		4,917		96,029
EMCOR Group, Inc.2		13,197		1,110,396
Gardner Denver Holdings, Inc.*		1,309		44,179
Great Lakes Dredge & Dock Corp.*		1,491		15,253
Herman Miller, Inc.		28,203		1,094,840
HNI Corp.		314		11,527
JetBlue Airways Corp.*		28,500		528,675
Kforce, Inc.		3,021		108,816
Kimball International, Inc., Class B		24,125		377,797
Meritor, Inc.*		5,598		135,808
Moog, Inc., Class A		690		64,612
Oshkosh Corp.		74		6,111
Resideo Technologies, Inc.*		9,954		225,956
Robert Half International, Inc.		3,037		188,567
Schneider National, Inc., Class B		9,438		197,254
Southwest Airlines Co.		18,291		991,921
Spirit AeroSystems Holdings, Inc., Class A		1,542		134,000
The Toro Co.2		17,642		1,290,512
TrueBlue, Inc.*		21,760		525,722
United Continental Holdings, Inc.*		594		52,783
WESCO International, Inc.*		7,415		424,435
YRC Worldwide, Inc.*,1		10,284		70,034
Total Industrials				11,406,335
Information Technology—6.4%
Acacia Communications, Inc.*		2,018		116,802

The accompanying notes are an integral part of these financial statements.

11

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Information Technology—6.4%(continued)
Avaya Holdings Corp.*		5,972	$	113,946
Benchmark Electronics, Inc.		23,446		633,745
CDW Corp.		2,137		225,667
Ciena Corp.*		7,521		288,505
Cognizant Technology Solutions Corp., Class A		80		5,837
Cornerstone OnDemand, Inc.*		355		19,401
EVERTEC, Inc. (Puerto Rico)2		13,339		417,644
Extreme Networks, Inc.*		17,914		143,312
Hewlett Packard Enterprise Co.		298		4,711
Insight Enterprises, Inc.*		107		6,054
Lam Research Corp.		225		46,672
Lattice Semiconductor*		21,238		275,032
MAXIMUS, Inc.		6,691		492,792
Micron Technology, Inc.*		14,435		607,136
NXP Semiconductors, N.V. (Netherlands)2		8,685		917,310
ON Semiconductor Corp.*		21,295		491,063
Progress Software Corp.		3,913		178,472
Semtech Corp.*		3,341		179,979
SMART Global Holdings, Inc.*,1		454		9,870
Stratasys, Ltd.*		1,500		34,875
Viavi Solutions, Inc.*		6,793		90,347
Zix Corp.*		10,252		83,554
Total Information Technology				5,382,726
Materials—4.0%
FutureFuel Corp.		8,621		126,643
Ingevity Corp.*		178		20,472
Minerals Technologies, Inc.		5,023		315,294
OMNOVA Solutions, Inc.*		15,650		115,810
Silgan Holdings, Inc.		19,079		571,225
Steel Dynamics, Inc.2		27,663		876,364
Stepan Co.		429		39,700
Valhi, Inc.		2,545		6,388
Verso Corp., Class A*		4,800		107,136
Warrior Met Coal, Inc.		37,527		1,163,337
Total Materials				3,342,369
Real Estate—11.2%
Alexander & Baldwin, Inc., REIT		16,023		378,463
Brixmor Property Group, Inc., REIT2		9,499		169,842
CBRE Group, Inc., Class A*		5,857		304,974
Chesapeake Lodging Trust, REIT2		38,683		1,102,465
Cousins Properties, Inc., REIT1		93,219		892,106
Douglas Emmett, Inc., REIT		12,712		523,607

	Shares		Value
First Industrial Realty Trust, Inc., REIT2		23,214	$	818,758
Lexington Realty Trust, REIT		99,273		900,406
Marcus & Millichap, Inc.*		17,033		734,122
PS Business Parks, Inc., REIT2		7,892		1,212,369
RE/MAX Holdings, Inc., Class A1		6,778		293,691
The RMR Group, Inc., Class A2		15,956		922,895
Sunstone Hotel Investors, Inc., REIT2		81,309		1,170,850
Total Real Estate				9,424,548
Utilities—5.2%
ALLETE, Inc.		3,315		270,007
Atlantic Power Corp.*		54,863		126,734
Evergy, Inc.		110		6,360
IDACORP, Inc.		12,133		1,201,410
NorthWestern Corp.		9,550		667,067
NRG Energy, Inc.		3,450		142,036
OGE Energy Corp.		26,012		1,101,348
Portland General Electric Co.		15,625		817,344
Total Utilities				4,332,306
Total Common Stocks (Cost $62,601,971)				66,089,334
	Principal Amount
Short-Term Investments—17.4%
Joint Repurchase Agreements—0.1%3
BNP Paribas SA, dated 04/30/19, due 05/01/19, 2.700% total to be received $29,548 (collateralized by various U.S. Treasuries, 0.000% - 8.750%, 05/21/19 - 09/09/49, totaling $30,137)	$	29,546		29,546
	Shares
Other Investment Companies—17.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%4		3,781,344		3,781,344
Morgan Stanley Institutional Liquidity Fund Prime Portfolio, Institutional Shares, 2.54%4		3,063,584		3,065,725
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%4		3,781,343		3,781,343
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%4		3,895,929		3,895,929
Total Other Investment Companies				14,524,341
Total Short-Term Investments (Cost $14,553,881)				14,553,887
Total Investments—96.2% (Cost $77,155,852)				80,643,221

The accompanying notes are an integral part of these financial statements.

12

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

	Value
Derivatives—2.3%	$	1,958,388
Other Assets, less Liabilities—1.5%		1,247,802
Net Assets—100.0%	$	83,849,411

^*  Non-income producing security.

¹  Some or all of these securities, amounting to $3,067,094 or 3.7% 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.

²  Security position is either entirely or partially held in a segregated account as collateral for swaps and futures contracts. As of April 30, 2019, value of securities held in the segregated account was $18,851,128.

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

⁴  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

REIT Real Estate Investment Trust

Open Futures Contracts

Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount			Value and Unrealized Gain/(Loss)
S&P 500E-Mini FUT Index		USD		285		Long		06/21/19	$	42,016,125		$	2,446,707
S&P 500E-Mini FUT Index		USD		23		Short		06/21/19		(3,538,200	)		(117,435	)
Total												$	2,329,272

Over-the-counter total return basket swap

				Termination
Counterparty	Description	Notional		Date	Value
Morgan Stanley & Co.	The Fund receives or pays the total return on a portfolio of long positions and receives or pays the1-Month LIBOR (+/- a spread).	$	1,773,524	8/7/2020	$	10,079
					$	10,079

Components ofover-the-counter total return basket swap

Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
BorgWarner, Inc.		4	$	168	$	(2	)		0.0	#
Care.com, Inc.		13,379		221,958		2,141			12.5
Central Garden & Pet Co., Class A		315		7,520		192			0.4
Cutera, Inc.		703		11,944		527			0.7
Entegris, Inc.		591		22,747		1,401			1.3
Gray Television, Inc.		8,128		185,065		5,374			10.4
Hawkins, Inc.		1,715		64,690		(1,389	)		3.6
Host Hotels & Resorts, Inc.		29,287		561,725		1,757			31.7
Marten Transport, Ltd.		9,391		193,028		(7,275	)		10.9
Masco Corp.		5,019		192,135		3,907			10.8
Mesa Air Group, Inc.		14,593		127,905		5,475			7.2
Nevro Corp.		452		27,933		(41	)		1.6
Simpson Manufacturing Co., Inc.		1		62		2			0.0	#
SunCoke Energy, Inc.		2,064		17,337		433			1.0

The accompanying notes are an integral part of these financial statements.

13

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
Tivity Health, Inc.		6,335	$	139,307	$	(2,344	)		7.9
Total long equity positions				—		10,158			100.0
Financing				—		(79	)		—
Total			$	1,773,524	$	10,079			100.0

Over-the-counter total return basket swap

					Termination
Counterparty	Description	Notional			Date	Value
Morgan Stanley & Co.	The Fund receives or pays the total return on a portfolio of short positions and receives or pays the1-Month LIBOR (+/- a spread).	$	(59,156,977	)	8/7/2020	$	(380,963	)
						$	(380,963	)

Components ofover-the-counter total return basket swap

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
2U, Inc.		(4,369	)	$	(270,179	)	$	5,854			0.5
3D Systems Corp.		(1,067	)		(11,566	)		213			0.0	#
AAC Holdings, Inc.		(28,577	)		(45,077	)		(932	)		0.1
AAON, Inc.		(11,112	)		(551,377	)		(6,556	)		0.9
Aclaris Therapeutics, Inc.		(9,975	)		(70,424	)		7,581			0.1
Adesto Technologies Corp.		(35,226	)		(229,321	)		4,932			0.4
Aerie Pharmaceuticals, Inc.		(1,917	)		(76,297	)		3,163			0.1
Agios Pharmaceuticals, Inc.		(3,338	)		(189,598	)		2,937			0.3
AgroFresh Solutions, Inc.		(26,294	)		(84,141	)		263			0.1
Aimmune Therapeutics, Inc.		(9,667	)		(202,330	)		7,637			0.3
Albemarle Corp.		(11,205	)		(846,650	)		5,603			1.4
Alnylam Pharmaceuticals, Inc.		(3,003	)		(261,441	)		(6,847	)		0.4
Alpha & Omega Semiconductor, Ltd. (Bermuda)		(513	)		(6,366	)		5			0.0	#
Ambac Financial Group, Inc.		(12,403	)		(228,215	)		(3,721	)		0.4
Ameresco, Inc., Class A		(3,159	)		(51,647	)		4,072			0.1
American International Group, Inc.		(23,188	)		(1,067,807	)		(35,246	)		1.8
American Realty Investors, Inc.		(2,057	)		(27,420	)		(782	)		0.0	#
Annaly Capital Management, Inc.		(62,138	)		(628,215	)		1,243			1.1
Applied Optoelectronics, Inc.		(6,351	)		(78,816	)		(699	)		0.1
Arlington Asset Investment Corp., Class A		(25,335	)		(199,189	)		309			0.3
ARMOUR Residential REIT, Inc.		(24,154	)		(474,143	)		13,285			0.8
Asure Software, Inc.		(24,974	)		(164,079	)		(9,740	)		0.3
Atara Biotherapeutics, Inc.		(645	)		(21,820	)		148			0.0	#
AXT, Inc.		(48,659	)		(270,057	)		(7,299	)		0.5
B. Riley Financial, Inc.		(5,777	)		(105,950	)		1,213			0.2

The accompanying notes are an integral part of these financial statements.

14

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
Banc of California, Inc.		(25,776	)	$	(372,979	)	$	(1,031	)		0.6
Banco Latinoamericano de Comercio Exterior, S.A., Class E (Panama)		(45,550	)		(980,236	)		(5,010	)		1.7
BGC Partners, Inc., Class A		(93,879	)		(506,449	)		(498	)		0.9
Bluebird Bio, Inc.		(1,854	)		(265,122	)		2,169			0.5
Bluerock Residential Growth REIT, Inc.		(17,919	)		(203,381	)		2,509			0.3
Briggs & Stratton Corp.		(49,289	)		(575,203	)		(26,123	)		1.0
Bunge, Ltd. (Bermuda)		(3,666	)		(179,524	)		(12,611	)		0.3
BWX Technologies, Inc.		(5,654	)		(287,902	)		(1,018	)		0.5
Campbell Soup Co.		(3,714	)		(143,509	)		(186	)		0.2
CARBO Ceramics, Inc.		(2,633	)		(7,582	)		420			0.0	#
Cardlytics, Inc.		(6,177	)		(92,964	)		(3,397	)		0.2
Carvana Co.		(6,125	)		(408,292	)		(30,012	)		0.7
CatchMark Timber Trust, Inc., Class A		(93,185	)		(908,041	)		(23,809	)		1.5
CBL & Associates Properties, Inc.		(271,674	)		(274,391	)		0			0.5
Century Aluminum Co.		(14,642	)		(124,896	)		1,757			0.2
Century Communities, Inc.		(14,384	)		(359,168	)		(6,617	)		0.6
Charah Solutions, Inc.		(17,722	)		(121,573	)		(3,190	)		0.2
CIRCOR International, Inc.		(7,700	)		(271,812	)		12,168			0.5
Clearside Biomedical, Inc.		(24,326	)		(29,923	)		(241	)		0.1
Clovis Oncology, Inc.		(312	)		(5,969	)		268			0.0	#
Coeur Mining, Inc.		(51,133	)		(190,726	)		6,136			0.3
Colony Capital, Inc.		(17,804	)		(90,444	)		(1,068	)		0.2
Colony Credit Real Estate, Inc.		(13,547	)		(212,011	)		1,490			0.4
Columbia Financial, Inc.		(1,430	)		(22,151	)		(529	)		0.0	#
Commercial Metals Co.		(17,571	)		(303,451	)		(351	)		0.5
Conagra Brands, Inc.		(14,522	)		(450,037	)		3,050			0.8
Concho Resources, Inc.		(52	)		(6,142	)		142			0.0	#
Corvus Pharmaceuticals, Inc.		(1,456	)		(6,610	)		451			0.0	#
Crown Holdings, Inc.		(3,287	)		(191,566	)		493			0.3
CyrusOne, Inc.		(18,165	)		(1,014,152	)		2,543			1.7
DASAN Zhone Solutions, Inc.		(591	)		(6,495	)		(278	)		0.0	#
Daseke, Inc.		(72,481	)		(383,424	)		9,423			0.7
Dean Foods Co.		(18,079	)		(30,405	)		(329	)		0.1
Deere & Co.		(5,434	)		(896,664	)		(3,369	)		1.5
Del Frisco’s Restaurant Group, Inc.		(51,398	)		(354,132	)		9,766			0.6
Dermira, Inc.		(3,346	)		(38,680	)		1,573			0.1
Diamond Offshore Drilling, Inc.		(20,787	)		(237,803	)		35,962			0.4
Digimarc Corp.		(9,389	)		(289,651	)		9,952			0.5

The accompanying notes are an integral part of these financial statements.

15

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
Digital Realty Trust, Inc.		(7,687	)	$	(897,765	)	$	(7,072	)		1.5
DocuSign, Inc.		(612	)		(35,043	)		361			0.1
Drive Shack, Inc.		(9,189	)		(47,507	)		276			0.1
Dynavax Technologies Corp.		(24,637	)		(167,532	)		3,696			0.3
Ebix, Inc.		(922	)		(45,897	)		(645	)		0.1
eHealth, Inc.		(426	)		(27,371	)		1,495			0.0	#
Entergy Corp.		(1,376	)		(130,899	)		(2,436	)		0.2
Enzo Biochem, Inc.		(9,681	)		(33,109	)		(484	)		0.1
Equinix, Inc.		(1,694	)		(767,467	)		(2,795	)		1.3
Exantas Capital Corp.		(8,691	)		(94,906	)		(261	)		0.2
Exela Technologies, Inc.		(49,890	)		(163,639	)		(499	)		0.3
Farmer Brothers Co.		(27,310	)		(553,027	)		2,458			0.9
First Solar, Inc.		(14,211	)		(864,739	)		(9,663	)		1.5
Flexion Therapeutics, Inc.		(977	)		(10,613	)		257			0.0	#
Flotek Industries, Inc.		(30,926	)		(101,920	)		(8,486	)		0.2
FreightCar America, Inc.		(72,203	)		(509,147	)		9,502			0.9
Front Yard Residential Corp.		(66,234	)		(655,717	)		(662	)		1.1
Gaia, Inc.		(99,923	)		(903,164	)		(154,021	)		1.5
GAIN Capital Holdings, Inc.		(38,132	)		(203,129	)		2,174			0.3
GameStop Corp., Class A		(653	)		(5,831	)		183			0.0	#
Gates Industrial Corp. PLC (United Kingdom)		(94	)		(1,458	)		(54	)		0.0	#
GATX Corp.		(2,446	)		(189,369	)		709			0.3
General Dynamics Corp.		(181	)		(32,231	)		(118	)		0.1
General Electric Co.		(101,896	)		(975,145	)		(61,138	)		1.7
Geron Corp.		(3,169	)		(6,053	)		285			0.0	#
Granite Point Mortgage Trust, Inc.		(51,647	)		(996,271	)		3,099			1.7
Graphic Packaging Holding Co.		(17,389	)		(242,055	)		696			0.4
The Greenbrier Cos., Inc.		(13,983	)		(493,880	)		(2,936	)		0.8
Greenlight Capital Re, Ltd., Class A (Cayman Islands)		(84,620	)		(1,012,055	)		(1,692	)		1.7
Griffon Corp.		(2,477	)		(48,051	)		(547	)		0.1
GrubHub, Inc.		(488	)		(32,589	)		(5	)		0.1
Guess?, Inc.		(5,452	)		(107,677	)		(3,380	)		0.2
Hamilton Lane, Inc., Class A		(5,335	)		(259,388	)		(1,280	)		0.4
HC2 Holdings, Inc.		(27,805	)		(62,283	)		2,781			0.1
HCI Group, Inc.		(5,144	)		(217,848	)		(1,389	)		0.4
Hecla Mining Co.		(133,550	)		(289,803	)		9,349			0.5
Howard Bancorp, Inc.		(29,197	)		(426,276	)		(12,555	)		0.7
The Howard Hughes Corp.		(9,381	)		(1,039,415	)		(1,876	)		1.8

The accompanying notes are an integral part of these financial statements.

16

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
Hyster-Yale Materials Handling, Inc.		(7,222	)	$	(465,097	)	$	(16,033	)		0.8
Immunomedics, Inc.		(1,259	)		(20,975	)		806			0.0	#
Infinera Corp.		(22,325	)		(97,127	)		237			0.2
Insulet Corp.		(1,902	)		(161,917	)		(2,130	)		0.3
Interactive Brokers Group, Inc., Class A		(117	)		(6,260	)		(87	)		0.0	#
Internap Corp.		(6,456	)		(25,759	)		323			0.0	#
International Flavors & Fragrances, Inc.		(7,820	)		(1,075,797	)		(1,720	)		1.8
International Seaways, Inc. (Marshall Islands)		(31,740	)		(585,920	)		20,314			1.0
INTL. FCStone, Inc.		(1,452	)		(59,750	)		857			0.1
Intra-Cellular Therapies, Inc.		(1,565	)		(21,362	)		751			0.0	#
Intrexon Corp.		(13,307	)		(59,882	)		2,262			0.1
Iron Mountain, Inc.		(191	)		(6,236	)		32			0.0	#
Iteris, Inc.		(39,556	)		(166,531	)		(5,142	)		0.3
Kindred Biosciences, Inc.		(11,485	)		(108,533	)		6,432			0.2
Kirby Corp.		(13,168	)		(1,067,003	)		(9,086	)		1.8
Kopin Corp.		(354,143	)		(432,054	)		(10,624	)		0.7
La Jolla Pharmaceutical Co.		(5,896	)		(43,727	)		(3,736	)		0.1
Landec Corp.		(10,147	)		(103,499	)		(3,146	)		0.2
Lands’ End, Inc.		(382	)		(7,258	)		569			0.0	#
LendingClub Corp.		(190,728	)		(629,708	)		23,193			1.1
Lexicon Pharmaceuticals, Inc.		(29,492	)		(175,772	)		4,719			0.3
Lindsay Corp.		(10,682	)		(884,576	)		(23,394	)		1.5
Live Oak Bancshares, Inc.		(20,362	)		(348,033	)		(7,691	)		0.6
LSB Industries, Inc.		(11,322	)		(67,932	)		1,698			0.1
The Macerich Co.		(25,204	)		(1,029,583	)		17,895			1.7
Marvell Technology Group, Ltd. (Bermuda)		(271	)		(6,791	)		11			0.0	#
Mattel, Inc.		(51,036	)		(619,577	)		(2,552	)		1.0
Maxar Technologies, Inc.		(10,626	)		(50,474	)		(1,913	)		0.1
MBIA, Inc.		(69,005	)		(662,448	)		(4,830	)		1.1
The Medicines Co.		(2,632	)		(83,119	)		(974	)		0.1
MGP Ingredients, Inc.		(314	)		(27,462	)		(129	)		0.0	#
Microchip Technology, Inc.		(1,783	)		(175,465	)		(2,639	)		0.3
The Middleby Corp.		(2	)		(264	)		(1	)		0.0	#
Middlesex Water Co.		(2,829	)		(160,178	)		(3,876	)		0.3
MidSouth Bancorp, Inc.		(6,938	)		(82,215	)		(139	)		0.1
Motorcar Parts of America, Inc.		(19,231	)		(400,582	)		3,269			0.7
NCR Corp.		(1,840	)		(53,250	)		(18	)		0.1
Neos Therapeutics, Inc.		(41,232	)		(97,308	)		(2,062	)		0.2

The accompanying notes are an integral part of these financial statements.

17

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
The New Home Co., Inc.		(113,577	)	$	(536,288	)	$	12,698			0.9
New Residential Investment Corp.		(1,166	)		(19,624	)		23			0.0	#
New York Mortgage Trust, Inc.		(53,011	)		(334,499	)		530			0.6
NexPoint Residential Trust, Inc.		(2,361	)		(89,694	)		1,181			0.2
NN, Inc.		(56,872	)		(527,505	)		13,382			0.9
Noble Energy, Inc.		(224	)		(6,066	)		4			0.0	#
Northwest Natural Holding Co.		(8,939	)		(598,466	)		536			1.0
Northwest Pipe Co.		(17,915	)		(428,885	)		(537	)		0.7
Nutanix, Inc., Class A		(359	)		(15,459	)		(47	)		0.0	#
Ocwen Financial Corp.		(105,553	)		(181,551	)		3,167			0.3
Office Properties Income Trust		(17,040	)		(453,508	)		(8,958	)		0.8
Optinose, Inc.		(4,702	)		(46,221	)		(611	)		0.1
ORBCOMM, Inc.		(11,366	)		(86,836	)		4,546			0.1
Paratek Pharmaceuticals, Inc.		(20,785	)		(115,149	)		624			0.2
PDF Solutions, Inc.		(7,413	)		(97,439	)		1,219			0.2
PDL Community Bancorp		(13,787	)		(198,809	)		(689	)		0.3
PRA Group, Inc.		(16,876	)		(484,847	)		10,294			0.8
ProAssurance Corp.		(17,478	)		(615,058	)		(40,892	)		1.0
Pure Cycle Corp.		(4,250	)		(43,733	)		1,020			0.1
Quest Diagnostics, Inc.		(2,006	)		(189,422	)		(3,916	)		0.3
Quorum Health Corp.		(9,863	)		(17,162	)		(3,058	)		0.0	#
Realty Income Corp.		(2,837	)		(200,235	)		1,617			0.3
Recro Pharma, Inc.		(8,038	)		(68,645	)		(1,527	)		0.1
Red Lion Hotels Corp.		(19,578	)		(156,820	)		1,762			0.3
Redwood Trust, Inc.		(33,517	)		(548,338	)		0			0.9
Reliant Bancorp, Inc.		(663	)		(14,513	)		(670	)		0.0	#
Republic First Bancorp, Inc.		(6,150	)		(30,812	)		(676	)		0.1
REV Group, Inc.		(552	)		(6,906	)		(99	)		0.0	#
Revance Therapeutics, Inc.		(7,147	)		(95,841	)		1,215			0.2
Safeguard Scientifics, Inc.		(100,224	)		(1,114,491	)		(32,072	)		1.9
Safehold, Inc.		(4,481	)		(115,162	)		2,106			0.2
Sage Therapeutics, Inc.		(394	)		(66,464	)		181			0.1
Sanderson Farms, Inc.		(422	)		(63,068	)		(920	)		0.1
Sarepta Therapeutics, Inc.		(150	)		(18,180	)		639			0.0	#
SEACOR Marine Holdings, Inc.		(4,274	)		(59,067	)		1,026			0.1
Sempra Energy		(7,981	)		(1,021,967	)		798			1.7
Seritage Growth Properties		(4,444	)		(198,558	)		400			0.3
ShotSpotter, Inc.		(1,588	)		(84,370	)		683			0.1

The accompanying notes are an integral part of these financial statements.

18

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
Sientra, Inc.		(9,382	)	$	(80,967	)	$	1,970			0.1
South Jersey Industries, Inc.		(12,684	)		(407,410	)		0			0.7
Spirit MTA REIT		(19,797	)		(136,995	)		3,563			0.2
Stemline Therapeutics, Inc.		(2,140	)		(31,629	)		(471	)		0.1
Stratus Properties, Inc.		(7,526	)		(200,764	)		(783	)		0.3
Sun Hydraulics Corp.		(19,404	)		(997,948	)		(17,658	)		1.7
Sunrun, Inc.		(2,858	)		(48,872	)		5,402			0.1
Systemax, Inc.		(2,232	)		(50,354	)		(335	)		0.1
Targa Resources Corp.		(7,525	)		(305,665	)		3,537			0.5
Tesla, Inc.		(1,505	)		(370,591	)		11,363			0.6
Textainer Group Holdings, Ltd. (Bermuda)		(3,386	)		(33,555	)		1,084			0.1
TG Therapeutics, Inc.		(752	)		(6,016	)		38			0.0	#
TherapeuticsMD, Inc.		(27,577	)		(113,893	)		(4,688	)		0.2
TiVo Corp.		(11,162	)		(105,109	)		521			0.2
Trecora Resources		(4,144	)		(37,628	)		(1,119	)		0.1
Trinity Place Holdings, Inc.		(26,210	)		(104,578	)		1,835			0.2
Twilio, Inc., Class A		(48	)		(6,476	)		(107	)		0.0	#
Twin Disc, Inc.		(1,446	)		(26,071	)		(1,316	)		0.0	#
United Fire Group, Inc.		(5,840	)		(249,777	)		(4,906	)		0.4
United Parcel Service, Inc., Class B		(1,474	)		(153,222	)		(3,346	)		0.3
United Technologies Corp.		(7,349	)		(1,034,592	)		(13,449	)		1.8
Uniti Group, Inc.		(26,088	)		(299,490	)		12,783			0.5
US Silica Holdings, Inc.		(8,032	)		(132,448	)		5,381			0.2
ViaSat, Inc.		(9,160	)		(818,721	)		(13,190	)		1.4
ViewRay, Inc.		(12,564	)		(89,079	)		1,633			0.2
Vistra Energy Corp.		(9,558	)		(258,257	)		(2,198	)		0.4
Wabtec Corp.		(13,920	)		(1,019,362	)		(11,693	)		1.7
Wayfair, Inc., Class A		(957	)		(147,847	)		(7,331	)		0.3
Welbilt, Inc.		(45,426	)		(754,458	)		(10,062	)		1.3
White Mountains Insurance Group, Ltd. (Bermuda)		(617	)		(582,158	)		2,770			1.0
WillScot Corp.		(82,292	)		(1,080,955	)		(27,518	)		1.8
WisdomTree Investments, Inc.		(34,417	)		(261,225	)		13,423			0.4
Wyndham Hotels & Resorts, Inc.		(1,584	)		(86,914	)		(1,346	)		0.1
Zillow Group, Inc., Class A		(2,769	)		(93,980	)		2,021			0.2

The accompanying notes are an integral part of these financial statements.

19

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

Components ofover-the-counter total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Value
Zillow Group, Inc., Class C		(10,366	)	$	(355,035	)	$	8,811			0.6
Total short equity positions					—			(368,388	)		100.0
Financing					—			(12,575	)		—
		Total		$	(59,156,977	)	$	(380,963	)		100.0

^#  Less than 0.05% or (0.05%).

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1			Level 2			Level 3		Total
Investments in Securities
Common Stocks†	$	66,089,334			—			—	$	66,089,334
Short-Term Investments
Joint Repurchase Agreements		—		$	29,546			—		29,546
Other Investment Companies		14,524,341			—			—		14,524,341
Total Investments in Securities	$	80,613,675		$	29,546			—	$	80,643,221
Financial Derivative Instruments—Assets
Equity Futures Contracts	$	2,446,707			—			—	$	2,446,707
Equity Swap Contracts		—		$	10,079			—		10,079
Financial Derivative Instruments—Liabilities
Equity Futures Contracts		(117,435	)		—			—		(117,435	)
Equity Swap Contracts		—			(380,963	)		—		(380,963	)
Total Financial Derivative Instruments	$	2,329,272		$	(370,884	)		—	$	1,958,388

^†  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.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

20

AMG FQ Long-Short Equity Fund

Schedule of Portfolio Investments(continued)

The following schedule shows the value of derivative instruments at April 30, 2019:    

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Swap at value	$	10,079		Swap at value	$	380,963
					Cash deposited with broker for futures contracts1		2,214,548
	Totals	$	10,079			$	2,595,511
	Realized Gain/Loss				Change in Unrealized Appreciation/Depreciation
						Change in
						Unrealized
Derivatives not accounted	Statement of Operations	Realized			Statement of Operations	Appreciation/
for as hedging instruments	Location	Gain/Loss			Location	Depreciation
Equity contracts	Net realized loss on futures contracts	$	(1,349,020	)	Net change in unrealized appreciation/ depreciation on futures contracts	$	2,804,906
	Net realized loss on swaps		(8,840,926	)	Net change in unrealized appreciation/depreciation on swaps		(413,069	)
	Totals	$	(10,189,946	)		$	2,391,837

¹ Amount represents cash with futures broker and unrealized appreciation/depreciation on open futures contracts. See Note 9 for additional information.

The accompanying notes are an integral part of these financial statements.

21

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Exchange Traded Funds—52.4%
iShares Global Infrastructure ETF		17,701	$	805,219
iShares iBoxx $ High Yield Corporate Bond ETF1		116,298		10,110,948
iShares TIPS Bond ETF1		83,479		9,459,840
Materials Select Sector SPDR Fund2		13,757		790,340
SPDR Citi International Government
Inflation-Protected Bond ETF1		39,783		2,137,541
VanEck Vectors Gold Miners ETF		37,094		774,894
VanEck Vectors Natural Resource ETF		22,706		819,373
Vanguard Globalex-U.S. Real Estate ETF		4,952		289,692
Vanguard REIT ETF1		28,511		2,473,899
Total Exchange Traded Funds (Cost $26,943,868)				27,661,746
	Notes
Exchange Traded Notes—9.7%
Deutsche Bank AG, PowerShares DB Gold Double Long, 02/15/38*		40,317		916,510
iPath Bloomberg Commodity Index Total Return ETN, 06/12/36*,2		85,188		1,920,989
Swedish Export Credit Corp., ELEMENTS Linked to the Rogers International Commodity Index Total Return, 10/24/22*		398,873		2,129,982
VelocityShares 3x Long Crude Oil ETN, 02/09/32*		6,378		136,617
Total Exchange Traded Notes (Cost $5,164,223)				5,104,098
Purchased Options—0.2%
(See Open Purchased Options schedule) (Cost $374,568)				85,029

	Principal Amount		Value
U.S. Government Obligations—15.0%
U.S. Treasury Bill, 2.350%, 07/18/193,4	$	4,000,000	$	3,979,471
U.S. Treasury Bills, 2.376%, 09/12/193,4		4,000,000		3,964,676
Total U.S. Government Obligations (Cost $7,944,265)				7,944,147
Short-Term Investments—25.2%
Joint Repurchase Agreements—1.5%5
RBC Dominion Securities, Inc., dated 04/30/19, due 05/01/19, 2.720% total to be received $819,483 (collateralized by various U.S. Government Agency Obligations, 2.652% - 7.000%, 04/01/34 - 04/20/49, totaling $835,809)		819,421		819,421
	Shares
Other Investment Companies—23.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%6		4,124,676		4,124,676
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%6		4,124,677		4,124,677
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%6		4,249,667		4,249,667
Total Other Investment Companies				12,499,020
Total Short-Term Investments (Cost $13,318,441)				13,318,441
Total Investments—102.5% (Cost $53,745,365)				54,113,461
Other Assets, less Liabilities—(2.5)%7				(1,303,230	)
Net Assets—100.0%			$	52,810,231

^*  Non-income producing security.

¹ Some or all of these securities were held as collateral for written options as of April 30, 2019, amounting to $12,369,906 or 23.4% of net assets.

² Some or all of these securities, amounting to $801,847 or 1.5% of net assets, were out on loan to various borrowers and are collateralized by cash. See Note 4 of Notes to Financial Statements.

³  Some or all of this security is held as collateral for futures contracts. The market value of collateral at April 30, 2019, amounted to $2,984,603, or 5.7% of net assets.

⁴ Represents yield to maturity at April 30, 2019.

⁵ Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

⁶ Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁷ Includes Written Options and Futures Contracts. Please refer to the Open Written Options and Open Futures Contracts tables for the details.

ETF Exchange Traded Fund

ETN Exchange Traded Notes

REIT Real Estate Investment Trust

SPDR Standard & Poor’s Depositary Receipt

TIPS Treasury Inflation-Protected Securities

The accompanying notes are an integral part of these financial statements.

22

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments(continued)

Open Purchased Options

					Number of		Notional
Description	Strike Price		Expiration Date		Contracts		Amount		Cost		Value
EURO STOXX 50 (Put)		2,950		05/17/19		67	$	1,976,500	$	23,051	$	376
EURO STOXX 50 (Put)		3,075		06/21/19		58		1,783,500		21,149		3,643
EURO STOXX 50 (Put)		3,175		07/19/19		58		1,841,500		15,355		13,206
EURO STOXX 50 (Put)		3,225		06/21/19		5		161,250		983		734
S&P 500 Index (Put)		2,515		05/17/19		26		6,539,000		82,215		1,755
S&P 500 Index (Put)		2,580		05/17/19		9		2,322,000		26,569		810
S&P 500 Index (Put)		2,595		07/19/19		24		6,228,000		93,171		26,400
S&P 500 Index (Put)		2,615		06/21/19		33		8,629,500		87,354		20,955
S&P 500 Index (Put)		2,695		07/19/19		10		2,695,000		24,721		17,150
Total									$	374,568	$	85,029
Open Written Options
					Number of		Notional
Description	Strike Price		Expiration Date		Contracts		Amount		Premium		Value
EURO STOXX 50 (Call)		3,375		05/17/19		67	$	2,261,250	$	8,724	$	(84,841	)
EURO STOXX 50 (Call)		3,525		06/21/19		58		2,044,500		8,467		(18,345	)
EURO STOXX 50 (Call)		3,625		06/21/19		5		181,250		280		(359	)
EURO STOXX 50 (Call)		3,650		07/19/19		58		2,117,000		5,911		(7,416	)
EURO STOXX 50 (Put)		2,850		05/17/19		67		1,909,500		14,307		(150	)
EURO STOXX 50 (Put)		2,950		06/21/19		58		1,711,000		11,751		(2,017	)
EURO STOXX 50 (Put)		3,075		07/19/19		58		1,783,500		9,168		(8,327	)
EURO STOXX 50 (Put)		3,150		06/21/19		5		157,500		612		(471	)
S&P 500 Index (Call)		2,905		05/17/19		26		7,553,000		22,565		(124,150	)
S&P 500 Index (Call)		2,960		05/17/19		9		2,664,000		8,171		(16,362	)
S&P 500 Index (Call)		3,030		06/21/19		33		9,999,000		15,605		(35,970	)
S&P 500 Index (Call)		3,040		07/19/19		24		7,296,000		23,949		(49,680	)
S&P 500 Index (Call)		3,105		07/19/19		10		3,105,000		4,629		(7,450	)
S&P 500 Index (Put)		2,445		05/17/19		26		6,357,000		58,705		(1,170	)
S&P 500 Index (Put)		2,505		05/17/19		9		2,254,500		18,431		(585	)
S&P 500 Index (Put)		2,520		07/19/19		24		6,048,000		68,349		(19,560	)
S&P 500 Index (Put)		2,545		06/21/19		33		8,398,500		62,499		(15,180	)
S&P 500 Index (Put)		2,625		07/19/19		10		2,625,000		17,879		(13,150	)
Total									$	360,002	$	(405,183	)
Open Futures Contracts
Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount		Value and Unrealized Gain/(Loss)
ASX SPI 200 Index		AUD		20		Long		06/20/19	$	2,222,003	$	42,940
Australia10-Year Bond		AUD		70		Long		06/17/19		6,823,633		126,535
Canadian10-Year Bond		CAD		65		Long		06/19/19		6,704,262		90,776
EURO BUXL30-Year Bond		EUR		25		Long		06/06/19		5,292,290		185,034
EURO STOXX 50		EUR		163		Long		06/21/19		6,310,999		420,290

The accompanying notes are an integral part of these financial statements.

23

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments(continued)

Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount		Value and Unrealized Gain/(Loss)
FTSE 100 Index		GBP		15		Long		06/21/19	$	1,441,868	$	57,879
Hang Seng Index		HKD		6		Long		05/30/19		1,126,912		(8,727	)
MSCI Emerging Markets Index		USD		84		Long		06/21/19		4,536,840		190,065
Russell 2000® Mini Index		USD		72		Long		06/21/19		5,739,120		186,807
S&P 500E-Mini FUT Index		USD		13		Long		06/21/19		1,916,525		111,645
S&P/TSX 60 Index		CAD		13		Long		06/20/19		1,927,924		84,120
TOPIX Index		JPY		11		Long		06/13/19		1,594,775		5,861
U.K.10-Year Gilt		GBP		56		Long		06/26/19		9,297,430		404
U.S. Treasury10-Year Note (CBT)		USD		68		Long		06/19/19		8,409,688		81,514
Total											$	1,575,143

CURRENCY ABBREVIATIONS:

AUD Australian Dollar

CAD Canadian Dollar

EUR Euro Dollar GBP British Pound

HKD Hong Kong Dollar

JPY Japanese Yen

USD US Dollar

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1			Level 2		Level 3		Total
Investments in Securities
Exchange Traded Funds†	$	27,661,746			—		—	$	27,661,746
Exchange Traded Notes†		5,104,098			—		—		5,104,098
Purchased Options
Equity Contracts		85,029			—		—		85,029
U.S. Government Obligations		—		$	7,944,147		—		7,944,147
Short-Term Investments
Joint Repurchase Agreements		—			819,421		—		819,421
Other Investment Companies		12,499,020			—		—		12,499,020
Total Investments in Securities	$	45,349,893		$	8,763,568		—	$	54,113,461
Financial Derivative Instruments—Assets
Equity Futures Contracts	$	1,099,607			—		—	$	1,099,607
Interest Rate Futures Contracts		484,263			—		—		484,263
Financial Derivative Instruments—Liabilities
Equity Written Options and Futures Contracts		(413,910	)		—		—		(413,910	)
Total Financial Derivative Instruments	$	1,169,960			—		—	$	1,169,960

^†  All exchange traded funds and exchange traded notes held in the Fund are level 1 securities. For a detailed listing of these securities, please refer to the Fund’s Schedule of Portfolio Investments.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

24

AMG FQ Global Risk-Balanced Fund

Schedule of Portfolio Investments(continued)

The following schedule shows the value of derivative instruments at April 30, 2019:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Options purchased1	$	85,029	Options written	$	405,183
Equity contracts	Receivable for variation margin2		25,579	Payable for variation margin2		63,486
Interest rate contracts	Receivable for variation margin2		17,878	Payable for variation margin2		36,774
	Totals	$	128,486		$	505,443

For the six months ended April 30, 2019 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:

	Realized Gain/Loss				Change in Unrealized Appreciation/Depreciation
Derivatives not accounted for as hedging instruments	Statement of Operations Location	Realized Gain/Loss			Statement of Operations Location	Change in Unrealized Appreciation/ Depreciation
Equity contracts	Net realized gain on options purchased1	$	584,505		Net change in unrealized appreciation/ depreciation on options purchased1	$	(534,313	)
Equity contracts	Net realized loss on futures contracts		(1,206,897	)	Net change in unrealized appreciation/ on future contracts		3,278,179
Interest rate contracts	Net realized gain on futures contracts		993,067		Net change in unrealized appreciation/ on futures contracts		630,328
Equity contracts	Net realized loss on options written		(786,803	)	Net change in unrealized appreciation/ depreciation options written		91,868
	Totals	$	(416,128	)		$	3,466,062

¹ Options purchased are included in Investments at value on the Statement of Assets and Liabilities. Net realized gain/loss on options purchased and net change in unrealized appreciation/depreciation on options purchased are included in the net realized gain/loss on investments and net change in unrealized appreciation/depreciation of investments, respectively, on the Statement of Operations.

²  Only current day’s variation margin is reported within the Statement of Assets and Liabilities. The variation margin is included in the open futures cumulative appreciation/depreciation of $1,575,143.

The accompanying notes are an integral part of these financial statements.

25

Statement of Assets and Liabilities(unaudited)

April 30, 2019

	AMG FQ Tax-Managed U.S. Equity Fund		AMG FQ Long-Short Equity Fund		AMG FQ Global Risk-Balanced Fund
Assets:
Investments at value1(including securities on loan valued at $2,343,021, $3,067,094, and $801,847, respectively)	$	70,952,151	$	80,643,221	$	54,113,461
Cash deposit with brokers for futures contracts (see Note 9)		—		2,214,548		—
Segregated cash		—		1,400,000		—
Dividend, interest and other receivables		24,776		32,590		26,740
Receivable for Fund shares sold		15,424		143,872		2,161
Receivable from affiliate		7,871		1,620		5,423
Swaps at value		—		10,079		—
Receivable for variation margin		—		—		43,457
Prepaid expenses and other assets		15,909		24,998		24,024
Total assets		71,016,131		84,470,928		54,215,266
Liabilities:
Payable upon return of securities loaned		102,228		29,546		819,421
Payable for Fund shares repurchased		44,984		131,260		6,698
Written options2		—		—		405,183
Payable for variation margin		—		—		100,260
Swaps at value		—		380,963		—
Accrued expenses:
Investment advisory and management fees		39,915		23,876		26,160
Administrative fees		8,553		10,233		6,540
Distribution fees		1,647		2,850		403
Shareholder service fees		—		3,281		443
Other		38,703		39,508		39,927
Total liabilities		236,030		621,517		1,405,035
Net Assets	$	70,780,101	$	83,849,411	$	52,810,231
1   Investments at cost	$	41,275,715	$	77,155,852	$	53,745,365
2   Premiums received		—		—	$	360,002

The accompanying notes are an integral part of these financial statements.

26

Statement of Assets and Liabilities(continued)

	AMG FQ Tax-Managed U.S. Equity Fund		AMG FQ Long-Short Equity Fund		AMG FQ Global Risk-Balanced Fund
Net Assets Represent:
Paid-in capital	$	41,076,950	$	79,526,899	$	53,810,607
Distributable earnings (loss)		29,703,151		4,322,512		(1,000,376	)
Net Assets	$	70,780,101	$	83,849,411	$	52,810,231
Class N:
Net Assets	$	8,392,659	$	14,417,128	$	1,896,175
Shares outstanding		255,744		913,498		121,777
Net asset value, offering and redemption price per share	$	32.82	$	15.78	$	15.57
Class I:
Net Assets	$	62,387,442	$	69,432,283	$	1,656,673
Shares outstanding		1,904,469		4,389,401		105,971
Net asset value, offering and redemption price per share	$	32.76	$	15.82	$	15.63
Class Z:
Net Assets		—		—	$	49,257,383
Shares outstanding		—		—		3,152,923
Net asset value, offering and redemption price per share		—		—	$	15.62

The accompanying notes are an integral part of these financial statements.

27

Statement of Operations(unaudited)

For the six months ended April 30, 2019

	AMG FQ Tax-Managed U.S. Equity Fund			AMG FQ Long-Short Equity Fund			AMG FQ Global Risk-Balanced Fund
Investment Income:
Dividend income	$	467,492		$	706,673		$	555,297
Interest income		—			69,185			86,004
Securities lending income		2,654			208,699			41,169
Foreign withholding tax		(571	)		(370	)		—
Total investment income		469,575			984,187			682,470
Expenses:
Investment advisory and management fees		237,901			151,277			157,354
Administrative fees		50,979			64,833			39,338
Distribution fees—Class N		10,406			31,843			2,365
Shareholder servicing fees—Class N		—			12,419			1,419
Shareholder servicing fees—Class I		—			12,227			1,191
Registration fees		19,099			21,725			23,537
Professional fees		16,353			23,501			18,988
Custodian fees		10,190			15,897			10,126
Reports to shareholders		9,057			5,967			6,951
Transfer agent fees		6,220			9,004			5,654
Trustee fees and expenses		3,000			3,313			2,303
Repayment of prior reimbursements		—			1,361			—
Interest and dividend expense (see Note 14)		—			289,316			—
Miscellaneous		1,458			6,071			1,628
Total expenses before offsets		364,663			648,754			270,854
Expense reimbursements		(51,783	)		—			(32,471	)
Expense reductions		(2,182	)		(1,387	)		—
Net expenses		310,698			647,367			238,383
Net investment income		158,877			336,820			444,087
Net Realized and Unrealized Gain:
Net realized gain (loss) on investments		(7,150	)		(1,353,075	)		368,743
Net realized gain on short sales		—			9,930,337			—
Net realized loss on futures contracts		—			(1,349,020	)		(213,830	)
Net realized loss on written options		—			—			(786,803	)
Net realized loss on swaps		—			(8,840,926	)		—
Net realized gain on foreign currency transactions		—			—			598
Net change in unrealized appreciation/depreciation on investments		3,087,320			6,228,474			955,168
Net change in unrealized appreciation/depreciation on short sales		—			(4,443,692	)		—
Net change in unrealized appreciation/depreciation on futures contracts		—			2,804,906			3,908,507
Net change in unrealized appreciation/depreciation on written options		—			—			91,868
Net change in unrealized appreciation/depreciation on swaps		—			(413,069	)		—
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			770
Net realized and unrealized gain		3,080,170			2,563,935			4,325,021
Net increase in net assets resulting from operations	$	3,239,047		$	2,900,755		$	4,769,108

The accompanying notes are an integral part of these financial statements.

28

Statements of Changes in Net Assets

For the six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018

	AMG FQ Tax-Managed U.S. Equity Fund						AMG FQ Long-Short Equity Fund						AMG FQ Global Risk-Balanced Fund
	April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018
Increase (Decrease) in Net Assets Resulting From
Operations:
Net investment income (loss)	$	158,877		$	227,977		$	336,820		$	(82,287	)	$	444,087		$	1,233,469
Net realized gain (loss) on investments		(7,150	)		914,936			(1,612,684	)		4,767,354			(631,292	)		(581,029	)
Net change in unrealized appreciation/depreciation on investments		3,087,320			3,849,141			4,176,619			(252,193	)		4,956,313			(4,791,983	)
Net increase (decrease) in net assets resulting from operations		3,239,047			4,992,054			2,900,755			4,432,874			4,769,108			(4,139,543	)
Distributions to Shareholders:
Class N		(128,969	)		(12,973	)		(1,335,151	)		(735,101	)		(37,124	)		(5,692	)
Class I		(1,073,001	)		(296,023	)		(1,936,940	)		(8,503,620	)		(33,498	)		(4,577	)
Class Z		—			—			—			—			(1,184,019	)		(397,638	)
Total distributions to shareholders		(1,201,970	)		(308,996	)		(3,272,091	)		(9,238,721	)		(1,254,641	)		(407,907	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(4,318,784	)		(4,173,164	)		4,094,373			44,435,042			(4,115,904	)		(5,373,466	)
Total increase (decrease) in net assets		(2,281,707	)		509,894			3,723,037			39,629,195			(601,437	)		(9,920,916	)
Net Assets:
Beginning of period		73,061,808			72,551,914			80,126,374			40,497,179			53,411,668			63,332,584
End of period	$	70,780,101		$	73,061,808		$	83,849,411		$	80,126,374		$	52,810,231		$	53,411,668

¹  See Note 1(g) of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

29

AMG FQTax-Managed U.S. Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class N	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	31.68		$	29.69		$	24.11		$	24.42		$	23.58		$	20.02
Income (loss) from Investment Operations:
Net investment income2,3		0.04			0.03			0.03	4		0.22	5		0.08	6		0.03
Net realized and unrealized gain (loss) on investments		1.56			2.00			5.79			(0.43	)		0.81			3.55
Total income (loss) from investment operations		1.60			2.03			5.82			(0.21	)		0.89			3.58
Less Distributions to Shareholders from:
Net investment income		(0.05	)		—			(0.24	)		(0.10	)		(0.05	)		(0.02	)
Net realized gain on investments		(0.41	)		(0.04	)		—			—			—			—
Total distributions to shareholders		(0.46	)		(0.04	)		(0.24	)		(0.10	)		(0.05	)		(0.02	)
Net Asset Value, End of Period	$	32.82		$	31.68		$	29.69		$	24.11		$	24.42		$	23.58
Total Return3		5.31	%7,8		6.84	%8		24.27	%8		(0.86	)%8		3.79	%8		17.91	%8
Ratio of net expenses to average net assets		1.14	%9,10		1.14	%10		1.14	%		1.14	%		1.20	%		1.24	%
Ratio of gross expenses to average net assets11		1.29	%9		1.26	%		1.27	%		1.26	%		1.27	%		1.29	%
Ratio of net investment income to average net assets3		0.24	%9		0.09	%		0.13	%		0.93	%		0.34	%		0.13	%
Portfolio turnover		22	%7		31	%		75	%		102	%		62	%		45	%
Net assets end of period (000’s) omitted	$	8,393		$	9,622		$	12,131		$	22,885		$	24,825		$	12,541

30

AMG FQTax-Managed U.S. Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class I	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	31.69		$	29.72		$	24.14		$	24.42		$	23.56		$	19.99
Income (loss) from Investment Operations:
Net investment income2,3		0.08			0.11			0.10	4		0.28	5		0.17	6		0.09
Net realized and unrealized gain (loss) on investments		1.54			2.00			5.79			(0.43	)		0.78			3.54
Total income (loss) from investment operations		1.62			2.11			5.89			(0.15	)		0.95			3.63
Less Distributions to Shareholders from:
Net investment income		(0.14	)		(0.10	)		(0.31	)		(0.13	)		(0.09	)		(0.06	)
Net realized gain on investments		(0.41	)		(0.04	)		—			—			—			—
Total distributions to shareholders		(0.55	)		(0.14	)		(0.31	)		(0.13	)		(0.09	)		(0.06	)
Net Asset Value, End of Period	$	32.76		$	31.69		$	29.72		$	24.14		$	24.42		$	23.56
Total Return3		5.41	%7,8		7.13	%8		24.57	%8		(0.59	)%8		4.03	%8		18.22	%
Ratio of net expenses to average net assets		0.89	%9,10		0.89	%10		0.89	%		0.89	%		0.96	%		0.99	%
Ratio of gross expenses to average net assets11		1.04	%9		1.01	%		1.02	%		1.01	%		1.03	%		1.04	%
Ratio of net investment income to average net assets3		0.49	%9		0.34	%		0.38	%		1.19	%		0.68	%		0.40	%
Portfolio turnover		22	%7		31	%		75	%		102	%		62	%		45	%
Net assets end of period (000’s) omitted	$	62,387		$	63,440		$	60,421		$	53,494		$	56,493		$	50,686

¹  Effective October 1, 2016, the Investor Class and Institutional Class were renamed Class N and Class I, respectively.

²  Per share numbers have been calculated using average shares.

³  Total returns and net investment income would have been lower had certain expenses not been offset.

⁴  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.01 and $0.08 for Class N and Class I, respectively.

⁵  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.11 and $0.17 for Class N and Class I, respectively.

⁶  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.00 and $0.09 for Class N and Class I, respectively.

⁷  Not annualized.

⁸  The total return is calculated using the published Net Asset Value as of period end.

⁹  Annualized.

¹⁰  Includes reduction from broker recapture amounting to less than 0.01%.

¹¹  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

31

AMG FQ Long-Short Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class N	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	15.68		$	17.97		$	15.48		$	17.38		$	17.20		$	15.23
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.04			(0.07	)		0.10	4		0.14			0.16	5		0.14
Net realized and unrealized gain (loss) on investments		0.58			1.94			3.30			(0.31	)		0.17			1.95
Total income (loss) from investment operations		0.62			1.87			3.40			(0.17	)		0.33			2.09
Less Distributions to Shareholders from:
Net investment income		(0.01	)		—			(0.16	)		(0.15	)		(0.15	)		(0.12	)
Net realized gain on investments		(0.51	)		(4.16	)		(0.75	)		(1.58	)		—			—
Total distributions to shareholders		(0.52	)		(4.16	)		(0.91	)		(1.73	)		(0.15	)		(0.12	)
Net Asset Value, End of Period	$	15.78		$	15.68		$	17.97		$	15.48		$	17.38		$	17.20
Total Return3,6		4.22	%7		12.54	%		22.62	%		(0.98	)%		1.90	%		13.76	%
Ratio of net expenses to average net assets		1.38	%8,9,10		2.83	%9,10		1.09	%10		1.05	%		1.04	%		1.04	%
Ratio of gross expenses to average net assets11		1.38	%8		2.95	%		1.14	%		1.08	%		1.05	%		1.05	%
Ratio of net investment income (loss) to average net assets3		0.56	%8		(0.43	)%		0.60	%		0.88	%		0.93	%		0.88	%
Portfolio turnover		139	%7		240	%		159	%		178	%		139	%		87	%
Net assets end of period (000’s) omitted	$	14,417		$	24,536		$	3,495		$	24,752		$	30,043		$	25,931

32

AMG FQ Long-Short Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class I	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	15.71		$	17.97		$	15.47		$	17.37		$	17.22		$	15.27
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.07			(0.02	)		0.15	4		0.18			0.21	5		0.18
Net realized and unrealized gain (loss) on investments		0.58			1.92			3.33			(0.31	)		0.16			1.96
Total income (loss) from investment operations		0.65			1.90			3.48			(0.13	)		0.37			2.14
Less Distributions to Shareholders from:
Net investment income		(0.03	)		—			(0.23	)		(0.19	)		(0.22	)		(0.19	)
Net realized gain on investments		(0.51	)		(4.16	)		(0.75	)		(1.58	)		—			—
Total distributions to shareholders		(0.54	)		(4.16	)		(0.98	)		(1.77	)		(0.22	)		(0.19	)
Net Asset Value, End of Period	$	15.82		$	15.71		$	17.97		$	15.47		$	17.37		$	17.22
Total Return3,6		4.39	%7		12.82	%		23.11	%		(0.73	)%		2.16	%		14.05	%
Ratio of net expenses to average net assets		1.07	%8,9,10		2.51	%9,10		0.78	%10		0.79	%		0.79	%		0.79	%
Ratio of gross expenses to average net assets11		1.07	%8		2.63	%		0.87	%		0.82	%		0.79	%		0.80	%
Ratio of net investment income (loss) to average net assets3		0.87	%8		(0.11	)%		0.90	%		1.14	%		1.22	%		1.13	%
Portfolio turnover		139	%7		240	%		159	%		178	%		139	%		87	%
Net assets end of period (000’s) omitted	$	69,432		$	55,590		$	37,002		$	33,715		$	37,313		$	41,636

¹  Effective October 1, 2016, the Investor Class and Institutional Class were renamed Class N and Class I, respectively.

²  Per share numbers have been calculated using average shares.

³  Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

⁴  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.07 and $0.12 for Class N and Class I, respectively.

⁵  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.11 and $0.16 for Class N and Class I, respectively.

⁶  The total return is calculated using the published Net Asset Value as of period end.

⁷  Not annualized.

⁸  Annualized.

⁹  Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2019 and 0.01% for the fiscal year ended October 31, 2018.

¹⁰  Expense ratio includes dividend and interest expense related to securities sold short. Excluding such dividend and interest expense, the ratio of expenses to average net assets would be 1.04% and 0.73% for Class N and Class I, respectively, for the six months ended April 30, 2019, and 1.04% and 0.72% and 1.04% and 0.73% for Class N and Class I, respectively, for the fiscal years ended October 31, 2018 and October 31, 2017, respectively.

¹¹  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

33

AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class N	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	14.56		$	15.77		$	13.89		$	12.93		$	13.84		$	13.14
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.10			0.26			0.11			(0.02	)		0.05			0.17
Net realized and unrealized gain (loss) on investments		1.20			(1.43	)		1.91			1.16			(0.64	)		0.53
Total income (loss) from investment operations		1.30			(1.17	)		2.02			1.14			(0.59	)		0.70
Less Distributions to Shareholders from:
Net investment income		(0.29	)		(0.04	)		(0.14	)		(0.18	)		(0.32	)		—
Net Asset Value, End of Period	$	15.57		$	14.56		$	15.77		$	13.89		$	12.93		$	13.84
Total Return3,4		9.17	%5		(7.43	)%		14.69	%		8.97	%		(4.31	)%		5.33	%
Ratio of net expenses to average net assets		1.29	%6		1.29	%		1.33	%		1.39	%		1.38	%		1.38	%
Ratio of gross expenses to average net assets7		1.41	%6		1.37	%		1.39	%		1.55	%		1.51	%		1.52	%
Ratio of net investment income (loss) to average net assets3		1.31	%6		1.67	%		0.76	%		(0.15	)%		0.36	%		1.30	%
Portfolio turnover		9	%5		27	%		26	%		71	%		55	%		5	%
Net assets end of period (000’s) omitted	$	1,896		$	1,870		$	2,200		$	3,725		$	2,083		$	2,228

34

AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class I	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	14.64		$	15.83		$	13.97		$	13.02		$	13.98		$	13.21
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.12			0.30			0.16			(0.01	)		0.11			0.23
Net realized and unrealized gain (loss) on investments		1.20			(1.44	)		1.92			1.21			(0.65	)		0.54
Total income (loss) from investment operations		1.32			(1.14	)		2.08			1.20			(0.54	)		0.77
Less Distributions to Shareholders from:
Net investment income		(0.33	)		(0.05	)		(0.22	)		(0.25	)		(0.42	)		—
Net Asset Value, End of Period	$	15.63		$	14.64		$	15.83		$	13.97		$	13.02		$	13.98
Total Return3,4		9.31	%5		(7.20	)%		15.14	%		9.43	%		(3.98	)%		5.83	%
Ratio of net expenses to average net assets		1.04	%6		1.04	%		0.99	%		0.99	%		0.98	%		0.96	%
Ratio of gross expenses to average net assets7		1.16	%6		1.12	%		1.05	%		1.15	%		1.11	%		1.10	%
Ratio of net investment income to average net assets3		1.56	%6		1.92	%		1.09	%		0.25	%		0.83	%		1.72	%
Portfolio turnover		9	%5		27	%		26	%		71	%		55	%		5	%
Net assets end of period (000’s) omitted	$	1,657		$	1,484		$	1,420		$	7,215		$	1,652		$	2,537

35

AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class Z	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	14.64		$	15.87		$	14.00		$	13.05		$	14.02		$	13.23
Income (loss) from Investment Operations:
Net investment income2,3		0.13			0.32			0.18			0.05			0.12			0.24
Net realized and unrealized gain (loss) on investments		1.20			(1.44	)		1.92			1.16			(0.66	)		0.55
Total income (loss) from investment operations		1.33			(1.12	)		2.10			1.21			(0.54	)		0.79
Less Distributions to Shareholders from:
Net investment income		(0.35	)		(0.11	)		(0.23	)		(0.26	)		(0.43	)		—
Net Asset Value, End of Period	$	15.62		$	14.64		$	15.87		$	14.00		$	13.05		$	14.02
Total Return3,4		9.42	%5		(7.13	)%		15.23	%		9.55	%		(3.92	)%		5.97	%
Ratio of net expenses to average net assets		0.89	%6		0.89	%		0.89	%		0.89	%		0.88	%		0.88	%
Ratio of gross expenses to average net assets7		1.01	%6		0.97	%		0.95	%		1.05	%		1.01	%		1.02	%
Ratio of net investment income to average net assets3		1.71	%6		2.07	%		1.19	%		0.36	%		0.88	%		1.76	%
Portfolio turnover		9	%5		27	%		26	%		71	%		55	%		5	%
Net assets end of period (000’s) omitted	$	49,257		$	50,058		$	59,712		$	58,670		$	63,485		$	73,437

¹  Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class I and Class Z, respectively.

²  Per share numbers have been calculated using average shares.

³  Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

⁴  The total return is calculated using the published Net Asset Value as of period end.

⁵  Not annualized.

⁶  Annualized.

⁷  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

36

Notes to Financial Statements(unaudited)

April 30, 2019

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (the “Trust”) is anopen-end 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 FQTax-Managed U.S. Equity Fund(“Tax-Managed”), AMG FQ Long-Short Equity Fund (“Long-Short Equity”) and AMG FQ Global Risk-Balanced Fund (“Global Risk-Balanced”), each a “Fund” and collectively, the “Funds.”

Each Fund offers different classes of shares.Tax-Managed and Long-Short Equity offer Class N and Class I shares. Global Risk-Balanced offers Class N, Class I and Class Z 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.

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:

a. VALUATION OF INVESTMENTS

Equity securities, including securities sold short and option contracts, 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 “exchange mean price”). Equity securities and securities sold short traded in theover-the-counter market (other than NMS securities) are valued at the exchange 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.

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.

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 otheropen-end regulated investment companies are valued at their end of day net asset value per share.

Futures contracts for which market quotations are readily available are valued at the settlement price as of the close of the futures exchange.

Total Return Equity Basket Swaps (“Equity Basket Swap”) may be valued using a price obtained from the counterparty of the Equity Basket Swap as long as the value obtained from the counterparty is reasonable to the total value of the underlying securities constituting the Equity Basket Swap if such underlying securities were priced in accordance with the Funds’ equity security valuation as discussed above.

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 (including derivatives) 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.

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.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in a Fund 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 apre-established confidence level.

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

37

Notes to Financial Statements(continued)

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.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities,open-end investment companies, futures contracts, options contracts)

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)

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)

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.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on theex-dividend date. Dividends from foreign securities are recorded on theex-dividend date, and if after the fact, as soon as the Funds become aware of theex-dividend date. Dividends declared on short positions are recorded onex-date as dividend expense. 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 Trust and other trusts or funds within the AMG Funds family of mutual 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 apro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Tax Managed and Long-Short 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 six months ended April 30, 2019, the impact on the expenses and expense ratios were as follows: Tax Managed—$2,182 or less than 0.01%, and Long-Short Equity—$1,387 or less than 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

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 theex-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 reclassifications topaid-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 due to foreign currency transactions, reclass of swaps gain to ordinary income, net operating losses used to offset short-term capital gains, and capitalized dividends on short sales. Temporary differences are due to wash sales, andmark-to-market of open swap, futures and option contracts.

At April 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost		Appreciation		Depreciation			Net
Tax-Managed	$	41,275,715	$	29,970,380	$	(293,944	)	$	29,676,436
Long-Short Equity		77,155,852		7,527,420		(2,081,663	)		5,445,757
Global Risk-Balanced		53,385,363		2,623,401		(725,343	)		1,898,058

e. FEDERAL TAXES

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.

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.

Management has analyzed the Funds’ tax positions taken on federal income tax returns as of April 30, 2019, and for all open tax years (generally, the three prior

38

Notes to Financial Statements(continued)

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.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2018, 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.

	Capital Loss Carryover Amounts
Fund	Short-Term		Long-Term		Total
Global Risk-Balanced	$	532,808	$	2,826,756	$	3,359,564

As of October 31, 2018, Tax Managed and Long-Short Equity had no accumulated capital loss carryovers. Should the Fund incur net capital losses for the fiscal year ended October 31, 2019, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long term.

g. CAPITAL STOCK

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 six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018, the capital stock transactions by class for the Funds were as follows:

				Tax-Managed												Long-Short Equity
	April 30, 2019						October 31, 2018						April 30, 2019						October 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		15,742		$	502,306			89,309		$	3,039,894			1,745,998		$	27,565,866			1,538,753		$	24,699,406
Reinvestment of distributions		4,186			118,708			357			10,842			88,055			1,305,217			48,518			693,802
Cost of shares repurchased		(67,851	)		(2,017,983	)		(194,591	)		(6,147,980	)		(2,485,733	)		(37,913,276	)		(216,542	)		(3,358,947	)
Net increase (decrease)		(47,923	)	$	(1,396,969	)		(104,925	)	$	(3,097,244	)		(651,680	)	$	(9,042,193	)		1,370,729		$	22,034,261
Class I:
Proceeds from sale of shares		41,895		$	1,278,631			200,346		$	6,232,503			1,498,907		$	23,201,038			1,573,628		$	24,596,154
Reinvestment of distributions		36,540			1,033,349			9,365			284,333			128,310			1,909,865			581,487			8,315,255
Cost of shares repurchased		(175,927	)		(5,233,795	)		(240,844	)		(7,592,756	)		(777,321	)		(11,974,337	)		(675,126	)		(10,510,628	)
Net increase (decrease)		(97,492	)	$	(2,921,815	)		(31,133	)	$	(1,075,920	)		849,896		$	13,136,566			1,479,989		$	22,400,781

				Global Risk-Balanced
	April 30, 2019						October 31, 2018
	Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		1,178		$	17,197			7,244		$	114,701
Reinvestment of distributions		2,679			37,124			357			5,692
Cost of shares repurchased		(10,536	)		(159,636	)		(18,612	)		(285,005	)
Net decrease		(6,679	)	$	(105,315	)		(11,011	)	$	(164,612	)
Class I:
Proceeds from sale of shares		23,607		$	356,015			53,628		$	842,928
Reinvestment of distributions		2,408			33,498			286			4,577
Cost of shares repurchased		(21,430	)		(330,646	)		(42,242	)		(659,758	)
Net increase		4,585		$	58,867			11,672		$	187,747

39

Notes to Financial Statements(continued)

				Global Risk-Balanced
	April 30, 2019						October 31, 2018
	Shares			Amount			Shares			Amount
Class Z:
Proceeds from sale of shares		20,088		$	297,611			44,736		$	702,172
Reinvestment of distributions		83,555			1,160,590			24,413			389,879
Cost of shares repurchased		(369,467	)		(5,527,657	)		(413,829	)		(6,488,652	)
Net decrease		(265,824	)	$	(4,069,456	)		(344,680	)	$	(5,396,601	)

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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.

At April 30, 2019, the market value of Repurchase Agreements outstanding forTax-Managed, Long-Short Equity and Global Risk-Balanced were $102,228, $29,546 and $819,421, respectively.

i. FOREIGN CURRENCY TRANSLATION

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.

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.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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 First Quadrant, L.P. (“First Quadrant”), who serves pursuant to a subadvisory agreement with the Investment Manager. AMG indirectly owns a majority interest in First Quadrant.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 2019, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:

Tax-Managed	0.70	%
Long-Short Equity	0.35	%
Global Risk-Balanced	0.60	%

The Investment Manager has contractually agreed, through at least March 1, 2020, to waive management fees and/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) ofTax-Managed, Long-Short Equity and Global Risk-Balanced to 0.89%, 0.69% and 0.89%, respectively, of each Fund’s average daily net assets subject to later reimbursement by the Funds in certain circumstances.

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 Board, 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.

In general, for a period of up to 36 months, the Investment Manager may recover from each Fund fees waived and expenses paid pursuant to this contractual agreement, provided that such repayment would not cause the Fund’s total annual

40

Notes to Financial Statements(continued)

operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed the contractual expense limitation amount.

At April 30, 2019, the Funds’ expiration of recoupment is as follows:

Expiration Period	Tax-Managed		Long-Short Equity		Global Risk-Balanced
Less than 1 year	$	109,706	$	16,885	$	71,757
Within 2 years		89,135		63,888		40,936
Within 3 years		98,720		31,455		61,124
Total Amount Subject to Recoupment	$	297,561	$	112,228	$	173,817

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 allnon-portfolio management aspects of managing the Fund’s 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.

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.

The Trust has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule12b-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 may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of each such class of the Fund’s shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to the Distributor up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares.

For Class N and Class I shares of Long-Short Equity and Global Risk-Balanced, the Board has approved reimbursement payments to the Investment 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.

The impact on the annualized expense ratio for the six months ended April 30, 2019, was as follows:

Fund	Maximum Annual Amount Approved			Actual Amount Incurred
Long-Short Equity
Class N		0.10	%		0.10	%
Class I		0.10	%		0.04	%
Global Risk-Balanced
Class N		0.15	%		0.15	%
Class I		0.15	%		0.15	%

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 forout-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.

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. For the six months ended April 30, 2019, Long-Short Equity lent a maximum of $3,541,168 for twelve days earning interest of $2,519 and Global Risk-Balanced lent a maximum of $2,388,276 for five days earning interest of $1,093. The interest income amount is included in the Statement of Operations as interest income. Long-Short Equity borrowed a maximum of $10,188,335 for nine days paying interest of 4,718. The interest expense amount is included on the Statement of Operations as miscellaneous expense. At April 30, 2019, the Funds had no interfund loans outstanding.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended April 30, 2019, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Tax-Managed	$	14,829,546	$	20,398,112
Long-Short Equity		155,767,362		101,203,307
Global Risk-Balanced		2,851,748		6,235,642

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2019.

41

Notes to Financial Statements(continued)

4. PORTFOLIO SECURITIES LOANED

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 or U.S. Government and 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.

The value of securities loaned on positions held, cash and securities collateral received at April 30, 2019, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Tax-Managed	$	2,343,021	$	102,228	$	2,277,415	$	2,379,643
Long-Short Equity		3,067,094		29,546		3,151,779		3,181,325
Global Risk-Balanced		801,847		819,421		—		819,421

The following table summarizes the securities received as collateral for securities lending:

Fund	Collateral Type	Coupon Range			Maturity Date Range
Tax-Managed	U.S. Treasury Obligations		0.000	%-8.750%		05/09/19-11/15/48
Long-Short Equity	U.S. Treasury Obligations		0.000	%-8.750%		05/09/19-11/15/48

5. FOREIGN SECURITIES

Global Risk-Balanced invests 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.

6. COMMITMENTS AND CONTINGENCIES

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.

7. FORWARD COMMITMENTS

Certain transactions, such as futures and forward transactions 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.

8. DERIVATIVE INSTRUMENTS

The following disclosures contain information on how and why certain Funds use derivative instruments, 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 gains and losses 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 six months ended April 30, 2019, the average quarterly balances of derivative financial instruments outstanding were as follows:

	Long-Short Equity		Global Risk-Balanced
Financial Futures Contracts
Average number of contracts purchased		561		703
Average notional value of contracts purchased	$	70,266,095	$	62,103,900
Options
Average value of option contracts purchased		—	$	313,421
Average value of option contracts written		—		470,525
Swap Agreements
Long Position:
Average notional value	$	1,275,518		—
Short Position:
Average notional value		42,913,158		—

42

Notes to Financial Statements(continued)

9. FUTURES CONTRACTS

Long-Short Equity entered into equity index futures contracts with the objective of maintaining exposure to equity stock markets while maintaining liquidity. Global Risk-Balanced entered into futures contracts, including futures contracts on fixed-income securities, interest rate futures contracts, foreign currency futures contracts and futures contracts on security indices (including broad-based security indices). Long-Short Equity and Global Risk-Balanced purchased and sold 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.

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 Funds.

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 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.

As of April 30, 2019, Long-Short Equity had an amount of $2,214,548 with the futures broker. The amount consisted of $114,724 owed to the futures broker, representing a cash overdraft plus variation margin, and unrealized appreciation of $2,329,272 on open futures contracts. Long-Short Equity used $2,134,440 of unrealized appreciation to cover initial margin requirements.

As of April 30, 2019, Global Risk-Balanced had unrealized appreciation of $1,575,143 on open futures contracts, which Global Risk-Balanced received payments from the futures broker of $1,631,433. Additionally, the Fund has $2,984,603 of security collateral held with the futures broker to cover initial margin.

10. OPTIONS

A written option contract is a contract in which the writer of the option grants the buyer of the option the right to purchase from (call option) or sell to (put option) the writer a designated instrument at a specified price within a specified period of time. Options purchased are recorded as an asset, while options written (sold) are recorded as liabilities. Long-Short Equity and Global Risk-Balanced, as writer of written options, bears the risk of an unfavorable change in the market value of the instrument underlying the written option. When an option expires, the premium (original option value) is realized as a gain if the option was written or as a loss if the option was purchased. When the exercise of an option results in a cash settlement, the difference between the premium and the settlement proceeds is recognized as realized gain or loss. When securities are acquired or delivered upon exercise of an option, the acquisition cost or sale proceeds are adjusted by

the amount of the premium. When an option is closed, the difference between the premium and the cost to close the position is realized as a gain or loss.

11. SWAPS

Long Short Equity may enter into Equity Basket Swaps to obtain exposure to a portfolio of long and short securities. Under the terms of the agreement, the equity return basket swap is designed to function as a fund of direct investments in long and short equity positions. The Fund will receive all of the economic benefits and risks equivalent to direct investments in these positions such as: capital appreciation or depreciation, corporate actions, and dividends and interest received and paid, all of which are reflected in the swap value. The swap value also includes interest charges and credits (“financing fees”) related to the notional values of the long and short positions and cash balances within the swap. These financing fees are based on defined market rates or a specified benchmark rate, plus or minus a specified spread. Underlying positions constituting the Equity Basket Swap are reset periodically. On reset date, any unrealized gains (losses) on positions and accrued financing costs become available for cash settlement between Long Short Equity and the swap counterparty. Cash settlement in and out of the swap may occur at a reset date,close-out date or at maturity.

A change in the market value of a Equity Basket Swap, unpaid dividend income and/or expense and financing fees are recognized as net change in unrealized appreciation or depreciation on swaps in the Statements of Operations. Payments received or paid, on resets, close-outs or maturities, are recorded in the statement of operations as realized gains or losses of swaps.

Swaps and Equity Basket Swaps, aretwo-party contracts that may be subject to contractual restrictions on transferability and termination and because they may have terms of greater than seven days, swap agreements may be considered to be illiquid. If a swap is not liquid, it may not be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses. Moreover, the Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. The Fund will enter into swap agreements only with counterparties that meet certain standards of creditworthiness. When a counterparty’s obligations are not fully secured by collateral, then the Fund is essentially an unsecured creditor of the counterparty. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that a counterparty will be able to meet its obligations pursuant to such contracts or that, in the event of default, the Fund will succeed in enforcing contractual remedies. Counterparty risk still exists even if a counterparty’s obligations are secured by collateral because the Fund’s interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Counterparty risk also may be more pronounced if a counterparty’s obligations exceed the amount of collateral held by the Fund, if any, the Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from themarked-to-market value of the instrument.

12. EXCHANGE TRADED NOTES

Global Risk-Balanced invests in Exchange Traded Notes (“ETNs”). ETNs are senior, unsecured, unsubordinated debt securities issued by a financial institution, listed on an exchange and traded in the secondary market. There are no periodic interest payments, and principal is not protected. The Fund could lose some or all of the amount invested. The price in the secondary market is determined by

43

Notes to Financial Statements(continued)

supply and demand, the current performance of the index, and the credit rating of the ETN issuer. At maturity, the issuer pays the Fund a return linked to the performance of the market index, such as a commodity index, to which the ETN is linked, minus the issuer’s fee. ETNs are subject to the risk of a breakdown in the futures markets that they use. As a means to obtain commodity exposure, the Fund invests in ETNs linked to commodity indices. The Fund may be exposed to a wide variety of commodity sectors, including, without limitation, agriculture, livestock, base/industrial metals, oil, energy and precious metals. Commodity prices, and the value of stocks of companies exposed to commodities, can be extremely volatile and are affected by a wide range of factors.

13. MARKET, CREDIT AND COUNTERPARTY RISKS

In the normal course of business, Global Risk-Balanced invests in securities and enters into transactions where risks exist due to market fluctuations and is exposed to credit risk with parties with whom it trades (issuers or counterparties). Market prices of investments held by the Fund may fall rapidly or unpredictably and will rise and fall due to changing economic, political, or market conditions or in response to events that affect particular industries or companies. The Fund may be exposed to credit or counterparty risk, or the risk that an institution or other entity with which the Fund has unsettled or open transactions will default or not perform under the contract. The Fund minimizes credit risk and counterparty risk by undertaking transactions with a large number of customers and counterparties on recognized and reputable exchanges. The Fund could lose money if the issuer or guarantor of a fixed income security, or the counterparty to a financial derivatives contract, repurchase agreement or a loan of portfolio securities, is unable or unwilling to make timely principal and/or interest payments, or to otherwise honor its obligations.

The Funds are subject to various Master Agreements, which govern the terms of certain transactions with select counterparties. These Master Agreements reduce the counterparty risk associated with relevant transactions by specifying credit protection mechanisms and providing standardization that improves legal certainty. Master Agreements can also help limit counterparty risk by specifying collateral posting arrangements atpre-arranged exposure levels. Under the Master Agreements, collateral is routinely transferred if the total net exposure to certain transactions (net of existing collateral already in place) governed under the relevant master agreement with a counterparty in a given account exceeds a specified threshold, which typically ranges from zero to $250,000 depending on the counterparty and the type of Master Agreement.

International Swaps and Derivatives Association, Inc. Master Agreements (“ISDA Master Agreements”) govern OTC financial derivative transactions entered into by the Funds and the respective counterparty. The ISDA Master Agreements maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. Certain ISDA Master Agreements allow counterparties to OTC derivatives to terminate derivative contracts prior to maturity in the event the Funds’ net assets decline by a stated percentage or the Funds fail to meet the terms of the ISDA Master Agreement, which requires

accelerated settlement of all outstanding transactions under the applicable ISDA Master Agreement. Any election to terminate early could be material to the financial statements.

14. SECURITIES SOLD SHORT AND DUE TO/FROM BROKERS

Long-Short Equity utilizes short sales as part of its overall portfolio management strategy. A short sale involves the sale of a security that is borrowed from a broker or other financial institution. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon closing a short sale. Short sales expose the Fund to the risk that it will be required to acquire, convert or exchange securities to replace the borrowed securities at a time when the securities sold short have appreciated in value, thus resulting in a loss to the Fund. The Fund must segregate liquid assets, or otherwise cover its position in a permissible manner. The Investment Manager determines the liquidity of assets, in accordance with procedures established by the Board. Cash segregated as collateral for short sales is shown in the Statement of Assets and Liabilities as segregated cash. Security positions segregated as collateral for short sales are included in investments at value in the Statement of Assets and Liabilities. Due to/from brokers represents cash balances on deposit with, or cash balances owed to the Prime Broker . When the Fund has cash balances on deposit with the Prime Broker , the Fund is subject to credit risk should the Prime Broker be unable to meet their obligations to the Fund; and when the Fund has cash balances owed to the Prime Broker, the amount is payable upon demand and the Fund must segregate liquid assets. The Fund has entered into a Special Custody and Pledge Agreement with the Prime Broker for securities sold short, which provides the right, in the event of default (including bankruptcy or insolvency) for thenon-defaulting party to liquidate the collateral and calculate net exposure to the defaulting party or request additional collateral. For financial reporting purposes, the Fund does not offset financial assets and financial liabilities that are subject to a Special Custody and Pledge Agreement in the Statement of Assets and Liabilities. As of April 30, 2019, the Fund did not hold any securities sold short. For the six months ended April 30, 2019, the Fund had interest and dividend expense in the amounts of $88,233 and $201,083, respectively. These amounts are included in the Statement of Operations as interest and dividend expense.

15. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending and short-sale programs, Repurchase Agreements and derivative instruments, which provide the right, in the event of default (including bankruptcy or insolvency) for thenon-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 and short sale transactions, see Note 4 and Note 13.

44

Notes to Financial Statements(continued)

The following table is a summary of the Funds’ open Repurchase Agreements and derivatives that are subject to a master netting agreement as of April 30, 2019:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount
Tax-Managed
RBC Dominion Securities, Inc.	$	102,228		—	$	102,228	$	102,228		—
Long-Short Equity
BNP Paribas SA	$	29,546		—	$	29,546	$	29,546		—
Global Risk-Balanced
RBC Dominion Securities, Inc.	$	819,421		—	$	819,421	$	819,421		—

16. SUBSEQUENT EVENTS

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.

45

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INVESTMENT MANAGER AND

ADMINISTRATOR

AMG Funds LLC

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

DISTRIBUTOR

AMG Distributors, Inc.

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

SUBADVISER

First Quadrant, L.P.

800 E. Colorado Boulevard, Suite 900

Pasadena, CA 91101

CUSTODIAN

The Bank of New York Mellon

111 Sanders Creek Parkway

East Syracuse, NY 13057

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

P.O. Box 9769

Providence, RI 02940

800.548.4539

TRUSTEES

Bruce B. Bingham

Christine C. Carsman

Edward J. Kaier

Kurt A. Keilhacker

Steven J. Paggioli

Richard F. Powers III

Eric Rakowski

Victoria L. Sassine

Thomas R. Schneeweis

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.

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 the12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

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 FormN-PORT, which has replaced Form NQ. The Funds’ portfolio holdings on FormN-PORT are available on the SEC’s website at sec.gov. To review a complete list of the Funds’ portfolio holdings, or to view the semiannual report, or annual report, please visit amgfunds.com.

amgfunds.com 49

AFFILIATE SUBADVISED FUNDS

BALANCED FUNDS

AMG Chicago Equity Partners Balanced

Chicago Equity Partners, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG FQTax-Managed U.S. Equity

AMG FQ Long-Short Equity

First Quadrant, L.P.

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small/Mid Cap

AMG GW&K Trilogy Emerging Markets Equity

AMG GW&K Trilogy Emerging Wealth Equity

AMG GW&K U.S. Small Cap Growth

GW&K Investment Management, LLC

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Dividend All Cap Value II

AMG River Road Focused Absolute Value

AMG River Road Long-Short

AMG River RoadSmall-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG SouthernSun Small Cap

AMG SouthernSun U.S. Equity

SouthernSun Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Focused Fund - Security Selection Only

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

OPEN-ARCHITECTURE FUNDS

EQUITY FUNDS

AMG Managers Brandywine

AMG Managers Brandywine Advisors Mid Cap Growth

AMG Managers Brandywine Blue

Friess Associates, LLC

AMG Managers Cadence Emerging Companies

AMG Managers Cadence Mid Cap

Cadence Capital Management LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Managers Emerging Opportunities

WEDGE Capital Management L.L.P.

Next Century Growth Investors LLC

RBC Global Asset Management (U.S.) Inc.

AMG Managers Essex Small/Micro Cap Growth

Essex Investment Management Company, LLC

AMG Managers Fairpointe ESG Equity

AMG Managers Fairpointe Mid Cap

Fairpointe Capital LLC

AMG Managers LMCG Small Cap Growth

LMCG Investments, LLC

AMG Managers Montag & Caldwell Growth

Montag & Caldwell, LLC

AMG Managers Pictet International

Pictet Asset Management Limited

AMG Managers Silvercrest Small Cap

Silvercrest Asset Management Group LLC

AMG Managers Skyline Special Equities

Skyline Asset Management, L.P.

AMG Managers Special Equity

Ranger Investment Management, L.P. Lord, Abbett & Co. LLC

Smith Asset Management Group, L.P.

Federated MDTA LLC

FIXED INCOME FUNDS

AMG Managers Amundi Intermediate Government

AMG Managers Amundi Short Duration Government

Amundi Pioneer Institutional Asset Management, Inc.

AMG Managers Doubleline Core Plus Bond

DoubleLine Capital LP

AMG Managers Global Income Opportunity

AMG Managers Loomis Sayles Bond

Loomis, Sayles & Company, L.P.

amgfunds.com 043019 SAR016

SEMI-ANNUAL REPORT

AMG Funds

April 30, 2019

AMG Frontier Small Cap Growth Fund

Class N:MSSVX  |  Class I:MSSCX  |  Class Z:MSSYX

AMG Managers Emerging Opportunities Fund

Class N:MMCFX  |  Class I:MIMFX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website (https://www.amgfunds.com/resources/order_literature.html), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary or, if you invest directly with the Funds, by logging into your account at www.amgfunds.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1.800.548.4539 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds in the AMG Funds Family of Funds held in your account if you invest through your financial intermediary or all funds in the AMG Funds Family of Funds held with the fund complex if you invest directly with the Funds.

amgfunds.com 043019 SAR022

AMG Funds

Semi-Annual Report — April 30, 2019(unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG Frontier Small Cap Growth Fund		4
AMG Managers Emerging Opportunities Fund		8
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		14
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		16
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		17
Detail of changes in assets for the past two fiscal periods
Financial Highlights		18
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		23
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks

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 mutual funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

About Your Fund’s Expenses(unaudited)

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.

ACTUAL EXPENSES

The first line of the following table provides information about the actual account values and

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.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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.

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.

Six Months Ended April 30, 2019	Expense Ratio for the Period			Beginning Account Value 11/01/18		Ending Account Value 04/30/19		Expenses Paid During the Period*
AMG Frontier Small Cap Growth Fund
Based on Actual Fund Return
Class N		1.30	%	$	1,000	$	1,113	$	6.81
Class I		0.96	%	$	1,000	$	1,116	$	5.04
Class Z		0.90	%	$	1,000	$	1,115	$	4.72
Based on Hypothetical 5% Annual Return
Class N		1.30	%	$	1,000	$	1,018	$	6.51
Class I		0.96	%	$	1,000	$	1,020	$	4.81
Class Z		0.90	%	$	1,000	$	1,020	$	4.51
AMG Managers Emerging Opportunities Fund
Based on Actual Fund Return
Class N		1.24	%	$	1,000	$	1,066	$	6.35
Class I		1.09	%	$	1,000	$	1,067	$	5.59
Based on Hypothetical 5% Annual Return
Class N		1.24	%	$	1,000	$	1,019	$	6.21
Class I		1.09	%	$	1,000	$	1,019	$	5.46

* 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 (181), then divided by 365.

2

Fund Performance(unaudited)

Periods ended April 30, 2019

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended April 30, 2019.

Average Annual Total Returns1	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG Frontier Small Cap Growth Fund2,3, 4
Class N		11.27	%		15.21	%		9.65	%		—			12.30	%		01/01/10
Class I		11.55	%		15.69	%		9.98	%		14.49	%		8.25	%		09/24/97
Class Z		11.51	%		15.74	%		10.16	%		—			12.82	%		01/01/10
Russell 2000® Growth Index5		8.27	%		6.91	%		10.22	%		15.24	%		6.29	%		09/24/97	†
AMG Managers Emerging Opportunities Fund2,6, 7, 8
Class N		6.58	%		9.06	%		9.93	%		15.69	%		12.95	%		06/30/94
Class I		6.72	%		9.33	%		10.20	%		—			16.72	%		10/01/11
Russell Microcap® Index9		0.72	%		(1.73	%)		6.70	%		13.49	%		6.78	%		06/01/05
Russell 2000® Index10		6.06	%		4.61	%		8.63	%		14.10	%		9.37	%		06/30/94	†

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.

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 Funds 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.

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

^†  Date reflects the inception date of the Fund, not the index.

^*  Not annualized.

¹  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 Funds are net of expenses and based on the published NAV as of April 30, 2019. All returns are in U.S. dollars ($).

²  From time to time, the Funds’ advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

³  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.

⁴  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.

⁵  The Russell 2000^® Growth Index measures the performance of the Russell 2000^® companies with higherprice-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2000^® Growth Index is unmanaged, is not available for investment, and does not incur expenses.

⁶  The Fund is subject to the special risks associated with investments inmicro-cap companies, such as relatively short earnings history, competitive conditions, less publicly available corporate information, and reliance on a limited number of products.

⁷  Investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods.

⁸  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.

⁹  The Russell Microcap^® Index tracks the microcap segment of the U.S. equity market. It makes up less than 3% of the U.S. Equity market and is represented by the smallest 1,000 securities in thesmall-cap Russell 2000^® Index plus the next 1,000 securities. Unlike the Fund, the Russell Microcap^® Index is unmanaged, is not available for investment, and does not incur expenses.

¹⁰ The Russell 2000^® Index is composed of the 2,000 smallest stocks in the Russell 3000^® Index and is widely regarded in the industry as the premier measure ofsmall-cap stock performance. Unlike the Fund, the Russell 2000^® Index is unmanaged, is not available for investment, and does not incur expenses.

The Russell Indices are trademarks of the London Stock Exchange Group companies.

Not FDIC insured, nor bank guaranteed. May lose value.

3

AMG Frontier Small Cap Growth Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology		30.9
Health Care		22.5
Industrials		14.4
Consumer Discretionary		13.0
Financials		7.0
Real Estate		4.3
Materials		3.6
Energy		2.5
Communication Services		1.0
Short-Term Investments1		6.7
Other Assets Less Liabilities2		(5.9	)

¹  Includes reinvestment of cash collateral into joint repurchase agreements on security lending transactions.

²  Includes repayment of cash collateral on securities lending transactions.

TOP TEN HOLDINGS

Security Name	% of Net Assets
Myriad Genetics, Inc.		3.4
LPL Financial Holdings, Inc.		2.9
Benefitfocus, Inc.		2.8
RealPage, Inc.		2.6
2U, Inc.		2.6
Allegheny Technologies, Inc.		2.4
JetBlue Airways Corp.		2.4
Meritor, Inc.		2.3
Insulet Corp.		2.0
Texas Capital Bancshares, Inc.		2.0
Top Ten as a Group		25.4

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.

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.

4

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks—99.2%
Communication Services—1.0%
Cardlytics, Inc.*		12,671	$	197,668
Consumer Discretionary—13.0%
At Home Group, Inc.*,1		11,830		277,887
Boot Barn Holdings, Inc.*,1		1,642		47,273
Capri Holdings, Ltd. (United Kingdom)*		2,796		123,248
Carvana Co.*,1		167		11,951
Century Communities, Inc.*,1		10,585		269,177
Dana, Inc.		19,048		371,436
Eldorado Resorts, Inc.*,1		7,860		388,048
Etsy, Inc.*,1		2,324		156,963
Floor & Decor Holdings, Inc., Class A*,1		5,566		267,279
LKQ Corp.*		7,805		234,930
Planet Fitness, Inc., Class A*		2,807		212,490
Stoneridge, Inc.*		3,941		123,866
Strategic Education, Inc.		443		63,504
Tailored Brands, Inc.		15,096		123,032
Winnebago Industries, Inc.1		211		7,463
Total Consumer Discretionary				2,678,547
Energy—2.5%
Ensco Rowan plc, Class A (United Kingdom)		2,479		34,632
GasLog, Ltd. (Monaco)		3,052		47,703
International Seaways, Inc. (Marshall Islands)*		7,020		125,096
PDC Energy, Inc.*,1		3,811		165,740
SM Energy Co.1		8,788		139,993
Total Energy				513,164
Financials—7.0%
Argo Group International Holdings,
Ltd. (Bermuda)		2,584		201,733
Evercore, Inc., Class A		115		11,204
James River Group Holdings, Ltd. (Bermuda)		4,720		199,278
LPL Financial Holdings, Inc.		8,087		599,166
Texas Capital Bancshares, Inc.*		6,212		402,103
Webster Financial Corp.		360		19,127
Total Financials				1,432,611
Health Care—22.5%
Aerie Pharmaceuticals, Inc.*,1		4,813		183,616
Alkermes PLC (Ireland)*		1,484		44,995
Alnylam Pharmaceuticals, Inc.*,1		871		77,815
Amarin Corp. PLC, ADR (Ireland)*,1		10,501		196,369
Array BioPharma, Inc.*,1		6,471		146,309
Axogen, Inc.*,1		5,706		133,977

	Shares		Value
BioMarin Pharmaceutical, Inc.*		2,394	$	204,759
Bluebird Bio, Inc.*,1		799		113,322
DexCom, Inc.*,1		70		8,475
Exact Sciences Corp.*,1		2,782		274,556
Exelixis, Inc.*		18,475		363,218
Immunomedics, Inc.*,1		8,818		141,264
Incyte Corp.*		2,997		230,170
Insulet Corp.*,1		4,799		413,914
Intercept Pharmaceuticals, Inc.*,1		117		10,083
Karyopharm Therapeutics, Inc.*,1		11,087		51,776
Madrigal Pharmaceuticals, Inc.*,1		444		47,099
Masimo Corp.*		337		43,860
Myriad Genetics, Inc.*,1		21,927		690,262
NanoString Technologies, Inc.*		3,228		83,831
Nektar Therapeutics*,1		2,005		64,200
Novocure, Ltd. (Jersey)*		5,983		263,671
Pacira BioSciences, Inc.*		5,961		237,367
PTC Therapeutics, Inc.*		3,966		148,408
Sage Therapeutics, Inc.*,1		196		32,973
Seattle Genetics, Inc.*		2,051		139,017
TherapeuticsMD, Inc.*,1		61,326		263,702
ViewRay, Inc.*,1		3,832		26,671
Total Health Care				4,635,679
Industrials—14.4%
American Woodmark Corp.*,1		1,856		166,910
Azul, S.A., ADR (Brazil)*		6,963		180,759
Beacon Roofing Supply, Inc.*		1,077		40,560
BMC Stock Holdings, Inc.*		4,610		94,874
GMS, Inc.*		13,004		229,130
JetBlue Airways Corp.*		26,098		484,118
KBR, Inc.		10,825		240,532
Knight-Swift Transportation Holdings, Inc.1		8,495		283,308
MasTec, Inc.*,1		5,017		254,111
Meritor, Inc.*		19,305		468,339
TransUnion		1,902		132,474
Tutor Perini Corp.*,1		10,577		211,223
Wesco Aircraft Holdings, Inc.*		21,197		178,903
Total Industrials				2,965,241
Information Technology—30.9%
2U, Inc.*,1		8,709		526,894
Alteryx, Inc., Class A*		924		81,903
Anaplan, Inc.*		2,921		115,000
Appian Corp.*,1		2,910		105,022

The accompanying notes are an integral part of these financial statements.

5

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Information Technology—30.9% (continued)
Benefitfocus, Inc.*,1		13,999	$	570,179
Blackline, Inc.*,1		458		23,395
Coherent, Inc.*,1		1,172		173,468
Coupa Software, Inc.*		1,828		188,887
Cypress Semiconductor Corp.		13,209		226,931
DocuSign, Inc.*,1		372		21,081
Entegris, Inc.		4,789		195,679
Euronet Worldwide, Inc.*		1,054		157,984
Guidewire Software, Inc.*,1		100		10,650
Mimecast, Ltd. (Jersey)*		6,033		310,760
MKS Instruments, Inc.		813		73,991
Model N, Inc.*		10,545		195,504
Monolithic Power Systems, Inc.		988		153,841
New Relic, Inc.*		1,200		126,288
Nutanix, Inc., Class A*		4,270		184,421
Okta, Inc.*		454		47,230
Pivotal Software, Inc., Class A*,1		2,908		63,104
Pure Storage, Inc., Class A*		9,689		221,491
RealPage, Inc.*,1		8,269		539,221
Rogers Corp.*		903		151,271
Semtech Corp.*		4,225		227,601
ShotSpotter, Inc.*		812		42,792
SolarEdge Technologies Inc. (Israel)*,1		2,042		90,461
SYNNEX Corp.		1,167		125,896
Tableau Software, Inc., Class A*,1		167		20,342
Teradyne, Inc.		6,020		294,980
The Trade Desk, Inc., Class A*,1		21		4,651
Ultra Clean Holdings, Inc.*,1		30,702		367,503
WEX, Inc.*		1,670		351,201
Zendesk, Inc.*		2,258		198,207
Zuora, Inc., Class A*,1		7,044		155,672
Total Information Technology				6,343,501
Materials—3.6%
Allegheny Technologies, Inc.*,1		19,998		498,350
Carpenter Technology Corp.		3,120		154,971
Livent Corp.*		7,994		86,175
Total Materials				739,496
Real Estate—4.3%
Brixmor Property Group, Inc., REIT		8,538		152,659

	Shares		Value
Corporate Office Properties Trust, REIT		8,281	$	230,874
Cushman & Wakefield PLC*		3,859		75,791
Essential Properties Realty Trust, Inc., REIT		3,053		63,136
Healthcare Trust of America, Inc., Class A, REIT		1,363		37,592
National Retail Properties, Inc., REIT		185		9,735
SITE Centers Corp., REIT		11,492		152,154
Spirit Realty Capital, Inc., REIT		2,239		90,590
STAG Industrial, Inc., REIT		2,808		80,814
Total Real Estate				893,345
Total Common Stocks (Cost $17,593,270)				20,399,252
	Principal Amount
Short-Term Investments—6.7%
Joint Repurchase Agreements—5.0%2
Bank of Montreal, dated 04/30/19, due 05/01/19, 2.700% total to be received $23,512 (collateralized by various U.S. Treasuries, 0.000% - 3.750%, 05/23/19 - 02/15/46, totaling $23,980)	$	23,510		23,510
HSBC Securities USA, Inc., dated 04/30/19, due 05/01/19, 2.750% total to be received $1,000,076 (collateralized by various U.S. Treasuries, 0.000% - 7.125%, 10/03/19 - 02/15/49, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				1,023,510
	Shares
Other Investment Companies—1.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%3		115,461		115,461
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%3		115,462		115,462
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%3		118,960		118,960
Total Other Investment Companies				349,883
Total Short-Term Investments (Cost $1,373,393)				1,373,393
Total Investments—105.9% (Cost $18,966,663)				21,772,645
Other Assets, less Liabilities—(5.9)%				(1,207,404	)
Net Assets—100.0%			$	20,565,241

The accompanying notes are an integral part of these financial statements.

6

AMG Frontier Small Cap Growth Fund

Schedule of Portfolio Investments(continued)

^*  Non-income producing security.

¹  Some or all of these securities, amounting to $5,990,483 or 29.1% 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

³  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR   American Depositary Receipt

REIT   Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	20,399,252		—		—	$	20,399,252
Short-Term Investments
Joint Repurchase Agreements		—	$	1,023,510		—		1,023,510
Other Investment Companies		349,883		—		—		349,883
Total Investments in Securities	$	20,749,135	$	1,023,510		—	$	21,772,645

^†  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.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

7

AMG Managers Emerging Opportunities Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Financials		20.3
Industrials		17.5
Health Care		14.5
Information Technology		12.9
Consumer Discretionary		10.9
Communication Services		4.7
Energy		4.0
Materials		4.0
Consumer Staples		3.8
Real Estate		3.1
Utilities		0.7
Exchange Traded Funds		0.2
Short-Term Investments		6.4
Other Assets Less Liabilities		(3.0	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Columbus McKinnon Corp.		1.8
Compass Diversified Holdings, MLP		1.7
Patrick Industries, Inc.		1.5
Gray Television, Inc.		1.3
Novanta, Inc. (Canada)		1.3
Ducommun, Inc.		1.2
Grand Canyon Education, Inc.		1.2
OMNOVA Solutions, Inc.		1.2
Universal Stainless & Alloy Products, Inc.		1.1
Vishay Precision Group, Inc.		1.0
Top Ten as a Group		13.3

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.

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.

8

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks—96.4%
Communication Services—4.7%
Bandwidth, Inc., Class A*		17,500	$	1,319,850
Boingo Wireless, Inc.*		44,853		1,019,957
Glu Mobile, Inc.*		106,320		1,163,141
Gray Television, Inc.*		101,740		2,383,768
QuinStreet, Inc.*,1		84,547		1,206,486
Reading International, Inc., Class A*		21,449		327,312
Salem Media Group, Inc.		42,361		87,687
TechTarget, Inc.*		52,857		882,183
Total Communication Services				8,390,384
Consumer Discretionary—10.9%
Barnes & Noble Education, Inc.*,1		30,527		131,266
Build-A-Bear Workshop, Inc.*		69,122		387,083
Century Casinos, Inc.*		42,175		383,793
The Container Store Group, Inc.*,1		25,134		217,158
Culp, Inc.		19,620		402,602
Delta Apparel, Inc.*		50,438		1,214,043
Destination XL Group, Inc.*		166,806		351,961
Grand Canyon Education, Inc.*		18,390		2,131,217
Hamilton Beach Brands Holding Co., Class A		28,275		511,778
Haverty Furniture Cos., Inc.		24,525		584,185
J Alexander’s Holdings, Inc.*		35,106		385,815
Johnson Outdoors, Inc., Class A		4,881		374,226
Lakeland Industries, Inc.*		22,410		284,383
Malibu Boats, Inc., Class A*		42,433		1,766,061
Marine Products Corp.		21,989		333,573
MasterCraft Boat Holdings, Inc.*		8,970		221,918
Monarch Casino & Resort, Inc.*		12,630		539,175
Nautilus, Inc.*		18,753		100,329
Points International, Ltd. (Canada)*		45,102		586,777
Potbelly Corp.*,1		60,343		537,053
Rocky Brands, Inc.		5,997		152,983
Ruth’s Hospitality Group, Inc.		34,303		891,192
Shiloh Industries, Inc.*,1		54,386		311,088
Shoe Carnival, Inc.1		16,054		572,486
Sportsman’s Warehouse Holdings, Inc.*,1		32,938		146,903
Stoneridge, Inc.*		30,380		954,843
Superior Group of Cos., Inc.		13,480		225,655
Tandy Leather Factory, Inc.*		22,590		133,733
Tile Shop Holdings, Inc.1		28,220		137,149
Tilly’s, Inc., Class A		59,563		700,461
Tower International, Inc.		31,628		738,198

	Shares		Value
TravelCenters of America LLC*,1		39,278	$	157,505
Universal Electronics, Inc.*,1		25,220		959,621
Waitr Holdings, Inc.*		89,182		870,416
ZAGG, Inc.*		131,918		1,087,004
Total Consumer Discretionary				19,483,633
Consumer Staples—3.8%
Calavo Growers, Inc.1		10,180		975,346
Craft Brew Alliance, Inc.*,1		50,128		707,306
John B Sanfilippo & Son, Inc.1		13,990		1,008,819
Landec Corp.*,1		21,030		221,025
Limoneira Co.		61,258		1,399,133
Natural Grocers by Vitamin Cottage, Inc.*		11,317		140,104
Primo Water Corp.*,1		90,938		1,432,274
RiceBran Technologies*		142,526		429,003
Turning Point Brands, Inc.1		14,243		609,173
Total Consumer Staples				6,922,183
Energy—4.0%
Aspen Aerogels, Inc.*		145,794		596,297
Callon Petroleum Co.*,1		134,220		1,007,992
Contango Oil & Gas Co.*,1		93,637		282,784
Dawson Geophysical Co.*		140,468		393,310
DMC Global, Inc.		21,007		1,455,785
Era Group, Inc.*,1		65,090		627,468
Evolution Petroleum Corp.		46,302		325,503
Matrix Service Co.*		16,775		328,958
North American Construction Group,
Ltd. (Canada)		59,291		774,933
Profire Energy, Inc.*		188,488		297,811
Ring Energy, Inc.*,1		111,346		576,772
TransGlobe Energy Corp. (Canada)		238,410		464,900
Total Energy				7,132,513
Financials—20.3%
American National Bankshares, Inc.		9,862		372,981
AMERISAFE, Inc.		24,310		1,439,638
Arrow Financial Corp.		15,732		529,382
The Bancorp, Inc.*		20,770		212,062
BankFinancial Corp.		21,727		326,122
Capital City Bank Group, Inc.		7,816		179,299
Civista Bancshares, Inc.		15,943		350,746
CNB Financial Corp.		6,772		192,867
Compass Diversified Holdings, MLP1		184,703		3,054,988
Cowen, Inc.*,1		45,147		756,212
eHealth, Inc.*,1		24,561		1,491,835

The accompanying notes are an integral part of these financial statements.

9

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Financials—20.3%(continued)
Ellington Financial, Inc.		31,774	$	573,203
Entegra Financial Corp.*		14,301		421,879
Farmers National Banc Corp.		12,109		174,249
FedNat Holding Co.		38,339		623,776
Financial Institutions, Inc.		25,294		695,585
First Bancorp		29,180		1,106,214
First Business Financial Services, Inc.		7,605		175,143
First Community Bancshares, Inc.		19,806		688,457
First Defiance Financial Corp.		30,087		887,867
First Financial Corp.		16,234		668,354
Flushing Financial Corp.		29,363		663,604
FS Bancorp, Inc.		6,605		341,412
German American Bancorp, Inc.1		33,035		986,095
Goosehead Insurance, Inc., Class A1		55,391		1,687,764
Hallmark Financial Services, Inc.*		15,169		174,140
HCI Group, Inc.		12,342		526,016
Heritage Financial Corp.		27,937		845,653
Heritage Insurance Holdings, Inc.		38,889		530,446
HomeTrust Bancshares, Inc.		27,151		688,549
Independent Bank Corp.		23,576		507,591
Kingstone Cos., Inc.		67,156		779,681
Kinsale Capital Group, Inc.		25,616		1,859,722
Macatawa Bank Corp.		16,355		168,784
Marlin Business Services Corp.		15,852		345,415
Mercantile Bank Corp.		50,330		1,701,154
MidWestOne Financial Group, Inc.		12,341		347,769
Northeast Bancorp		32,948		722,220
Northrim BanCorp, Inc.		37,518		1,331,514
OFS Capital Corp.		31,195		389,002
Old Second Bancorp, Inc.		49,426		654,894
Oppenheimer Holdings, Inc., Class A		26,568		697,410
Pacific Premier Bancorp, Inc.		41,677		1,211,550
Palomar Holdings, Inc.*		46,795		934,964
Preferred Bank		25,150		1,237,128
Regional Management Corp.*		31,011		768,142
Southern Missouri Bancorp, Inc.		10,953		367,473
Territorial Bancorp, Inc.		6,163		178,419
United Community Financial Corp.		54,751		504,257
Unity Bancorp, Inc.		9,043		195,329
Total Financials				36,266,956
Health Care—14.5%
Accelerate Diagnostics, Inc.*,1		15,617		304,532

	Shares		Value
Accuray, Inc.*		121,890	$	504,625
Addus HomeCare Corp.*,1		8,123		551,552
Alphatec Holdings, Inc.*		83,289		353,978
BioSpecifics Technologies Corp.*		13,779		923,193
CareDx, Inc.*,1		47,735		1,298,869
CRH Medical Corp. (Canada)*		51,839		158,627
CryoLife, Inc.*		15,284		468,607
CryoPort, Inc.*,1		15,719		221,166
Fluidigm Corp.*		60,695		833,949
Harvard Bioscience, Inc.*,1		64,593		249,975
Inspire Medical Systems, Inc.*,1		21,546		1,113,713
The Joint Corp*		98,386		1,737,497
LeMaitre Vascular, Inc.1		26,375		761,710
Nuvectra Corp.*		27,077		255,607
OrthoPediatrics Corp.*,1		41,474		1,689,651
Pro-Dex, Inc.*		10,347		177,762
Quanterix Corp.*		18,199		413,481
Recro Pharma, Inc.*		83,240		726,685
RTI Surgical, Inc.*		135,381		732,411
SeaSpine Holdings Corp.*		36,826		542,447
Semler Scientific, Inc.*		8,339		373,170
SI-BONE, Inc.*		86,249		1,466,233
Silk Road Medical, Inc.*		358		14,907
Simulations Plus, Inc.		20,765		467,835
Surmodics, Inc.*		13,240		575,146
Tactile Systems Technology, Inc.*,1		28,446		1,415,473
US Physical Therapy, Inc.1		2,600		302,874
Utah Medical Products, Inc.		7,918		668,279
Vapotherm, Inc.*		44,658		756,060
Veracyte, Inc.*		77,093		1,763,117
Vericel Corp.*,1		107,567		1,827,563
ViewRay, Inc.*,1		109,552		762,482
Vocera Communications, Inc.*,1		27,301		869,537
Zymeworks, Inc. (Canada)*,1		33,981		647,678
Total Health Care				25,930,391
Industrials—17.5%
ACCO Brands Corp.		181,393		1,657,932
Air Transport Services Group, Inc.*		11,710		275,536
Allied Motion Technologies, Inc.		24,824		908,807
Armstrong Flooring, Inc.*		35,382		512,685
Barrett Business Services, Inc.		10,440		760,658
Blue Bird Corp.*		10,220		176,908
Broadwind Energy, Inc.*		55,310		110,067

The accompanying notes are an integral part of these financial statements.

10

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Industrials—17.5%(continued)
Casella Waste Systems, Inc., Class A*		24,357	$	909,003
CBIZ, Inc.*		29,980		578,914
Columbus McKinnon Corp.		80,400		3,164,544
Commercial Vehicle Group, Inc.*		50,604		451,388
Covenant Transportation Group, Inc., Class A*		15,633		305,313
CPI Aerostructures, Inc.*		22,278		141,020
CRA International, Inc.		15,534		809,011
Ducommun, Inc.*		53,637		2,176,589
Ennis, Inc.		42,861		864,935
Global Brass & Copper Holdings, Inc.		22,482		975,494
Graham Corp.		37,501		776,271
The Greenbrier Cos., Inc.1		33,287		1,182,687
Heidrick & Struggles International, Inc.		17,981		643,360
Heritage-Crystal Clean, Inc.*		20,647		593,188
Insteel Industries, Inc.1		20,780		435,133
Kornit Digital, Ltd. (Israel)*		19,452		560,801
Lydall, Inc.*		4,842		119,162
Manitex International, Inc.*		134,107		1,024,577
Marten Transport, Ltd.		19,663		388,934
Mistras Group, Inc.*		22,163		303,855
NN, Inc.1		48,040		434,282
NV5 Global, Inc.*,1		21,020		1,331,407
Patrick Industries, Inc.*,1		55,057		2,745,693
PGT Innovations, Inc.*		35,390		518,817
Radiant Logistics, Inc.*		121,421		794,093
Spartan Motors, Inc.		60,941		566,751
Sterling Construction Co., Inc.*		24,537		332,722
Titan Machinery, Inc.*		32,228		554,322
Transcat, Inc.*		15,967		368,039
Universal Logistics Holdings, Inc.		23,968		585,299
Vectrus, Inc.*		22,077		895,222
Willdan Group, Inc.*,1		34,263		1,354,416
Total Industrials				31,287,835
Information Technology—12.9%
Airgain, Inc.*		29,416		469,774
American Software, Inc., Class A		30,407		393,771
AXT, Inc.*,1		71,510		407,607
Bel Fuse, Inc., Class B		20,289		480,849
Comtech Telecommunications Corp.		15,648		368,198
CyberOptics Corp.*		8,565		151,943
DSP Group, Inc.*		27,210		388,831
Everi Holdings, Inc.*,1		49,397		508,295

	Shares		Value
The Hackett Group, Inc.		43,595	$	669,183
Information Services Group, Inc.*		83,171		296,089
International Money Express, Inc.*,1		149,264		1,801,617
inTEST Corp.*		72,978		483,114
Mitek Systems, Inc.*		95,150		1,132,285
Model N, Inc.*		58,819		1,090,504
Napco Security Technologies, Inc.*,1		24,610		609,836
Novanta, Inc.*		27,020		2,351,280
NVE Corp.		7,003		670,957
PC Connection, Inc.		29,271		1,087,710
PCM, Inc.*		7,030		193,958
PC-Tel, Inc.		28,765		136,059
PRGX Global, Inc.*		41,690		334,354
PROS Holdings, Inc.*,1		32,484		1,664,480
Sapiens International Corp. NV (Israel)		72,601		1,115,877
ShotSpotter, Inc.*		10,074		530,900
TESSCO Technologies, Inc.		39,789		737,688
TransAct Technologies, Inc.		15,853		149,335
Tufin Software Technologies, Ltd. (Israel)*		37,485		840,414
Tyler Technologies, Inc.*		4,200		974,022
Unisys Corp.*,1		25,740		288,545
Vishay Precision Group, Inc.*		49,430		1,871,914
Zix Corp.*		101,064		823,672
Total Information Technology				23,023,061
Materials—4.0%
FutureFuel Corp.		30,920		454,215
Koppers Holdings, Inc.*		31,215		834,689
Myers Industries, Inc.		40,289		720,770
OMNOVA Solutions, Inc.*		278,178		2,058,517
UFP Technologies, Inc.*		30,995		1,128,218
Universal Stainless & Alloy Products, Inc.*,1		134,539		1,936,017
Total Materials				7,132,426
Real Estate—3.1%
Braemar Hotels & Resorts, Inc., REIT		65,569		911,409
Community Healthcare Trust, Inc., REIT1		32,060		1,169,549
Consolidated-Tomoka Land Co.		11,348		703,576
Global Medical REIT, Inc.		51,541		525,718
NexPoint Residential Trust, Inc., REIT		20,615		772,856
Plymouth Industrial REIT, Inc.		20,953		393,288
Sotherly Hotels, Inc., REIT		25,865		182,607
UMH Properties, Inc., REIT		68,390		960,880
Total Real Estate				5,619,883

The accompanying notes are an integral part of these financial statements.

11

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Utilities—0.7%
Middlesex Water Co.		3,681	$	213,461
Unitil Corp.		17,620		1,002,754
Total Utilities				1,216,215
Total Common Stocks (Cost $135,682,109)				172,405,480
Exchange Traded Funds—0.2%
SPDR S&P Regional Banking ETF1 (Cost $344,176)		6,550		365,490
	Principal Amount
Short-Term Investments—6.4%
Joint Repurchase Agreements—2.8%2
BNP Paribas SA, dated 04/30/19, due 05/01/19, 2.700% total to be received $247,429 (collateralized by various U.S. Treasuries, 0.000% - 8.750%, 05/21/19 - 09/09/49, totaling $252,358)	$	247,410		247,410
Cantor Fitzgerald Securities, Inc., dated 04/30/19, due 05/01/19, 2.760% total to be received $1,176,883 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 10.000%, 05/15/19 - 03/20/69, totaling $1,200,329)		1,176,793		1,176,793
Citigroup Global Markets, Inc., dated 04/30/19, due 05/01/19, 2.770% total to be received $1,176,884 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.250% - 8.500%, 05/25/19 - 04/20/69, totaling $1,200,329)		1,176,793		1,176,793

	Principal Amount		Value
HSBC Securities USA, Inc., dated 04/30/19, due 05/01/19, 2.760% total to be received $1,176,883 (collateralized by various U.S. Government Agency Obligations, 3.000% - 5.000%, 03/01/30 - 12/01/48, totaling $1,200,329)	$	1,176,793	$	1,176,793
RBC Dominion Securities, Inc., dated 04/30/19, due 05/01/19, 2.720% total to be received $1,176,882 (collateralized by various U.S. Government Agency Obligations, 2.652% - 7.000%, 04/01/34 - 04/20/49, totaling $1,200,329)		1,176,793		1,176,793
Total Joint Repurchase Agreements				4,954,582
	Shares
Other Investment Companies—3.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%3		6,051,409		6,051,409
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%3		175,405		175,405
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%3		180,720		180,720
Total Other Investment Companies				6,407,534
Total Short-Term Investments (Cost $11,362,116)				11,362,116
Total Investments—103.0% (Cost $147,388,401)				184,133,086
Other Assets, less Liabilities—(3.0)%				(5,372,017	)
Net Assets—100.0%			$	178,761,069

^*  Non-income producing security.

¹  Some or all of these securities, amounting to $25,309,828 or 14.2% 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

³  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ETF   Exchange Traded Fund

MLP   Master Limited Partnership

REIT   Real Estate Investment Trust

S&P   Standard & Poor’s

SPDR   Standard & Poor’s Depositary Receipt

The accompanying notes are an integral part of these financial statements.

12

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments(continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	172,405,480		—		—	$	172,405,480
Exchange Traded Funds		365,490		—		—		365,490
Short-Term Investments
Joint Repurchase Agreements		—	$	4,954,582		—		4,954,582
Other Investment Companies		6,407,534		—		—		6,407,534
Total Investments in Securities	$	179,178,504	$	4,954,582		—	$	184,133,086

† 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.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

13

Statement of Assets and Liabilities(unaudited)

April 30, 2019

	AMG Frontier Small Cap Growth Fund		AMG Managers Emerging Opportunities Fund
Assets:
Investments at value1(including securities on loan valued at $5,990,483, and $25,309,828, respectively)	$	21,772,645	$	184,133,086
Receivable for investments sold		134,396		955,880
Dividend, interest and other receivables		4,143		67,546
Receivable for Fund shares sold		4,279		109,353
Receivable from affiliate		10,586		9,371
Prepaid expenses and other assets		23,419		17,393
Total assets		21,949,468		185,292,629
Liabilities:
Payable upon return of securities loaned		1,023,510		4,954,582
Payable for investments purchased		306,029		1,280,891
Payable for Fund shares repurchased		2,924		77,379
Accrued expenses:
Investment advisory and management fees		11,899		108,129
Administrative fees		2,550		21,918
Distribution fees		222		—
Shareholder service fees		792		30,464
Other		36,301		58,197
Total liabilities		1,384,227		6,531,560
Net Assets	$	20,565,241	$	178,761,069
1   Investments at cost	$	18,966,663	$	147,388,401

The accompanying notes are an integral part of these financial statements.

14

Statement of Assets and Liabilities(continued)

	AMG Frontier Small Cap Growth Fund		AMG Managers Emerging Opportunities Fund
Net Assets Represent:
Paid-in capital	$	18,187,643	$	130,329,797
Distributable earnings		2,377,598		48,431,272
Net Assets	$	20,565,241	$	178,761,069
Class N:
Net Assets	$	1,080,550	$	148,993,265
Shares outstanding		135,236		3,625,038
Net asset value, offering and redemption price per share	$	7.99	$	41.10
Class I:
Net Assets	$	12,229,104	$	29,767,804
Shares outstanding		1,460,069		710,155
Net asset value, offering and redemption price per share	$	8.38	$	41.92
Class Z:
Net Assets	$	7,255,587		—
Shares outstanding		834,128		—
Net asset value, offering and redemption price per share	$	8.70		—

The accompanying notes are an integral part of these financial statements.

15

Statement of Operations(unaudited)

For the six months ended April 30, 2019

	AMG Frontier Small Cap Growth Fund			AMG Managers Emerging Opportunities Fund
Investment Income:
Dividend income	$	40,804		$	815,164
Securities lending income		5,828			74,935
Foreign withholding tax		—			(4,437	)
Total investment income		46,632			885,662
Expenses:
Investment advisory and management fees		66,110			776,120
Administrative fees		14,166			128,052
Distribution fees—Class N		923			—
Shareholder servicing fees—Class N		554			178,322
Shareholder servicing fees—Class I		3,524			—
Registration fees		23,395			19,395
Custodian fees		19,072			22,501
Professional fees		14,569			19,381
Transfer agent fees		3,259			15,515
Reports to shareholders		2,353			11,405
Trustee fees and expenses		845			7,534
Miscellaneous		1,320			2,551
Total expenses before offsets		150,090			1,180,776
Expense reimbursements		(59,895	)		(66,702	)
Expense reductions		—			(10,061	)
Net expenses		90,195			1,104,013
Net investment loss		(43,563	)		(218,351	)
Net Realized and Unrealized Gain:
Net realized gain on investments		553,617			13,644,148
Net change in unrealized appreciation/depreciation on investments		1,423,069			(2,768,212	)
Net realized and unrealized gain		1,976,686			10,875,936
Net increase in net assets resulting from operations	$	1,933,123		$	10,657,585

The accompanying notes are an integral part of these financial statements.

16

Statements of Changes in Net Assets

For the six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018

	AMG Frontier Small Cap Growth Fund						AMG Managers Emerging Opportunities Fund
	April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018
Increase in Net Assets Resulting From Operations:
Net investment loss	$	(43,563	)	$	(88,607	)	$	(218,351	)	$	(1,095,831	)
Net realized gain on investments		553,617			5,566,378			13,644,148			32,625,998
Net change in unrealized appreciation/depreciation on investments		1,423,069			(2,987,833	)		(2,768,212	)		(16,727,914	)
Net increase in net assets resulting from operations		1,933,123			2,489,938			10,657,585			14,802,253
Distributions to Shareholders:
Class N		(137,752	)		(74,443	)		(26,608,054	)		(16,730,534	)
Class I		(3,607,157	)		(2,421,844	)		(4,974,384	)		(2,696,048	)
Class Z		(2,240,613	)		(1,606,835	)		—			—
Total distributions to shareholders		(5,985,522	)		(4,103,122	)		(31,582,438	)		(19,426,582	)
Capital Share Transactions:1
Net increase from capital share transactions		6,097,392			1,559,658			22,781,590			8,639,116
Total increase (decrease) in net assets		2,044,993			(53,526	)		1,856,737			4,014,787
Net Assets:
Beginning of period		18,520,248			18,573,774			176,904,332			172,889,545
End of period	$	20,565,241		$	18,520,248		$	178,761,069		$	176,904,332

¹ See Note 1(g) of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

17

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class N	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	11.69		$	13.20		$	10.29		$	13.57		$	25.12		$	26.26
Income (loss) from Investment Operations:
Net investment loss2,3		(0.03	)		(0.09	)		(0.11	)		(0.06	)4		(0.12	)		(0.21	)5
Net realized and unrealized gain (loss) on investments		0.38			1.58			3.07			(0.22	)		0.19			2.05
Total income (loss) from investment operations		0.35			1.49			2.96			(0.28	)		0.07			1.84
Less Distributions to Shareholders from:
Net realized gain on investments		(4.05	)		(3.00	)		(0.05	)		(3.00	)		(11.62	)		(2.98	)
Net Asset Value, End of Period	$	7.99		$	11.69		$	13.20		$	10.29		$	13.57		$	25.12
Total Return3		11.27	%6,7		13.81	%7		28.82	%7		(3.01	)%7		(3.06	)%		7.24	%
Ratio of net expenses to average net assets		1.30	%8		1.30	%		1.43	%		1.55	%		1.55	%		1.55	%
Ratio of gross expenses to average net assets9		1.93	%8		1.81	%		2.01	%		1.95	%		1.81	%		1.74	%
Ratio of net investment loss to average net assets3		(0.81	)%8		(0.76	)%		(0.93	)%		(0.58	)%		(0.76	)%		(0.86	)%
Portfolio turnover		115	%6		233	%		99	%		70	%		99	%		63	%
Net assets end of period (000’s) omitted	$	1,081		$	553		$	210		$	147		$	179		$	365

18

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class I	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	12.02		$	13.46		$	10.46		$	13.76		$	25.40		$	26.48
Income (loss) from Investment Operations:
Net investment loss2,3		(0.02	)		(0.06	)		(0.08	)		(0.03	)4		(0.08	)		(0.15	)5
Net realized and unrealized gain (loss) on investments		0.43			1.62			3.13			(0.23	)		0.20			2.08
Total income (loss) from investment operations		0.41			1.56			3.05			(0.26	)		0.12			1.93
Less Distributions to Shareholders from:
Net realized gain on investments		(4.05	)		(3.00	)		(0.05	)		(3.04	)		(11.76	)		(3.01	)
Net Asset Value, End of Period	$	8.38		$	12.02		$	13.46		$	10.46		$	13.76		$	25.40
Total Return3		11.55	%6,7		14.12	%7		29.22	%7		(2.77	)%7		(2.78	)%		7.54	%
Ratio of net expenses to average net assets		0.96	%8		1.01	%		1.15	%		1.29	%		1.28	%		1.28	%
Ratio of gross expenses to average net assets9		1.59	%8		1.52	%		1.73	%		1.69	%		1.55	%		1.47	%
Ratio of net investment loss to average net assets3		(0.47	)%8		(0.46	)%		(0.65	)%		(0.32	)%		(0.51	)%		(0.59	)%
Portfolio turnover		115	%6		233	%		99	%		70	%		99	%		63	%
Net assets end of period (000’s) omitted	$	12,229		$	11,549		$	11,009		$	9,570		$	12,671		$	14,842

19

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class Z	(unaudited)			2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	12.31		$	13.70		$	10.63		$	13.95		$	25.69		$	26.72
Income (loss) from Investment Operations:
Net investment loss2,3		(0.02	)		(0.05	)		(0.06	)		(0.01	)4		(0.05	)		(0.09	)5
Net realized and unrealized gain (loss) on investments		0.46			1.66			3.18			(0.22	)		0.21			2.10
Total income (loss) from investment operations		0.44			1.61			3.12			(0.23	)		0.16			2.01
Less Distributions to Shareholders from:
Net realized gain on investments		(4.05	)		(3.00	)		(0.05	)		(3.09	)		(11.90	)		(3.04	)
Net Asset Value, End of Period	$	8.70		$	12.31		$	13.70		$	10.63		$	13.95		$	25.69
Total Return3		11.51	%6,7		14.26	%7		29.42	%7		(2.53	)%7		(2.55	)%		7.78	%
Ratio of net expenses to average net assets		0.90	%8		0.90	%		1.00	%		1.05	%		1.05	%		1.05	%
Ratio of gross expenses to average net assets9		1.53	%8		1.41	%		1.58	%		1.44	%		1.32	%		1.24	%
Ratio of net investment loss to average net assets3		(0.41	)%8		(0.36	)%		(0.50	)%		(0.10	)%		(0.28	)%		(0.34	)%
Portfolio turnover		115	%6		233	%		99	%		70	%		99	%		63	%
Net assets end of period (000’s) omitted	$	7,256		$	6,418		$	7,354		$	9,114		$	16,366		$	21,070

¹  Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class I and Class Z, respectively.

²  Per share numbers have been calculated using average shares.

³  Total returns and net investment loss would have been lower had certain expenses not been offset.

⁴  Includesnon-recurring dividends. Without these dividends, net investment loss per share would have been $(0.09), $(0.06), and $(0.04) for Class N, Class I and Class Z shares, respectively.

⁵  Includesnon-recurring dividends. Without these dividends, net investment loss per share would have been $(0.22), $(0.16), and $(0.10) for Class N, Class I and Class Z shares, respectively.

⁶  Not annualized.

⁷  The total return is calculated using the published Net Asset Value as of period end.

⁸  Annualized.

⁹  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

20

AMG Managers Emerging Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class N	(unaudited)			2018			20171			20162			2015			2014
Net Asset Value, Beginning of Period	$	48.48		$	50.06		$	37.09		$	40.76		$	47.11		$	51.19
Income (loss) from Investment Operations:
Net investment loss3,4		(0.06	)		(0.32	)		(0.27	)5		(0.17	)6		(0.24	)7		(0.29	)8
Net realized and unrealized gain (loss) on investments		1.33			4.45			13.38			1.02			(0.79	)		3.01
Total income (loss) from investment operations		1.27			4.13			13.11			0.85			(1.03	)		2.72
Less Distributions to Shareholders from:
Net investment income		—			—			—			—			—			—
Net realized gain on investments		(8.65	)		(5.71	)		(0.14	)		(4.52	)		(5.32	)		(6.80	)
Total distributions to shareholders		(8.65	)		(5.71	)		(0.14	)		(4.52	)		(5.32	)		(6.80	)
Net Asset Value, End of Period	$	41.10		$	48.48		$	50.06		$	37.09		$	40.76		$	47.11
Total Return4,9		6.58	%10		8.82	%		35.43	%		2.50	%		(3.01	)%		5.09	%
Ratio of net expenses to average net assets11		1.33	%12		1.41	%		1.42	%		1.41	%		1.42	%		1.41	%13
Ratio of gross expenses to average net assets14		1.42	%12		1.50	%		1.51	%		1.62	%		1.61	%		1.61	%13
Ratio of net investment loss to average net assets4		(0.30	)%12		(0.63	)%		(0.62	)%		(0.47	)%		(0.55	)%		(0.61	)%13
Portfolio turnover		54	%10		55	%		58	%		72	%		89	%		98	%
Net assets end of period (000’s) omitted	$	148,993		$	148,419		$	148,915		$	124,045		$	145,980		$	169,398

21

AMG Managers Emerging Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class I	(unaudited)			2018			2017			20162			2015			2014
Net Asset Value, Beginning of Period	$	49.19		$	50.60		$	37.40		$	41.05		$	47.32		$	51.31
Income (loss) from Investment Operations:
Net investment loss3,4		(0.01	)		(0.20	)		(0.16	)5		(0.08	)6		(0.13	)7		(0.17	)8
Net realized and unrealized gain (loss) on investments		1.39			4.50			13.51			1.02			(0.80	)		3.00
Total income (loss) from investment operations		1.38			4.30			13.35			0.94			(0.93	)		2.83
Less Distributions to Shareholders from:
Net investment income		—			—			—			(0.04	)		—			—
Net realized gain on investments		(8.65	)		(5.71	)		(0.15	)		(4.55	)		(5.34	)		(6.82	)
Total distributions to shareholders		(8.65	)		(5.71	)		(0.15	)		(4.59	)		(5.34	)		(6.82	)
Net Asset Value, End of Period	$	41.92		$	49.19		$	50.60		$	37.40		$	41.05		$	47.32
Total Return4,9		6.72	%10		9.09	%		35.80	%		2.73	%		(2.76	)%		5.33	%
Ratio of net expenses to average net assets11		1.08	%12		1.16	%		1.17	%		1.16	%		1.17	%		1.16	%13
Ratio of gross expenses to average net assets14		1.17	%12		1.25	%		1.26	%		1.37	%		1.36	%		1.36	%13
Ratio of net investment loss to average net assets4		(0.05	)%12		(0.38	)%		(0.37	)%		(0.22	)%		(0.30	)%		(0.36	)%13
Portfolio turnover		54	%10		55	%		58	%		72	%		89	%		98	%
Net assets end of period (000’s) omitted	$	29,768		$	28,485		$	23,974		$	25,127		$	31,111		$	35,282

¹  Effective February 27, 2017, Class S was renamed Class N.

²  Effective October 1, 2016, the Service Class and Institutional Class were renamed Class S and Class I, respectively.

³  Per share numbers have been calculated using average shares.

⁴  Total returns and net investment loss would have been lower had certain expenses not been offset.

⁵  Includesnon-recurring dividends. Without these dividends, net investment loss per share would have been $(0.34) and $(0.23) for Class N and Class I shares, respectively.

⁶  Includesnon-recurring dividends. Without these dividends, net investment loss per share would have been $(0.24) and $(0.15) for Class N and Class I shares, respectively.

⁷  Includesnon-recurring dividends. Without these dividends, net investment loss per share would have been $(0.30) and $(0.19) for Class N and Class I shares, respectively.

⁸  Includesnon-recurring dividends. Without these dividends, net investment loss per share would have been $(0.33) and $(0.21) for Class N and Class I shares, respectively.

⁹  The total return is calculated using the published Net Asset Value as of period end.

¹⁰  Not annualized.

¹¹  Includes reduction from broker recapture amounting to 0.01% for the six months ended April 30, 2019 and 0.02%, 0.01%, 0.02% and 0.03% for the fiscal years ended 2018, 2017, 2016 and 2014, respectively.

¹²  Annualized.

¹³  Includes tax expense of $23,725 or 0.01%.

¹⁴  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

22

Notes to Financial Statements(unaudited)

April 30, 2019

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds I (the “Trust”) is anopen-end 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 the AMG Frontier Small Cap Growth Fund (“Small Cap”) and AMG Managers Emerging Opportunities Fund (“Emerging Opportunities”), each a “Fund” and collectively, the “Funds.”

Each Fund offers different classes of shares. Both Funds offer Class N and Class I shares, and Small Cap offers Class Z 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.

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:

a. VALUATION OF INVESTMENTS

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 “exchange mean price”). Equity securities traded in theover-the-counter market (other than NMS securities) are valued at the exchange 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.

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 otheropen-end regulated investment companies are valued at their end of day net asset value per share.

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.

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.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in a Fund 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 apre-established confidence level.

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.

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities,open-end investment companies)

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

23

Notes to Financial Statements(continued)

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)

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)

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.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on theex-dividend date. Dividends from foreign securities are recorded on theex-dividend date, and if after the fact, as soon as the Funds become aware of theex-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 Trust and other trusts or funds within the AMG Funds family of mutual 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 apro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

Emerging Opportunities 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 six months ended April 30, 2019, the impact on the expenses and expense ratios, if any, were as follows: Emerging Opportunities—$10,061 or 0.01%.

d. DIVIDENDS AND DISTRIBUTIONS

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 theex-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 reclassifications topaid-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 due to current year redesignations of net operating loss to offset short term capital gains and distributions received from investments in certain partnerships. Temporary differences are due to distributions received from investments in certain partnerships and wash sales deferrals.

At April 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost		Appreciation		Depreciation			Net
Small Cap	$	18,966,663	$	3,264,290	$	(458,308	)	$	2,805,982
Emerging Opportunities		147,388,401		42,522,741		(5,778,056	)		36,744,685

e. FEDERAL TAXES

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.

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.

Management has analyzed the Funds’ tax positions taken on federal income tax returns as of April 30, 2019, 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.

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2018, the Funds had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended October 31, 2019, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

g. CAPITAL STOCK

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.

24

Notes to Financial Statements(continued)

For the six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018, the capital stock transactions by class for the Funds were as follows:

				Small Cap												Emerging Opportunities
	April 30, 2019						October 31, 2018						April 30, 2019						October 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		167,940		$	1,376,326			81,198		$	1,027,555			108,127		$	4,446,667			144,622		$	7,315,263
Reinvestment of distributions		21,357			137,752			7,083			74,443			782,287			26,323,951			358,001			16,528,925
Cost of shares repurchased		(101,382	)		(854,868	)		(56,888	)		(708,083	)		(326,684	)		(12,454,141	)		(415,804	)		(20,639,398	)
Net increase		87,915		$	659,210			31,393		$	393,915			563,730		$	18,316,477			86,819		$	3,204,790
Class I:
Proceeds from sale of shares		133,646		$	1,090,779			381,012		$	4,840,005			69,867		$	2,859,340			144,567		$	7,713,952
Reinvestment of distributions		531,454			3,587,315			222,143			2,394,702			139,442			4,781,458			55,932			2,614,790
Cost of shares repurchased		(165,632	)		(1,554,133	)		(460,240	)		(5,775,001	)		(78,182	)		(3,175,685	)		(95,234	)		(4,894,416	)
Net increase		499,468		$	3,123,961			142,915		$	1,459,706			131,127		$	4,465,113			105,265		$	5,434,326
Class Z:
Proceeds from sale of shares		41,841		$	500,000			14,195		$	169,188			—			—			—			—
Reinvestment of distributions		319,631			2,240,613			145,679			1,606,835			—			—			—			—
Cost of shares repurchased		(48,734	)		(426,392	)		(175,189	)		(2,069,986	)		—			—			—			—
Net increase (decrease)		312,738		$	2,314,221			(15,315	)	$	(293,963	)		—			—			—			—

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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.

At April 30, 2019, the market value of Repurchase Agreements outstanding for Small Cap and Emerging Opportunities were $1,023,510 and $4,954,582, respectively.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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. Small Cap is managed by Frontier Capital Management Co., LLC (“Frontier”). AMG indirectly owns a majority interest in Frontier. Emerging Opportunities is managed by Next Century Growth Investors, LLC, RBC Global Asset Management (U.S.) Inc., and WEDGE Capital Management LLP. Effective March 19, 2019, Lord, Abbett & Co. LLC no longer manages a portion of the Emerging Opportunities Portfolio of Investments.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 2019, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:

Small Cap	0.70	%
Emerging Opportunities	0.74	%1

¹  Prior to March 1, 2019, the annual rate for the investment management fees for Emerging Opportunities was 1.00% of the Fund’s average daily net assets.

The Investment Manager has contractually agreed, through at least March 1, 2020 to waive management fees and/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

25

Notes to Financial Statements(continued)

other transaction costs, dividends payable with respect to securities sold short, acquired fund fees and expenses and extraordinary expenses) of Small Cap and Emerging Opportunities to 0.90% and 0.94%, respectively, of each Fund’s average daily net assets subject to later reimbursement by the Funds in certain circumstances. Prior to March 1, 2019, the Emerging Opportunities contractual expense limitation was 1.18%.

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 Board, 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.

In general, for a period of up to 36 months, the Investment Manager may recover from each Fund fees waived and expenses paid pursuant to this contractual agreement, 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 the contractual expense limitation amount.

At April 30, 2019, the Funds’ expiration of recoupment is as follows:

Expiration Period	Small Cap		Emerging Opportunities
Less than 1 year	$	90,841	$	200,650
Within 2 years		108,309		123,762
Within 3 years		114,490		133,467
Total Amount Subject to Recoupment	$	313,640	$	457,879

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 allnon-portfolio management aspects of managing the Fund’s 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.

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.

Small Cap has adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule12b-1 under the 1940 Act and the requirements of the applicable rules of FINRA regarding asset-based sales charges. Pursuant to the Plan, Small Cap may make payments to the Distributor for its expenditures in financing any activity primarily intended to result in the sale of Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorizes payments to

the Distributor up to 0.25% annually of the Fund’s average daily net assets attributable to the Class N shares.

For Class N of Small Cap and Emerging Opportunities, and for Class I of Small Cap, the Board has approved reimbursement payments to the Investment 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. Class N shares of Small Cap and Emerging Opportunities and Class I shares of Small Cap 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.

The impact on the annualized expense ratio for the six months ended April 30, 2019, was as follows:

Fund	Maximum Annual Amount Approved			Actual Amount Incurred
Small Cap
Class N		0.15	%		0.15	%
Class I		0.15	%		0.06	%
Emerging Opportunities
Class N		0.25	%		0.25	%

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 forout-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.

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. For the six months ended April 30, 2019, Small Cap borrowed a maximum of $350,968 for five days paying interest of $138. The interest expense amount is included in the Statement of Operations as miscellaneous expense. For the six months ended April 30, 2019, Emerging Opportunities neither borrowed from nor lent to other funds in the AMG Funds family. At April 30, 2019, the Funds had no interfund loans outstanding.

For the six months ended April 30, 2019, Emerging Opportunities executed security transactions with other funds affiliated with Lord, Abbett & Co. LLC. Each of the transactions were executed at the closing price of the security transacted and with no commissions under Rule17a-7 procedures approved by the Board. The amounts purchased and sold during the six months ended April 30, 2019, are reflected in the following chart:

26

Notes to Financial Statements(continued)

	Number of Transactions		Total Quantity		Cost/Proceeds
Purchases		2		17,208	$	351,687
Sales*		2		17,532		1,047,929

* Realized gain was $637,391.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended April 30, 2019, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Small Cap	$	22,287,740	$	21,613,113
Emerging Opportunities		90,072,548		96,887,743

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2019.

4. PORTFOLIO SECURITIES LOANED

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 or U.S. Government and 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.

The value of securities loaned on positions held, cash and securities collateral received at April 30, 2019, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Small Cap	$	5,990,483	$	1,023,510	$	5,135,266	$	6,158,776
Emerging Opportunities		25,309,828		4,954,582		21,139,925		26,094,507

The following table summarizes the securities received as collateral for securities lending:

Fund	Collateral Type	Coupon Range			Maturity Date Range
Small Cap	U.S. Treasury Obligations		0.000	%-8.750%		05/09/19-11/15/48
Emerging Opportunities	U.S. Treasury Obligations		0.000	%-8.750%		05/09/19-11/15/48

5. COMMITMENTS AND CONTINGENCIES

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.

6. MASTER NETTING AGREEMENTS

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 thenon-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.

27

Notes to Financial Statements(continued)

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2019:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount
Small Cap
Bank of Montreal	$	23,510		—	$	23,510	$	23,510		—
HSBC Securities USA, Inc.		1,000,000		—		1,000,000		1,000,000		—
Total	$	1,023,510		—	$	1,023,510	$	1,023,510		—
Emerging Opportunities
BNP Paribas SA	$	247,410		—	$	247,410	$	247,410		—
Cantor Fitzgerald Securities, Inc.		1,176,793		—		1,176,793		1,176,793		—
Citigroup Global Markets, Inc.		1,176,793		—		1,176,793		1,176,793		—
HSBC Securities USA, Inc.		1,176,793		—		1,176,793		1,176,793		—
RBC Dominion Securities, Inc.		1,176,793		—		1,176,793		1,176,793		—
Total	$	4,954,582		—	$	4,954,582	$	4,954,582		—

7. SUBSEQUENT EVENTS

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.

28

INVESTMENT MANAGER AND

ADMINISTRATOR

AMG Funds LLC

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

DISTRIBUTOR

AMG Distributors, Inc.

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

CUSTODIAN

The Bank of New York Mellon

111 Sanders Creek Parkway

East Syracuse, NY 13057

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

P.O. Box 9769

Providence, RI 02940

800.548.4539

TRUSTEES

Bruce B. Bingham

Christine C. Carsman

Edward J. Kaier

Kurt A. Keilhacker

Steven J. Paggioli

Richard F. Powers III

Eric Rakowski

Victoria L. Sassine

Thomas R. Schneeweis

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.

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 the12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

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 FormN-PORT, which has replaced Form NQ. The Funds’ portfolio holdings on FormN-PORT are available on the SEC’s website at sec.gov. To review a complete list of the Funds’ portfolio holdings, or to view the semiannual report, or annual report, please visit amgfunds.com.

amgfunds.com         29

AFFILIATE SUBADVISED FUNDS

BALANCED FUNDS

AMG Chicago Equity Partners Balanced

Chicago Equity Partners, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG FQTax-Managed U.S. Equity

AMG FQ Long-Short Equity

First Quadrant, L.P.

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small/Mid Cap

AMG GW&K Trilogy Emerging Markets Equity

AMG GW&K Trilogy Emerging Wealth Equity

AMG GW&K U.S. Small Cap Growth

GW&K Investment Management, LLC

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Dividend All Cap Value II

AMG River Road Focused Absolute Value

AMG River Road Long-Short

AMG River RoadSmall-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG SouthernSun Small Cap

AMG SouthernSun U.S. Equity

SouthernSun Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Focused Fund - Security Selection Only

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

OPEN-ARCHITECTURE FUNDS

EQUITY FUNDS

AMG Managers Brandywine

AMG Managers Brandywine Advisors Mid Cap Growth

AMG Managers Brandywine Blue

Friess Associates, LLC

AMG Managers Cadence Emerging Companies

AMG Managers Cadence Mid Cap

Cadence Capital Management LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Managers Emerging Opportunities

WEDGE Capital Management L.L.P.

Next Century Growth Investors LLC

RBC Global Asset Management (U.S.) Inc.

AMG Managers Essex Small/Micro Cap Growth

Essex Investment Management Company, LLC

AMG Managers Fairpointe ESG Equity

AMG Managers Fairpointe Mid Cap

Fairpointe Capital LLC

AMG Managers LMCG Small Cap Growth

LMCG Investments, LLC

AMG Managers Montag & Caldwell Growth

Montag & Caldwell, LLC

AMG Managers Pictet International

Pictet Asset Management Limited

AMG Managers Silvercrest Small Cap

Silvercrest Asset Management Group LLC

AMG Managers Skyline Special Equities

Skyline Asset Management, L.P.

AMG Managers Special Equity

Ranger Investment Management, L.P.

Lord, Abbett & Co. LLC

Smith Asset Management Group, L.P.

Federated MDTA LLC

FIXED INCOME FUNDS

AMG Managers Amundi Intermediate Government

AMG Managers Amundi Short Duration Government

Amundi Pioneer Institutional Asset Management, Inc.

AMG Managers Doubleline Core Plus Bond

DoubleLine Capital LP

AMG Managers Global Income Opportunity

AMG Managers Loomis Sayles Bond

Loomis, Sayles & Company, L.P.

amgfunds.com 043019 SAR022

AMG Funds
April 30, 2019
AMG GW&K U.S. Small Cap Growth Fund
Class N: ATASX	Class I: ATSIX	Class Z:ATAZX
AMG GW&K Core Bond ESG Fund     (formerly AMG GW&K Core Bond Fund)
Class N:MBGVX	Class I:MBDFX	Class Z:MBDLX
AMG GW&K Trilogy Emerging Wealth Equity Fund     (formerly AMG Trilogy Emerging Wealth Equity Fund)
Class N:TYWVX	Class I:TYWSX	Class Z:TYWIX
AMG GW&K Trilogy Emerging Markets Equity Fund     (formerly AMG Trilogy Emerging Markets Equity Fund)
Class N:TLEVX	Class I:TLESX	Class Z:TLEIX

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ shareholder reports like this one will no longer be sent by mail, unless you specifically request paper copies of the reports from the Funds or from your financial intermediary, such as a broker-dealer or bank. Instead, the reports will be made available on the Funds’ website (https://www.amgfunds.com/resources/order_literature.html), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically at any time by contacting your financial intermediary or, if you invest directly with the Funds, by logging into your account at www.amgfunds.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1.800.548.4539 to inform the Funds that you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds in the AMG Funds Family of Funds held in your account if you invest through your financial intermediary or all funds in the AMG Funds Family of Funds held with the fund complex if you invest directly with the Funds.

amgfunds.com                 043019         SAR069

AMG Funds

Semi-Annual Report — April 30, 2019(unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG GW&K U.S. Small Cap Growth Fund		5
AMG GW&K Core Bond ESG Fund		8
AMG GW&K Trilogy Emerging Wealth Equity Fund		12
AMG GW&K Trilogy Emerging Markets Equity Fund		16
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		20
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		22
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		23
Detail of changes in assets for the past two fiscal periods
Financial Highlights		25
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		37
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
OTHER INFORMATION		44
APPROVAL OF INVESTMENT MANAGEMENT AND INTERMIM SUBADVISORY AGREEMENTS		45

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 mutual funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

About Your Fund’s Expenses(unaudited)

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.

ACTUAL EXPENSES

The first line of the following table provides information about the actual account values and

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.

HYPOTHETICAL EXAMPLE FOR COMPARISON PURPOSES

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

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.

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.

Six Months Ended April 30, 2019	Expense Ratio for the Period			Beginning Account Value 11/01/18		Ending Account Value 04/30/19		Expenses Paid During the Period*
AMG GW&K U.S. Small Cap Growth Fund
Based on Actual Fund Return
Class N		1.22	%	$	1,000	$	1,118	$	6.41
Class I		1.00	%	$	1,000	$	1,117	$	5.25
Class Z		0.90	%	$	1,000	$	1,121	$	4.73
Based on Hypothetical 5% Annual Return
Class N		1.22	%	$	1,000	$	1,019	$	6.11
Class I		1.00	%	$	1,000	$	1,020	$	5.01
Class Z		0.90	%	$	1,000	$	1,020	$	4.51
AMG GW&K Core Bond ESG Fund
Based on Actual Fund Return
Class N		0.88	%	$	1,000	$	1,051	$	4.48
Class I		0.56	%	$	1,000	$	1,054	$	2.85
Class Z		0.48	%	$	1,000	$	1,054	$	2.44
Based on Hypothetical 5% Annual Return
Class N		0.88	%	$	1,000	$	1,020	$	4.41
Class I		0.56	%	$	1,000	$	1,022	$	2.81
Class Z		0.48	%	$	1,000	$	1,022	$	2.41

Six Months Ended April 30, 2019	Expense Ratio for the Period			Beginning Account Value 11/01/18		Ending Account Value 04/30/19		Expenses Paid During the Period*
AMG GW&K Trilogy Emerging Wealth Equity Fund
Based on Actual Fund Return
Class N		1.40	%	$	1,000	$	1,260	$	7.84
Class I		1.12	%	$	1,000	$	1,261	$	6.28
Class Z		1.00	%	$	1,000	$	1,262	$	5.61
Based on Hypothetical 5% Annual Return
Class N		1.40	%	$	1,000	$	1,018	$	7.00
Class I		1.12	%	$	1,000	$	1,019	$	5.61
Class Z		1.00	%	$	1,000	$	1,020	$	5.01
AMG GW&K Trilogy Emerging Markets Equity Fund
Based on Actual Fund Return
Class N		1.25	%	$	1,000	$	1,179	$	6.75
Class I		0.94	%	$	1,000	$	1,181	$	5.08
Class Z		0.85	%	$	1,000	$	1,181	$	4.60
Based on Hypothetical 5% Annual Return
Class N		1.25	%	$	1,000	$	1,019	$	6.26
Class I		0.94	%	$	1,000	$	1,020	$	4.71
Class Z		0.85	%	$	1,000	$	1,021	$	4.26

* 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 (181), then divided by 365.

2

Fund Performance(unaudited)

Periods ended April 30, 2019

The table below shows the average annual total returns for the periods indicated for each Fund, as well as each Fund’s relative index for the same time periods ended April 30, 2019.

Average Annual Total Returns1	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG GW&K U.S. Small Cap Growth Fund2,3, 4, 5
Class N		11.79	%		10.98	%		7.88	%		12.28	%		9.95	%		11/30/00
Class I		11.70	%		11.26	%		8.16	%		12.56	%		8.39	%		01/04/05
Class Z		12.12	%		11.68	%		—			—			14.61	%		02/24/17
Russell 2000® Growth Index17		8.27	%		6.91	%		10.22	%		15.24	%		7.52	%		11/30/00	†
AMG GW&K Core Bond ESG Fund2,6, 7, 8, 9, 10, 11
Class N		5.14	%		4.68	%		—			—			1.60	%		05/08/15
Class I		5.35	%		5.05	%		2.23	%		4.42	%		5.73	%		04/30/93
Class Z		5.41	%		5.15	%		—			—			2.02	%		05/08/15
Bloomberg Barclays U.S. Aggregate Bond Index®18		5.49	%		5.29	%		2.57	%		3.72	%		5.19	%		04/30/93	†
AMG GW&K Trilogy Emerging Wealth Equity Fund3,5, 9, 12, 13, 14, 15
Class N		25.99	%		1.77	%		—			—			8.32	%		03/19/15
Class I		26.08	%		2.04	%		—			—			8.59	%		03/19/15
Class Z		26.20	%		2.08	%		—			—			8.69	%		03/19/15
MSCI Emerging Markets Index (Net)19		13.76	%		(5.04	%)		—			—			5.18	%		03/19/15	†
AMG GW&K Trilogy Emerging Markets Equity Fund3,4, 5, 9, 12, 13, 14, 15, 16
Class N		17.90	%		(0.87	%)		3.89	%		—			1.60	%		03/01/12
Class I		18.08	%		(0.54	%)		4.24	%		—			0.88	%		03/01/11
Class Z		18.10	%		(0.50	%)		4.37	%		—			0.98	%		03/01/11
MSCI Emerging Markets Index (Net)19		13.76	%		(5.04	%)		4.04	%		—			2.07	%		03/01/11	†

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.

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 Funds 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.

Distributed by AMG Distributors, Inc., member FINRA/SIPC.

^†  Date reflects the inception date of the Fund, not the index.

^*  Not annualized.

¹  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 Funds are net of expenses and based on the published NAV as of April 30, 2019. All returns are in U.S. dollars ($).

²  From time to time, the Fund’s advisor has waived its fees and/or absorbed Fund expenses, which has resulted in higher returns.

³  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.

⁴  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.

⁵  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.

⁶  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.

⁷  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

⁸  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.

⁹  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.

¹⁰  Many bonds have call provisions which allow the debtors to pay them back before maturity. This is especially true with mortgage securities, which can be paid back anytime. Typically debtors prepay their debt when it is to their advantage (when interest rates drop making a new loan at current rates more attractive), and thus likely to the disadvantage of bondholders, who may have to reinvest prepayment proceeds in securities with lower yields. Prepayment risk will vary depending on the provisions of the security and current interest rates relative to the interest rate of the debt.

¹¹  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

3

Fund Performance

Periods ended April 30, 2019(continued)

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.

¹²  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.

¹³  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.

¹⁴  The Fund is subject to currency risk resulting from fluctuations in exchange rates that may affect the total loss or gain on anon-U.S. Dollar investment when converted back to U.S. Dollars.

¹⁵  The Fund is subject to risks associated with investments inmid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

¹⁶  Investing in initial public offerings (IPOs) is risky and the prices of stocks purchased in IPOs tend to fluctuate more widely than stocks of companies that have been publicly traded for a longer period of time. Stocks purchased in IPOs generally do not have a trading history, and information about the companies may be available for very limited periods.

¹⁷  The Russell 2000^® Growth Index measures the performance of the Russell 2000^® companies with higherprice-to-book ratios and higher forecasted growth values. Unlike the Fund, the Russell 2000^® Growth Index is unmanaged, is not available for investment and does not incur expenses.

¹⁸  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.

¹⁹  The MSCI Emerging Markets Index (Net) is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. Please go to msci.com for most current list of countries represented by the index. Unlike the Fund, the MSCI Emerging Markets Index is unmanaged, is not available for investment and does not incur expenses.

The Russell 2000^® Growth Index is a trademark of the London Stock Exchange Group companies.

Source: Bloomberg Index Services Limited. BLOOMBERG^® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). BARCLAYS^® 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.

All MSCI data is provided “as is”. The products described herein 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.

Not FDIC insured, nor bank guaranteed. May lose value.

4

AMG GW&K U.S. Small Cap Growth Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Health Care		27.4
Information Technology		22.5
Industrials		16.7
Consumer Discretionary		16.1
Financials		7.0
Materials		3.0
Real Estate		3.0
Consumer Staples		1.7
Energy		1.2
Short-Term Investments		3.3
Other Assets Less Liabilities		(1.9	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Grand Canyon Education, Inc.		3.0
Five Below, Inc.		3.0
Paylocity Holding Corp.		2.5
Rapid7, Inc.		2.5
HubSpot, Inc.		2.4
Mimecast, Ltd. (Jersey)		2.4
Fox Factory Holding Corp.		2.2
EPAM Systems, Inc.		2.2
Exponent, Inc.		2.1
SiteOne Landscape Supply, Inc.		2.1
Top Ten as a Group		24.4

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.

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.

5

AMG GW&K U.S. Small Cap Growth Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks - 98.6%
Consumer Discretionary - 16.1%
Churchill Downs, Inc.		4,471	$	450,900
Chuy’s Holdings, Inc.*		12,265		243,951
Dave & Buster’s Entertainment, Inc.1		8,738		496,668
Five Below, Inc.*		6,746		987,547
Fox Factory Holding Corp.*,1		9,424		731,302
Grand Canyon Education, Inc.*		8,699		1,008,127
Lithia Motors, Inc., Class A		2,600		295,152
Ollie’s Bargain Outlet Holdings, Inc.*,1		4,307		411,922
Oxford Industries, Inc.		4,544		377,425
Pool Corp.		1,985		364,724
Total Consumer Discretionary				5,367,718
Consumer Staples - 1.7%
Performance Food Group Co.*		9,058		370,925
PriceSmart, Inc.1		3,596		215,077
Total Consumer Staples				586,002
Energy - 1.2%
Matador Resources Co.*,1		19,633		386,574
Financials - 7.0%
Ameris Bancorp		12,965		472,704
Encore Capital Group, Inc.*,1		8,434		238,345
Heritage Insurance Holdings, Inc.		10,554		143,957
Houlihan Lokey, Inc.		7,594		374,536
Pinnacle Financial Partners, Inc.		8,848		513,803
Stifel Financial Corp.		4,673		278,838
Texas Capital Bancshares, Inc.*		1,166		75,475
Union Bankshares Corp.		6,195		226,117
Total Financials				2,323,775
Health Care - 27.4%
Acadia Healthcare Co., Inc.*,1		5,892		188,662
Aimmune Therapeutics, Inc.*,1		16,528		332,874
Amicus Therapeutics, Inc.*		36,430		485,976
Amneal Pharmaceuticals, Inc.*,1		22,497		289,536
AtriCure, Inc.*		14,940		448,499
Biohaven Pharmaceutical Holding Co., Ltd.*		8,707		521,114
Bruker Corp.		7,790		300,694
Cardiovascular Systems, Inc.*		16,193		575,499
Catalent, Inc.*		14,522		650,876
Dova Pharmaceuticals, Inc.*,1		13,690		125,948
Global Blood Therapeutics, Inc.*,1		8,509		471,399
Globus Medical, Inc., Class A*		12,808		577,513

	Shares		Value
GW Pharmaceuticals PLC, ADR (United Kingdom)*		2,218	$	375,530
ICU Medical, Inc.*		2,474		562,835
LHC Group, Inc.*		3,552		394,663
Medidata Solutions, Inc.*,1		6,798		614,131
Portola Pharmaceuticals, Inc.*,1		10,557		372,662
Retrophin, Inc.*,1		12,114		231,135
Syneos Health, Inc.*,1		12,004		563,348
Vericel Corp.*,1		18,090		307,349
Wright Medical Group NV (Netherlands)*		14,258		421,609
Zogenix, Inc.*,1		8,383		326,853
Total Health Care				9,138,705
Industrials - 16.7%
AAR Corp.		12,227		412,906
Dycom Industries, Inc.*,1		3,037		150,605
Exponent, Inc.		12,459		705,428
Forrester Research, Inc.		9,160		465,878
Healthcare Services Group, Inc.1		7,305		247,274
JELD-WEN Holding, Inc.*		7,250		143,187
John Bean Technologies Corp.1		4,328		475,171
Knight-Swift Transportation Holdings, Inc.1		7,276		242,655
Ritchie Bros. Auctioneers, Inc. (Canada)		15,305		532,461
SiteOne Landscape Supply, Inc.*,1		10,395		699,583
Spartan Motors, Inc.		31,339		291,453
Sun Hydraulics Corp.		5,171		270,650
Thermon Group Holdings, Inc.*		13,410		345,844
Woodward, Inc.		5,491		597,970
Total Industrials				5,581,065
Information Technology - 22.5%
Bottomline Technologies, Inc.*		5,834		295,025
Cabot Microelectronics Corp.		3,124		394,405
Entegris, Inc.		10,149		414,688
EPAM Systems, Inc.*		4,011		719,413
ExlService Holdings, Inc.*		4,627		274,844
HubSpot, Inc.*,1		4,349		802,347
MACOM Technology Solutions Holdings, Inc.*		9,753		135,469
Mimecast, Ltd. (Jersey)*		15,498		798,302
Paylocity Holding Corp.*		8,776		847,323
Power Integrations, Inc.		4,669		368,945
Rapid7, Inc.*		15,480		841,183
Rogers Corp.*		3,568		597,711
Silicon Laboratories, Inc.*		4,801		516,876

The accompanying notes are an integral part of these financial statements.

6

AMG GW&K U.S. Small Cap Growth Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Information Technology - 22.5%(continued)
Virtusa Corp.*		9,017	$	500,894
Total Information Technology				7,507,425
Materials - 3.0%
Balchem Corp.		6,357		645,299
PolyOne Corp.		12,769		352,935
Total Materials				998,234
Real Estate - 3.0%
QTS Realty Trust, Inc., Class A, REIT		11,592		525,697
STAG Industrial, Inc., REIT		16,262		468,021
Total Real Estate				993,718
Total Common Stocks (Cost $24,268,042)				32,883,216
	Principal Amount
Short-Term Investments - 3.3%
Joint Repurchase Agreements - 1.6%2
JP Morgan Securities LLC, dated 04/30/19, due 05/01/19, 2.750% total to be received $538,885 (collateralized by various U.S. Treasuries, 2.125% - 2.250%, 09/30/21 - 04/30/24, totaling $549,621)	$	538,844		538,844

	Shares		Value
Other Investment Companies - 1.7%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%3		181,205	$	181,205
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%3		181,206		181,206
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%3		186,697		186,697
Total Other Investment Companies				549,108
Total Short-Term Investments (Cost $1,087,952)				1,087,952
Total Investments - 101.9% (Cost $25,355,994)				33,971,168
Other Assets, less Liabilities - (1.9)%				(633,683	)
Net Assets - 100.0%			$	33,337,485

* Non-income producing security.

¹  Some or all of these securities, amounting to $7,131,065 or 21.4% 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

³  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

REIT Real Estate Investment Trust

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	32,883,216		—		—	$	32,883,216
Short-Term Investments
Joint Repurchase Agreements		—	$	538,844		—		538,844
Other Investment Companies		549,108		—		—		549,108
Total Investments in Securities	$	33,432,324	$	538,844		—	$	33,971,168

^†  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.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

7

AMG GW&K Core Bond ESG Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Category	% of Net Assets
U.S. Government and Agency Obligations		47.0
Corporate Bonds and Notes		41.6
Municipal Bonds		8.4
Short-Term Investments		1.4
Other Assets Less Liabilities		1.6

Rating	% of Market Value1
U.S. Government and Agency Obligations		48.5
Aaa		1.3
Aa		16.9
A		21.8
Baa		11.5

¹ Includes market value of long-term fixed-income securities only.

TOP TEN HOLDINGS

Security Name	% of Net Assets
United States Treasury Notes, 2.000%, 11/30/22		5.3
United States Treasury Bonds, 4.500%, 02/15/36		4.0
FNMA, 4.500%, 06/01/41		2.7
FNMA, 4.000%, 12/01/33		2.6
FNMA, 4.500%, 04/01/39		2.6
FNMA, 4.500%, 04/01/39		2.6
FNMA, 5.000%, 02/01/34		2.5
FNMA, 4.500%, 06/01/46		2.3
United States Treasury Notes, 6.250%, 08/15/23		2.2
FNMA, 5.000%, 08/01/40		2.1
Top Ten as a Group		28.9

Credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s (“S&P”) or Moody’s Investors Service, Inc. (“Moody’s”). 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 either rating agency. Unrated investments do not necessarily indicate low credit quality. Credit quality ratings are subject to change.

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.

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.

8

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Principal Amount		Value
Corporate Bonds and Notes—41.6%
Financials—17.4%
Aircastle, Ltd. 4.125%, 05/01/24	$	3,421,000	$	3,431,571
American Tower Corp. 3.375%, 10/15/26		1,809,000		1,785,958
Bank of America Corp., MTN 3.875%, 08/01/25		3,911,000		4,051,629
Berkshire Hathaway, Inc. 3.125%, 03/15/26		3,480,000		3,501,989
Citigroup, Inc. (3 month LIBOR + 1.023%) 4.044%, 06/01/241		3,852,000		3,978,110
The Goldman Sachs Group, Inc. 3.500%, 11/16/26		3,500,000		3,453,756
Host Hotels & Resorts, LP Series C 4.750%, 03/01/23		2,654,000		2,779,724
JPMorgan Chase & Co. 2.950%, 10/01/26		2,435,000		2,385,167
Morgan Stanley, GMTN 5.500%, 07/28/21		2,122,000		2,240,645
National Rural Utilities Cooperative Finance Corp., MTN 3.250%, 11/01/25		2,313,000		2,357,164
Simon Property Group LP 3.300%, 01/15/26		2,320,000		2,339,302
US Bancorp, MTN 2.950%, 07/15/22		4,546,000		4,571,636
Visa, Inc., MTN 3.150%, 12/14/25		2,890,000		2,934,923
Total Financials				39,811,574
Industrials—24.2%
Advocate Health & Hospitals Corp. 4.272%, 08/15/48		2,235,000		2,342,702
AT&T, Inc. 4.250%, 03/01/27		4,424,000		4,596,351
Automatic Data Processing, Inc. 3.375%, 09/15/25		3,366,000		3,476,726
Burlington Northern Santa Fe LLC 6.150%, 05/01/37		2,213,000		2,839,510
CVS Health Corp. 5.125%, 07/20/45		2,153,000		2,143,819
Exelon Corp. 3.400%, 04/15/26		995,000		998,483
Fidelity National Information Services, Inc. 5.000%, 10/15/25		2,115,000		2,303,675

	Principal Amount		Value
The George Washington University Series 2018 4.126%, 09/15/48	$	3,379,000	$	3,557,233
Georgia-Pacific LLC 8.000%, 01/15/24		1,810,000		2,207,642
HCA, Inc. 5.000%, 03/15/24		2,719,000		2,881,609
International Paper Co. 3.000%, 02/15/27		4,280,000		4,109,437
Kaiser Foundation Hospitals 3.150%, 05/01/27		2,348,000		2,344,901
McDonald’s Corp., MTN 3.700%, 01/30/26		2,830,000		2,913,216
Microsoft Corp. 3.750%, 02/12/45		2,898,000		2,930,154
Oracle Corp. 3.800%, 11/15/37		2,305,000		2,289,974
RELX Capital, Inc. 4.000%, 03/18/29		2,270,000		2,320,052
Rockwell Automation, Inc. 3.500%, 03/01/29		2,248,000		2,305,571
Verizon Communications, Inc. 3.875%, 02/08/29		4,510,000		4,670,680
Walmart, Inc. 4.050%, 06/29/48		1,673,000		1,762,631
The Walt Disney Co., MTN 2.950%, 06/15/27		2,390,000		2,389,872
Total Industrials				55,384,238
Total Corporate Bonds and Notes (Cost $94,563,234)				95,195,812
Municipal Bonds—8.4%
Los Angeles Unified School District School Improvements 5.750%, 07/01/34		3,155,000		3,912,799
State of California 7.550%, 04/01/39		3,005,000		4,597,830
University of California 3.349%, 07/01/29		2,830,000		2,881,563
New Jersey Transportation Trust Fund Authority 5.754%, 12/15/28		2,520,000		2,806,373
Metropolitan Transportation Authority 6.687%, 11/15/40		2,025,000		2,722,633
JobsOhio Beverage System 4.532%, 01/01/35		2,090,000		2,346,506
Total Municipal Bonds (Cost $18,969,833)				19,267,704

The accompanying notes are an integral part of these financial statements.

9

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments(continued)

	Principal Amount		Value
U.S. Government and Agency Obligations—47.0%
Fannie Mae—27.5%
FNMA
3.000%, 09/01/46 to 11/01/46	$	3,267,809	$	3,235,932
3.500%, 03/01/30 to 02/01/46		7,584,049		7,739,460
4.000%, 12/01/33 to 02/01/47		13,173,501		13,726,243
4.500%, 04/01/39 to 06/01/46		25,166,755		26,665,441
5.000%, 02/01/34 to 08/01/40		10,758,620		11,561,679
Total Fannie Mae				62,928,755
Freddie Mac—7.0%
FHLMC Gold Pool
3.000%, 06/01/43		362,207		359,968
3.500%, 07/01/32 to 05/01/44		2,918,895		2,987,254
4.000%, 05/01/26		188,064		194,857
5.000%, 01/01/40 to 07/01/44		5,273,758		5,698,172
FHLMC Multifamily Structured Pass Through Certificates
Series K071, Class A2 3.286%, 11/25/27		3,243,000		3,330,872
Series K062, Class A2 3.413%, 12/25/26		513,000		532,116
Series K063, Class A2 3.430%, 01/25/272		2,950,000		3,063,206
Total Freddie Mac				16,166,445
U.S. Treasury Obligations—12.5%
United States Treasury Notes 1.750%, 03/31/22		2,307,000		2,275,549

	Principal Amount		Value
United States Treasury Notes
2.000%, 11/30/22	$	12,121,000	$	12,015,888
6.250%, 08/15/23		4,349,000		5,050,701
United States Treasury Bonds 4.500%, 02/15/36		7,361,000		9,182,848
Total U.S. Treasury Obligations				28,524,986
Total U.S. Government and Agency Obligations (Cost $108,801,253)				107,620,186
	Shares
Short-Term Investments—1.4%
Other Investment Companies—1.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%3		1,037,635		1,037,635
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%3		1,037,636		1,037,636
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%3		1,069,080		1,069,080
Total Short-Term Investments (Cost $3,144,351)				3,144,351
Total Investments—98.4% (Cost $225,478,671)				225,228,053
Other Assets, less Liabilities—1.6%				3,569,933
Net Assets—100.0%			$	228,797,986

¹  Variable rate security. The rate shown is based on the latest available information as of April 30, 2019.

²  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.

³  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

FHLMC	Freddie Mac
FNMA	Fannie Mae
GMTN	Global Medium-Term Notes
LIBOR	London Interbank Offered Rate
MTN	Medium-Term Note

The accompanying notes are an integral part of these financial statements.

10

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments(continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		—	$	95,195,812		—	$	95,195,812
Municipal Bonds		—		19,267,704		—		19,267,704
U.S. Government and Agency Obligations†		—		107,620,186		—		107,620,186
Short-Term Investments
Other Investment Companies	$	3,144,351		—		—		3,144,351
Total Investments in Securities	$	3,144,351	$	222,083,702		—	$	225,228,053

��

^†  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.

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

The accompanying notes are an integral part of these financial statements.

11

AMG GW&K Trilogy Emerging Wealth Equity Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Discretionary		32.1
Financials		26.7
Information Technology		9.6
Communication Services		9.2
Consumer Staples		9.1
Health Care		4.7
Materials		3.1
Industrials		2.7
Short-Term Investments		4.5
Other Assets Less Liabilities		(1.7	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Alibaba Group Holding, Ltd., Sponsored ADR (China)		6.3
Sands China, Ltd. (Macau)		5.3
Ping An Insurance Group Co. of China, Ltd., Class H (China)		5.2
Infineon Technologies AG (Germany)		4.8
HDFC Bank, Ltd., ADR (India)		4.6
Sberbank of Russia PJSC, Sponsored ADR (Russia)		4.3
Tencent Holdings, Ltd. (China)		4.0
QUALCOMM, Inc.		3.9
AIA Group, Ltd. (Hong Kong)		3.8
Yum China Holdings, Inc. (China)		3.5
Top Ten as a Group		45.7

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.

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.

12

AMG GW&K Trilogy Emerging Wealth Equity Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks—97.2%
Communication Services—9.2%
Baidu, Inc., Sponsored ADR (China)*		10,841	$	1,802,100
Bharti Infratel, Ltd. (India)		59,300		223,901
iQIYI, Inc., ADR (Cayman Islands)*,1		30,393		671,989
MultiChoice Group, Ltd. (South Africa)*		32,198		289,118
Tencent Holdings, Ltd. (China)		76,600		3,775,435
Tencent Music Entertainment Group, ADR (Cayman Islands)*,1		13,959		240,095
The Walt Disney Co. (United States)		1,911		261,750
Zee Entertainment Enterprises, Ltd. (India)		228,448		1,421,179
Total Communication Services				8,685,567
Consumer Discretionary—32.1%
Alibaba Group Holding, Ltd., Sponsored ADR (China)*,1		32,211		5,977,395
Booking Holdings, Inc. (United States)*		345		639,972
Ctrip.com International, Ltd., ADR (China)*		68,945		3,037,027
Eicher Motors, Ltd. (India)		4,660		1,365,120
Hermes International (France)		475		334,195
Huazhu Group Ltd., ADR (China)1		14,281		605,514
LVMH Moet Hennessy Louis Vuitton SE (France)		3,035		1,191,598
MakeMyTrip, Ltd. (India)*		42,579		1,073,417
Maruti Suzuki India, Ltd. (India)		17,588		1,685,273
Moncler SpA (Italy)		17,382		714,651
Naspers, Ltd., N Shares (South Africa)		2,498		642,612
New Oriental Education & Technology Group, Inc., Sponsored ADR (China)*		12,458		1,189,241
NIKE, Inc., Class B (United States)		3,316		291,244
Samsonite International, S.A. (United States)2		849,600		2,436,635
Sands China, Ltd. (Macau)		898,800		4,947,140
Starbucks Corp. (United States)		2,976		231,176
Tiffany & Co. (United States)1		5,551		598,509
Yum China Holdings, Inc. (China)		70,074		3,331,318
Total Consumer Discretionary				30,292,037
Consumer Staples—9.1%
Kimberly-Clark de Mexico, SAB de CV, Class A (Mexico)		119,700		206,722
Kweichow Moutai Co., Ltd., Class A (China)		13,793		1,994,599
LG Household & Health Care, Ltd. (South Korea)		2,329		2,837,949
Shoprite Holdings, Ltd. (South Africa)		80,600		972,923
Unilever, N.V. (United Kingdom)		2,989		180,849
Wal-Mart de Mexico, SAB de CV (Mexico)		353,500		1,038,623
Wuliangye Yibin Co., Ltd., Class A (China)		88,503		1,344,296
Total Consumer Staples				8,575,961

	Shares		Value
Financials—26.7%
AIA Group, Ltd. (Hong Kong)		353,000	$	3,614,521
Bank Mandiri Persero Tbk PT (Indonesia)*		1,262,400		687,761
China Construction Bank Corp., Class H (China)		1,859,900		1,639,624
China Merchants Bank Co., Ltd., Class H (China)		331,500		1,640,596
Credicorp, Ltd. (Peru)		854		202,312
Grupo Financiero Banorte, S.A.B de CV (Mexico)		316,300		2,004,138
HDFC Bank, Ltd., ADR (India)		37,868		4,341,566
Kotak Mahindra (India)		70,321		1,402,411
Noah Holdings, Ltd., ADR (China)*,1		13,364		726,200
Ping An Insurance Group Co. of China, Ltd., Class H (China)		407,500		4,932,651
Sberbank of Russia PJSC, Sponsored ADR (Russia)		280,351		4,018,528
Total Financials				25,210,308
Health Care—4.7%
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		502,291		2,200,184
CSPC Pharmaceutical Group, Ltd. (China)		114,000		220,046
Jiangsu Hengrui Medicine Co., Ltd., Class A (China)		7,200		70,349
Jiangsu Hengrui Medicine Co., Ltd., Class A (China)		43,680		426,783
Novo Nordisk A/S, Class B (Denmark)		11,229		550,160
Ping An Healthcare and Technology Co., Ltd. (China)*,1,2		120,000		588,728
Yunnan Baiyao Group Co., Ltd., Class A (China)		30,257		397,818
Total Health Care				4,454,068
Industrials—2.7%
Copa Holdings, S.A., Class A (Panama)		8,771		730,274
FANUC Corp. (Japan)		7,800		1,465,429
Havells India, Ltd. (India)		35,971		400,552
Total Industrials				2,596,255
Information Technology—9.6%
Infineon Technologies AG (Germany)		190,495		4,515,813
Mastercard, Inc., Class A (United States)		3,131		796,025
QUALCOMM, Inc. (United States)		43,036		3,706,691
Total Information Technology				9,018,529
Materials—3.1%
Asian Paints, Ltd. (India)		50,574		1,063,896
Chr Hansen Holding A/S (Denmark)		11,174		1,141,771
Novozymes A/S (Denmark)		15,250		711,799
Total Materials				2,917,466
Total Common Stocks (Cost $78,039,354)				91,750,191

The accompanying notes are an integral part of these financial statements.

13

AMG GW&K Trilogy Emerging Wealth Equity Fund

Schedule of Portfolio Investments(continued)

	Principal Amount		Value
Short-Term Investments—4.5%
Joint Repurchase Agreements—1.9%3
BNP Paribas SA, dated 04/30/19, due 05/01/19, 2.700% total to be received $814,620 (collateralized by various U.S. Treasuries, 0.000% - 8.750%, 05/21/19 - 09/09/49, totaling $830,850)	$	814,559	$	814,559
RBC Dominion Securities, Inc., dated 04/30/19, due 05/01/19, 2.720% total to be received $1,000,076 (collateralized by various U.S. Government Agency Obligations, 2.652% - 7.000%, 04/01/34 - 04/20/49, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				1,814,559
	Shares
Other Investment Companies—2.6%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%4		816,271		816,271

	Shares		Value
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%4		816,271	$	816,271
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%4		841,006		841,006
Total Other Investment Companies				2,473,548
Total Short-Term Investments (Cost $4,288,107)				4,288,107
Total Investments—101.7% (Cost $82,327,461)				96,038,298
Other Assets, less Liabilities—(1.7)%				(1,637,710	)
Net Assets—100.0%			$	94,400,588

^*  Non-income producing security.

¹  Some or all of these securities, amounting to $8,870,521 or 9.4% 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.

²  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 buyers. At April 30, 2019, the value of these securities amounted to $3,025,363 or 3.2% of net assets.

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

⁴  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR    American Depositary Receipt

The accompanying notes are an integral part of these financial statements.

14

AMG GW&K Trilogy Emerging Wealth Equity Fund

Schedule of Portfolio Investments(continued)

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Discretionary	$	16,974,813	$	13,317,224		—	$	30,292,037
Financials		7,274,216		17,936,092		—		25,210,308
Information Technology		4,502,716		4,515,813		—		9,018,529
Communication Services		3,265,052		5,420,515		—		8,685,567
Consumer Staples		1,245,345		7,330,616		—		8,575,961
Health Care		—		4,454,068		—		4,454,068
Materials		—		2,917,466		—		2,917,466
Industrials		730,274		1,865,981		—		2,596,255
Short-Term Investments
Joint Repurchase Agreements		—		1,814,559		—		1,814,559
Other Investment Companies		2,473,548		—		—		2,473,548
Total Investments in Securities	$	36,465,964	$	59,572,334		—	$	96,038,298

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

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

Country	% of Long-Term Investments
Cayman Islands		1.0
China		39.1
Denmark		2.6
France		1.7
Germany		4.9
Hong Kong		3.9
India		14.1
Indonesia		0.8
Italy		0.8
Japan		1.6
Macau		5.4

Country	% of Long-Term Investments
Mexico		3.5
Panama		0.8
Peru		0.2
Russia		4.4
South Africa		2.1
South Korea		3.1
United Kingdom		0.2
United States		9.8
		100.0

The accompanying notes are an integral part of these financial statements.

15

AMG GW&K Trilogy Emerging Markets Equity Fund

Fund Snapshots(unaudited)

April 30, 2019

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Financials		28.0
Consumer Discretionary		21.0
Information Technology		15.3
Communication Services		11.0
Consumer Staples		9.3
Industrials		4.9
Health Care		3.9
Energy		2.8
Materials		2.5
Real Estate		0.4
Short-Term Investments		5.0
Other Assets Less Liabilities		(4.1	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Alibaba Group Holding, Ltd., Sponsored ADR (China)		5.4
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		4.9
Samsung Electronics Co., Ltd. (South Korea)		4.2
Baidu, Inc., Sponsored ADR (China)		3.4
Naspers, Ltd., N Shares (South Africa)		3.3
Tencent Holdings, Ltd. (China)		3.0
Sberbank of Russia PJSC, Sponsored ADR (Russia)		2.9
Ping An Insurance Group Co. of China, Ltd., Class H (China)		2.7
Banco Bradesco, S.A., ADR (Brazil)		2.1
Kweichow Moutai Co., Ltd., Class A (China)		2.0
Top Ten as a Group		33.9

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.

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.

16

AMG GW&K Trilogy Emerging Markets Equity Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2019

	Shares		Value
Common Stocks—99.1%
Communication Services—11.0%
Baidu, Inc., Sponsored ADR (China)*		39,120	$	6,502,918
Bharti Infratel, Ltd. (India)		90,099		340,190
iQIYI, Inc., ADR (Cayman Islands)*,1		78,688		1,739,792
MultiChoice Group, Ltd. (South Africa)*		128,573		1,154,506
NetEase, Inc., ADR (China)		5,856		1,666,208
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		3,383,347		900,942
Tencent Holdings, Ltd. (China)		115,300		5,682,867
Tencent Music Entertainment Group, ADR (Cayman Islands)*,1		73,792		1,269,222
Zee Entertainment Enterprises, Ltd. (India)		293,907		1,828,401
Total Communication Services				21,085,046
Consumer Discretionary—21.0%
Alibaba Group Holding, Ltd., Sponsored ADR (China)*,1		55,791		10,353,136
Ctrip.com International, Ltd., ADR (China)*		55,926		2,463,540
Feng TAY Enterprise Co., Ltd. (Taiwan)		363,600		2,948,267
Hanon Systems (South Korea)		148,299		1,594,637
MakeMyTrip, Ltd. (India)*		50,043		1,261,584
Maruti Suzuki India, Ltd. (India)		12,344		1,182,796
Midea GroupCo. Ltd., Class A (China)		155,200		1,208,293
Mr Price Group, Ltd. (South Africa)1		47,620		721,687
Naspers, Ltd., N Shares (South Africa)		24,359		6,266,366
New Oriental Education & Technology Group, Inc., Sponsored ADR (China)*		19,589		1,869,966
Sands China, Ltd. (Macau)		580,847		3,197,075
Shanghai Jinjiang International Hotels Development Co., Ltd. (China)		186,100		745,793
Shenzhou International Group Holdings, Ltd. (Cayman Islands)		201,800		2,712,359
Yum China Holdings, Inc. (China)		76,774		3,649,836
Total Consumer Discretionary				40,175,335
Consumer Staples—9.3%
Bid Corp., Ltd. (South Africa)		114,980		2,430,790
BIM Birlesik Magazalar AS (Turkey)		86,090		1,198,239
Fomento Economico Mexicano, S.A.B de CV (Mexico)		140,487		1,373,023
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (China)		304,200		1,402,057
Kweichow Moutai Co., Ltd., Class A (China)		26,300		3,803,230
LG Household & Health Care, Ltd. (South Korea)		1,725		2,101,959
Uni-President Enterprises Corp. (Taiwan)		422,000		1,002,958
Wal-Mart de Mexico, SAB de CV (Mexico)		745,500		2,190,363

	Shares		Value
Wuliangye Yibin Co., Ltd., Class A (China)		142,400	$	2,162,953
Total Consumer Staples				17,665,572
Energy—2.8%
China Petroleum & Chemical Corp., ADR (China)		14,911		1,144,270
Novatek PJSC, Sponsored GDR (Russia)		11,701		2,257,447
Reliance Industries, Ltd. (India)		96,800		1,939,240
Total Energy				5,340,957
Financials—28.0%
AIA Group, Ltd. (Hong Kong)		324,200		3,319,625
Banco Bradesco, S.A., ADR (Brazil)		436,959		3,958,849
Banco de Chile, ADR (Chile)1		44,156		1,298,186
Bancolombia, S.A., Sponsored ADR (Colombia)1		35,885		1,820,087
Bank Mandiri Persero Tbk PT (Indonesia)*		2,559,800		1,394,590
Bank Rakyat Indonesia Persero Tbk PT (Indonesia)		8,328,335		2,560,591
BB Seguridade Participacoes, S.A. (Brazil)		112,035		812,026
BDO Unibank, Inc. (Philippines)		493,781		1,271,278
China Construction Bank Corp., Class H (China)		2,025,000		1,785,171
Credicorp, Ltd. (Peru)		13,493		3,196,492
Dongbu Insurance Co., Ltd. (South Korea)		22,600		1,323,323
FirstRand, Ltd. (South Africa)		526,364		2,504,986
Grupo Financiero Banorte, S.A.B de CV (Mexico)		459,400		2,910,848
HDFC Bank, Ltd., ADR (India)		15,229		1,746,005
Housing Development Finance Corp., Ltd. (India)		118,033		3,386,235
Itau Unibanco Holding, S.A., Sponsored ADR (Brazil)		375,276		3,246,137
Kasikornbank PCL (Thailand)		285,100		1,703,190
Noah Holdings, Ltd., ADR (China)*,1		22,437		1,219,227
OTP Bank Plc (Hungary)		49,809		2,215,055
Ping An Insurance Group Co. of China, Ltd., Class H (China)		435,000		5,265,529
Sberbank of Russia PJSC, Sponsored ADR (Russia)		381,910		5,474,266
Shinhan Financial Group Co., Ltd. (South Korea)		27,191		1,027,681
Total Financials				53,439,377
Health Care—3.9%
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		506,900		2,220,372
Fleury, S.A. (Brazil)		342,118		1,811,321
Odontoprev, S.A. (Brazil)		457,606		1,965,287
Osstem Implant Co., Ltd. (South Korea)*		14,932		740,255
Richter Gedeon Nyrt (Hungary)		37,183		737,775
Total Health Care				7,475,010

The accompanying notes are an integral part of these financial statements.

17

AMG GW&K Trilogy Emerging Markets Equity Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Industrials—4.9%
Adani Ports & Special Economic Zone, Ltd. (India)		290,309	$	1,639,917
The Bidvest Group, Ltd. (South Africa)		83,958		1,277,010
Copa Holdings, S.A., Class A (Panama)		18,268		1,520,994
Doosan Bobcat, Inc. (South Korea)		46,123		1,264,732
Grupo Aeroportuario del Pacifico, S.A.B de CV, Class B (Mexico)		98,820		1,001,349
Shanghai International Airport Co., Ltd., Class A (China)		247,669		2,600,308
Total Industrials				9,304,310
Information Technology—15.3%
Delta Electronics, Inc. (Taiwan)		406,720		2,146,702
Hangzhou Hikvision Digital Technology Co., Ltd., Class A (China)		131,200		638,066
Hon Hai Precision Industry Co., Ltd. (Taiwan)		820,224		2,309,200
Infosys, Ltd., Sponsored ADR (India)1		109,937		1,182,922
Pagseguro Digital, Ltd., Class A (Brazil)*		24,814		646,653
Samsung Electronics Co., Ltd. (South Korea)		207,167		8,145,232
SK Hynix, Inc. (South Korea)		50,192		3,396,532
Sunny Optical Technology Group Co., Ltd. (Cayman Islands)		110,700		1,354,205
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		1,106,632		9,291,318
Total Information Technology				29,110,830
Materials—2.5%
Grasim Industries, Ltd. (India)		42,913		556,106
Grupo Mexico, S.A.B de CV (Mexico)		490,600		1,440,144
Industrias Penoles, S.A.B de CV (Mexico)		69,805		802,706
LG Chem, Ltd. (South Korea)		6,663		2,066,887
Total Materials				4,865,843
Real Estate—0.4%
Emaar Malls PJSC (United Arab Emirates)		1,566,234		743,280
Total Common Stocks (Cost $155,159,779)				189,205,560
	Principal Amount
Short-Term Investments—5.0%
Joint Repurchase Agreements—2.7%2
BNP Paribas SA, dated 04/30/19, due 05/01/19, 2.700% total to be received $250,837 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 8.750%, 05/21/19 - 09/09/49, totaling $255,834)	$	250,818		250,818

	Principal Amount		Value
Cantor Fitzgerald Securities, Inc., dated 04/30/19, due 05/01/19, 2.760% total to be received $1,192,856 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 10.000%, 05/15/19 - 03/20/69, totaling $1,216,620)	$	1,192,765	$	1,192,765
Citigroup Global Markets, Inc., dated 04/30/19, due 05/01/19, 2.770% total to be received $1,192,857 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 1.250% - 8.500%, 05/25/19 - 04/20/69, totaling $1,216,620)		1,192,765		1,192,765
HSBC Securities, Inc., dated 04/30/19, due 05/01/19, 2.760% total to be received $1,192,856 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 3.000% - 5.000%, 03/01/30 - 12/01/48, totaling $1,216,620)		1,192,765		1,192,765
RBC Dominion Securities, Inc., dated 04/30/19, due 05/01/19, 2.720% total to be received $1,192,855 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 2.652% - 7.000%, 04/01/34 - 04/20/49, totaling $1,216,620)		1,192,765		1,192,765
Total Joint Repurchase Agreements				5,021,878
	Shares
Other Investment Companies—2.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 2.33%3		1,467,520		1,467,520
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 2.40%3		1,467,520		1,467,520
JPMorgan U.S. Government Money Market Fund, IM Shares, 2.38%3		1,511,990		1,511,990
Total Other Investment Companies				4,447,030
Total Short-Term Investments(Cost $9,468,908)				9,468,908
Total Investments—104.1%(Cost $164,628,687)				198,674,468
Other Assets, less Liabilities—(4.1)%				(7,868,064	)
Net Assets—100.0%			$	190,806,404

The accompanying notes are an integral part of these financial statements.

18

AMG GW&K Trilogy Emerging Markets Equity Fund

Schedule of Portfolio Investments(continued)

^*  Non-income producing security.

¹  Some or all of these securities, amounting to $17,773,433 or 9.3% 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.

²  Cash collateral received for securities lending activity was invested in these joint repurchase agreements.

³  Yield shown represents the April 30, 2019, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

ADR American Depositary Receipt

GDR Global Depositary Receipt

The following table summarizes the inputs used to value the Fund’s investments by the fair value hierarchy levels as of April 30, 2019:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Financials	$	21,531,180	$	31,908,197		—	$	53,439,377
Consumer Discretionary		19,598,062		20,577,273		—		40,175,335
Information Technology		1,829,575		27,281,255		—		29,110,830
Communication Services		12,332,646		8,752,400		—		21,085,046
Consumer Staples		4,761,625		12,903,947		—		17,665,572
Industrials		2,522,343		6,781,967		—		9,304,310
Health Care		3,776,608		3,698,402		—		7,475,010
Energy		1,144,270		4,196,687		—		5,340,957
Materials		2,242,850		2,622,993		—		4,865,843
Real Estate		—		743,280		—		743,280
Short-Term Investments
Joint Repurchase Agreements		—		5,021,878		—		5,021,878
Other Investment Companies		4,447,030		—		—		4,447,030
Total Investments in Securities	$	74,186,189	$	124,488,279		—	$	198,674,468

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

For the six months ended April 30, 2019, there were no transfers in or out of Level 3.

Country	% of Long-Term Investments
Brazil		6.6
Cayman Islands		3.7
Chile		0.7
China		29.8
Colombia		1.0
Hong Kong		1.7
Hungary		1.6
India		8.0
Indonesia		2.6
Macau		1.7
Mexico		5.1
Panama		0.8

Country	% of Long-Term Investments
Peru		1.7
Philippines		0.7
Russia		4.1
South Africa		7.6
South Korea		11.4
Taiwan		9.3
Thailand		0.9
Turkey		0.6
United Arab Emirates		0.4
		100.0

The accompanying notes are an integral part of these financial statements.

19

Statement of Assets and Liabilities(unaudited)

April 30, 2019

	AMG GW&K U.S. Small Cap Growth Fund		AMG GW&K Core Bond ESG Fund		AMG GW&K Trilogy Emerging Wealth Equity Fund		AMG GW&K Trilogy Emerging Markets Equity Fund
Assets:
Investments at value1(including securities on loan valued at $7,131,065, $0, $8,870,521, and $17,773,433, respectively)	$	33,971,168	$	225,228,053	$	96,038,298	$	198,674,468
Foreign currency3		—		—		427,800		1,239,688
Receivable for investments sold		209,400		2,322,469		—		1,744,251
Dividend, interest and other receivables		7,198		1,687,787		58,399		247,783
Receivable for Fund shares sold		1,907		33,857		749,769		111,222
Receivable from affiliate		9,144		14,132		—		—
Prepaid expenses and other assets		24,729		28,784		31,982		30,562
Total assets		34,223,546		229,315,082		97,306,248		202,047,974
Liabilities:
Payable upon return of securities loaned		538,844		—		1,814,559		5,021,878
Payable for investments purchased		263,885		—		840,807		3,393,778
Payable for Fund shares repurchased		22,383		340,334		113,963		2,639,889
Payable for foreign capital gains tax		—		—		31,161		—
Accrued expenses:
Investment advisory and management fees		18,819		56,628		41,125		85,466
Administrative fees		4,033		28,314		11,216		23,309
Distribution fees		4,271		131		458		104
Shareholder service fees		3,158		15,493		532		1,295
Other		30,668		76,196		51,839		75,851
Total liabilities		886,061		517,096		2,905,660		11,241,570
Net Assets	$	33,337,485	$	228,797,986	$	94,400,588	$	190,806,404
1Investments at cost	$	25,355,994	$	225,478,671	$	82,327,461	$	164,628,687
3Foreign currency at cost		—		—	$	433,190	$	1,236,638

The accompanying notes are an integral part of these financial statements.

20

Statement of Assets and Liabilities(continued)

	AMG GW&K U.S. Small Cap Growth Fund		AMG GW&K Core Bond ESG Fund			AMG GW&K Trilogy Emerging Wealth Equity Fund		AMG GW&K Trilogy Emerging Markets Equity Fund
Net Assets Represent:
Paid-in capital	$	24,329,127	$	234,856,171		$	77,618,777	$	168,626,904
Distributable earnings (loss)		9,008,358		(6,058,185	)		16,781,811		22,179,500
Net Assets	$	33,337,485	$	228,797,986		$	94,400,588	$	190,806,404
Class N:
Net Assets	$	24,947,279	$	642,124		$	2,279,521	$	500,812
Shares outstanding		6,754,882		63,813			183,241		49,894
Net asset value, offering and redemption price per share	$	3.69	$	10.06		$	12.44	$	10.04
Class I:
Net Assets	$	8,216,918	$	225,082,451		$	3,192,390	$	22,233,260
Shares outstanding		1,717,582		22,368,607			254,984		2,223,948
Net asset value, offering and redemption price per share	$	4.78	$	10.06		$	12.52	$	10.00
Class Z:
Net Assets	$	173,288	$	3,073,411		$	88,928,677	$	168,072,332
Shares outstanding		36,136		305,598			7,130,056		16,891,808
Net asset value, offering and redemption price per share	$	4.80	$	10.06		$	12.47	$	9.95

The accompanying notes are an integral part of these financial statements.

21

Statement of Operations(unaudited)

For the six months ended April 30, 2019

	AMG GW&K U.S. Small Cap Growth Fund			AMG GW&K Core Bond ESG Fund			AMG GW&K Trilogy Emerging Wealth Equity Fund			AMG GW&K Trilogy Emerging Markets Equity Fund
Investment Income:
Dividend income	$	88,960		$	34,423		$	444,448		$	1,515,819
Interest income		—			3,542,495			138			—
Securities lending income		6,110			—			12,605			21,586
Foreign withholding tax		(867	)		—			(25,084	)		(138,320	)
Total investment income		94,203			3,576,918			432,107			1,399,085
Expenses:
Investment advisory and management fees		109,336			351,545			205,427			448,341
Administrative fees		23,429			175,773			56,025			122,275
Distribution fees—Class N		24,002			714			2,537			464
Shareholder servicing fees—Class N		13,915			428			1,522			279
Shareholder servicing fees—Class I		3,759			89,353			1,424			7,498
Registration fees		23,162			25,165			28,444			26,036
Professional fees		13,578			30,279			21,559			25,144
Custodian fees		8,395			17,908			34,967			55,072
Transfer agent fees		3,297			12,199			1,161			2,039
Reports to shareholders		3,292			20,427			4,929			8,878
Trustee fees and expenses		1,442			10,718			2,946			6,497
Miscellaneous		14,018			6,453			2,115			2,607
Repayment of prior reimbursements		—			—			14,028			—
Total expenses before offsets		241,625			740,962			377,084			705,130
Expense reimbursements		(46,699	)		(85,819	)		—			—
Expense reductions		(7,002	)		—			—			—
Net expenses		187,924			655,143			377,084			705,130
Net investment income (loss)		(93,721	)		2,921,775			55,023			693,955
Net Realized and Unrealized Gain:
Net realized gain (loss) on investments		803,868			(2,035,919	)		3,241,416			(2,834,913	)
Net realized loss on foreign currency transactions		—			—			(39,089	)		(58,657	)
Net change in unrealized appreciation/depreciation on investments		2,666,106			11,413,356			15,024,429			29,742,522
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			(28,976	)		2,448
Net realized and unrealized gain		3,469,974			9,377,437			18,197,780			26,851,400
Net increase in net assets resulting from operations	$	3,376,253		$	12,299,212		$	18,252,803		$	27,545,355

The accompanying notes are an integral part of these financial statements.

22

Statements of Changes in Net Assets

For the six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018

	AMG GW&K U.S. Small Cap Growth Fund						AMG GW&K Core Bond ESG Fund
	April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)	$	(93,721	)	$	(240,628	)	$	2,921,775		$	6,582,045
Net realized gain (loss) on investments		803,868			5,691,728			(2,035,919	)		(1,658,735	)
Net change in unrealized appreciation/depreciation on investments		2,666,106			(4,046,445	)		11,413,356			(12,727,480	)
Net increase (decrease) in net assets resulting from operations		3,376,253			1,404,655			12,299,212			(7,804,170	)
Distributions to Shareholders:
Class N		(4,243,943	)		(3,811,310	)		(6,168	)		(6,701	)
Class I		(946,962	)		(1,248,740	)		(2,873,418	)		(6,491,282	)
Class Z		(21,756	)		(18,241	)		(45,860	)		(121,411	)
Total distributions to shareholders		(5,212,661	)		(5,078,291	)		(2,925,446	)		(6,619,394	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		876,310			1,359,286			(50,877,758	)		(46,865,335	)
Total decrease in net assets		(960,098	)		(2,314,350	)		(41,503,992	)		(61,288,899	)
Net Assets:
Beginning of period		34,297,583			36,611,933			270,301,978			331,590,877
End of period	$	33,337,485		$	34,297,583		$	228,797,986		$	270,301,978

¹ See Note 1(g) of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

23

Statements of Changes in Net Assets(continued)

For the six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018

	AMG GW&K Trilogy Emerging Wealth Equity Fund						AMG GW&K Trilogy Emerging Markets Equity Fund
	April 30, 2019			October 31, 2018			April 30, 2019			October 31, 2018
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income	$	55,023		$	599,084		$	693,955		$	2,324,220
Net realized gain (loss) on investments		3,202,327			2,832,808			(2,893,570	)		5,101,177
Net change in unrealized appreciation/depreciation on investments		14,995,453			(15,165,726	)		29,744,970			(30,255,989	)
Net increase (decrease) in net assets resulting from operations		18,252,803			(11,733,834	)		27,545,355			(22,830,592	)
Distributions to Shareholders:
Class N		(91,676	)		(1,210	)		(3,338	)		(2,438	)
Class I		(88,034	)		(76,934	)		(214,189	)		(26,234	)
Class Z		(3,150,911	)		(3,581,095	)		(2,095,616	)		(1,711,909	)
Total distributions to shareholders		(3,330,621	)		(3,659,239	)		(2,313,143	)		(1,740,581	)
Capital Share Transactions:1
Net increase from capital share transactions		14,556,833			19,158,573			20,387,139			36,373,294
Total increase in net assets		29,479,015			3,765,500			45,619,351			11,802,121
Net Assets:
Beginning of period		64,921,573			61,156,073			145,187,053			133,384,932
End of period	$	94,400,588		$	64,921,573		$	190,806,404		$	145,187,053

¹ See Note 1(g) of the Notes to Financial Statements.

The accompanying notes are an integral part of these financial statements.

24

AMG GW&K U.S. Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class N	(unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	4.12		$	4.68		$	3.58		$	18.59		$	22.07		$	24.06
Income (loss) from Investment Operations:
Net investment loss1,2		(0.01	)		(0.03	)		(0.03	)		(0.06	)		(0.12	)		(0.13	)
Net realized and unrealized gain (loss) on investments		0.30			0.19			1.14			(0.62	)		(0.62	)		0.30
Total income (loss) from investment operations		0.29			0.16			1.11			(0.68	)		(0.74	)		0.17
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(0.72	)		(0.01	)		(14.33	)		(2.74	)		(2.16	)
Net Asset Value, End of Period	$	3.69		$	4.12		$	4.68		$	3.58		$	18.59		$	22.07
Total Return2,3		11.79	%4		3.41	%		30.91	%		(4.39	)%		(4.12	)%		0.57	%
Ratio of net expenses to average net assets		1.20	%5,6		1.17	%6		1.23	%6		1.36	%		1.31	%		1.31	%
Ratio of gross expenses to average net assets7		1.52	%5		1.38	%		1.51	%		1.39	%		1.31	%		1.31	%
Ratio of net investment loss to average net assets2		(0.68	)%5		(0.70	)%		(0.72	)%		(0.76	)%		(0.58	)%		(0.57	)%
Portfolio turnover		12	%4		36	%		24	%		106	%8		65	%		70	%8,9
Net assets end of period (000’s) omitted	$	24,947		$	24,762		$	26,671		$	30,977		$	241,283		$	336,350

25

AMG GW&K U.S. Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal years ended October 31,
Class I	(unaudited)			2018			2017			2016			2015			2014
Net Asset Value, Beginning of Period	$	5.10		$	5.61		$	4.27		$	19.30		$	22.76		$	24.69
Income (loss) from Investment Operations:
Net investment loss1,2		(0.01	)		(0.03	)		(0.02	)		(0.05	)		(0.07	)		(0.07	)
Net realized and unrealized gain (loss) on investments		0.41			0.24			1.37			(0.65	)		(0.65	)		0.30
Total income (loss) from investment operations		0.40			0.21			1.35			(0.70	)		(0.72	)		0.23
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(0.72	)		(0.01	)		(14.33	)		(2.74	)		(2.16	)
Net Asset Value, End of Period	$	4.78		$	5.10		$	5.61		$	4.27		$	19.30		$	22.76
Total Return2,3		11.70	%4		3.78	%		31.57	%		(4.27	)%		(3.93	)%		0.86	%
Ratio of net expenses to average net assets		0.98	%5,6		0.95	%6		1.00	%6		1.11	%		1.06	%		1.06	%
Ratio of gross expenses to average net assets7		1.30	%5		1.16	%		1.28	%		1.16	%		1.06	%		1.06	%
Ratio of net investment loss to average net assets2		(0.46	)%5		(0.48	)%		(0.49	)%		(0.53	)%		(0.33	)%		(0.32	)%
Portfolio turnover		12	%4		36	%		24	%		106	%8		65	%		70	%8,9
Net assets end of period (000’s) omitted	$	8,217		$	9,381		$	9,798		$	11,032		$	307,403		$	469,518

26

AMG GW&K U.S. Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019			For the fiscal year ended October 31,			For the fiscal period ended October 31,
Class Z	(unaudited)			2018			201710
Net Asset Value, Beginning of Period	$	5.10		$	5.61		$	4.85
Income (loss) from Investment Operations:
Net investment loss1,2		(0.01	)		(0.02	)		(0.02	)
Net realized and unrealized gain on investments		0.43			0.23			0.78
Total income from investment operations		0.42			0.21			0.76
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(0.72	)		—
Net Asset Value, End of Period	$	4.80		$	5.10		$	5.61
Total Return2,3		12.12	%4		3.78	%		15.67	%4
Ratio of net expenses to average net assets		0.88	%5,6		0.85	%6		0.89	%5,6
Ratio of gross expenses to average net assets7		1.20	%5		1.06	%		1.13	%5
Ratio of net investment loss to average net assets2		(0.36	)%5		(0.38	)%		(0.47	)%5
Portfolio turnover		12	%4		36	%		24	%4
Net assets end of period (000’s) omitted	$	173		$	155		$	143

¹  Per share numbers have been calculated using average shares.

²  Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

³  The total return is calculated using the published Net Asset Value as of period end.

⁴  Not annualized.

⁵  Annualized.

⁶  Includes reduction from broker recapture amounting to 0.02% for the six months ended April 30, 2019, 0.05% for the fiscal year ended October 31, 2018, and 0.05%, 0.05% and 0.01% for Class N, Class I and Class Z, respectively for the fiscal period ended 2017.

⁷  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

⁸  Portfolio turnover rate excludes securities delivered from processing a redemptionin-kind.

⁹  Portfolio turnover rate excludes securities received from processing a subscriptionin-kind.

¹⁰  The commencement of operations for Class Z shares was February 24, 2017.

27

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,									For the fiscal period ended October 31,
Class N				2018			2017			20161			20152
Net Asset Value, Beginning of Period	$	9.67		$	10.14		$	10.26		$	10.23		$	10.39
Income (loss) from Investment Operations:
Net investment income3,4		0.11			0.18			0.18			0.16			0.08
Net realized and unrealized gain (loss) on investments		0.38			(0.46	)		(0.12	)		0.28			(0.16	)
Total income (loss) from investment operations		0.49			(0.28	)		0.06			0.44			(0.08	)
Less Distributions to Shareholders from:
Net investment income		(0.10	)		(0.19	)		(0.18	)		(0.17	)		(0.08	)
Net realized gain on investments		—			—			—			(0.24	)		—
Total distributions to shareholders		(0.10	)		(0.19	)		(0.18	)		(0.41	)		(0.08	)
Net Asset Value, End of Period	$	10.06		$	9.67		$	10.14		$	10.26		$	10.23
Total Return4,5		5.14	%6		(2.79	)%		0.57	%		4.44	%		(0.76	)%6
Ratio of net expenses to average net assets		0.88	%7		0.88	%		0.88	%		0.88	%		0.88	%7
Ratio of gross expenses to average net assets8		0.95	%7		0.93	%		0.93	%		0.97	%		0.99	%7
Ratio of net investment income to average net assets4		2.17	%7		1.88	%		1.75	%		1.51	%		1.67	%7
Portfolio turnover		21	%6		17	%		18	%		48	%		175	%
Net assets end of period (000’s) omitted	$	642		$	502		$	146		$	293		$	124

28

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,
Class I				2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	9.67		$	10.15		$	10.27		$	10.24		$	10.87		$	10.63
Income (loss) from Investment Operations:
Net investment income3,4		0.12			0.22			0.21			0.21			0.18			0.16
Net realized and unrealized gain (loss) on investments		0.39			(0.48	)		(0.12	)		0.26			(0.11	)		0.22
Total income (loss) from investment operations		0.51			(0.26	)		0.09			0.47			0.07			0.38
Less Distributions to Shareholders from:
Net investment income		(0.12	)		(0.22	)		(0.21	)		(0.20	)		(0.35	)		(0.14	)
Net realized gain on investments		—			—			—			(0.24	)		(0.35	)		—
Total distributions to shareholders		(0.12	)		(0.22	)		(0.21	)		(0.44	)		(0.70	)		(0.14	)
Net Asset Value, End of Period	$	10.06		$	9.67		$	10.15		$	10.27		$	10.24		$	10.87
Total Return4,5		5.35	%6		(2.59	)%		0.91	%		4.79	%		0.68	%		3.64	%
Ratio of net expenses to average net assets		0.56	%7		0.56	%		0.55	%		0.55	%		0.56	%		0.58	%
Ratio of gross expenses to average net assets8		0.63	%7		0.61	%		0.60	%		0.65	%		0.67	%		0.67	%
Ratio of net investment income to average net assets4		2.49	%7		2.20	%		2.08	%		2.01	%		1.70	%		1.46	%
Portfolio turnover		21	%6		17	%		18	%		48	%		175	%		177	%
Net assets end of period (000’s) omitted	$	225,082		$	264,795		$	325,855		$	414,400		$	572,110		$	942,956

29

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal year ended October 31,									For the fiscal period ended October 31,
Class Z				2018			2017			20161			20152
Net Asset Value, Beginning of Period	$	9.67		$	10.14		$	10.26		$	10.23		$	10.39
Income (loss) from Investment Operations:
Net investment income3,4		0.13			0.23			0.22			0.19			0.10
Net realized and unrealized gain (loss) on investments		0.39			(0.47	)		(0.12	)		0.29			(0.16	)
Total income (loss) from investment operations		0.52			(0.24	)		0.10			0.48			(0.06	)
Less Distributions to Shareholders from:
Net investment income		(0.13	)		(0.23	)		(0.22	)		(0.21	)		(0.10	)
Net realized gain on investments		—			—			—			(0.24	)		—
Total distributions to shareholders		(0.13	)		(0.23	)		(0.22	)		(0.45	)		(0.10	)
Net Asset Value, End of Period	$	10.06		$	9.67		$	10.14		$	10.26		$	10.23
Total Return4,5		5.41	%6		(2.42	)%		0.98	%		4.85	%		(0.58	)%6
Ratio of net expenses to average net assets		0.48	%7		0.48	%		0.48	%		0.48	%		0.48	%7
Ratio of gross expenses to average net assets8		0.55	%7		0.53	%		0.53	%		0.58	%		0.59	%7
Ratio of net investment income to average net assets4		2.57	%7		2.28	%		2.15	%		1.88	%		2.05	%7
Portfolio turnover		21	%6		17	%		18	%		48	%		175	%
Net assets end of period (000’s) omitted	$	3,073		$	5,005		$	5,590		$	5,668		$	4,891

¹  Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class I and Class Z, respectively.

²  Commencement of operations was on May 8, 2015.

³  Per share numbers have been calculated using average shares.

⁴  Total returns and net investment income would have been lower had certain expenses not been offset.

⁵  The total return is calculated using the published Net Asset Value as of period end.

⁶  Not annualized.

⁷  Annualized.

⁸  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

30

AMG GW&K Trilogy Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,									For the fiscal period ended October 31,
Class N				2018			2017			20161			20152
Net Asset Value, Beginning of Period	$	10.38		$	12.94		$	10.13		$	9.34		$	10.00
Income (loss) from Investment Operations:
Net investment income (loss)3,4		(0.01	)		0.06			0.05			0.05			0.04
Net realized and unrealized gain (loss) on investments		2.57			(1.88	)		2.80			0.74			(0.70	)
Total income (loss) from investment operations		2.56			(1.82	)		2.85			0.79			(0.66	)
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.05	)		(0.04	)		—			—
Net realized gain on investments		(0.44	)		(0.69	)		—			—			—
Total distributions to shareholders		(0.50	)		(0.74	)		(0.04	)		—			—
Net Asset Value, End of Period	$	12.44		$	10.38		$	12.94		$	10.13		$	9.34
Total Return4,6		25.99	%7		(15.16	)%		28.31	%		8.46	%		(6.60	)%7
Ratio of net expenses to average net assets		1.40	%8,9		1.45	%9,10		1.45	%9,10		1.44	%		1.33	%8
Ratio of gross expenses to average net assets11		1.40	%8,9		1.45	%9		1.45	%9		1.53	%		1.65	%8
Ratio of net investment income (loss) to average net assets4		(0.24	)%8		0.49	%		0.45	%		0.51	%		0.65	%8
Portfolio turnover		26	%7		37	%		68	%		58	%		45	%7
Net assets end of period (000’s) omitted	$	2,280		$	1,940		$	10		$	10		$	9

31

AMG GW&K Trilogy Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,									For the fiscal period ended October 31,
Class I				2018			2017			20161			20152
Net Asset Value, Beginning of Period	$	10.44		$	12.96		$	10.14		$	9.34		$	10.00
Income (loss) from Investment Operations:
Net investment income3,4		0.00	5		0.09			0.08			0.07			0.04
Net realized and unrealized gain (loss) on investments		2.59			(1.88	)		2.81			0.75			(0.70	)
Total income (loss) from investment operations		2.59			(1.79	)		2.89			0.82			(0.66	)
Less Distributions to Shareholders from:
Net investment income		(0.07	)		(0.04	)		(0.07	)		(0.02	)		—
Net realized gain on investments		(0.44	)		(0.69	)		—			—			—
Total distributions to shareholders		(0.51	)		(0.73	)		(0.07	)		(0.02	)		—
Net Asset Value, End of Period	$	12.52		$	10.44		$	12.96		$	10.14		$	9.34
Total Return4,6		26.08	%7		(14.89	)%		28.73	%		8.77	%		(6.60	)%7
Ratio of net expenses to average net assets		1.13	%8,9		1.19	%9,10		1.12	%9,10		1.16	%		1.16	%8
Ratio of gross expenses to average net assets11		1.13	%8,9		1.19	%9		1.16	%9		1.24	%		1.45	%8
Ratio of net investment income to average net assets4		0.03	%8		0.75	%		0.78	%		0.79	%		0.61	%8
Portfolio turnover		26	%7		37	%		68	%		58	%		45	%7
Net assets end of period (000’s) omitted	$	3,192		$	2,539		$	1,646		$	16,639		$	22,432

32

AMG GW&K Trilogy Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,									For the fiscal period ended October 31,
Class Z				2018			2017			20161			20152
Net Asset Value, Beginning of Period	$	10.41		$	12.97		$	10.15		$	9.35		$	10.00
Income (loss) from Investment Operations:
Net investment income3,4		0.01			0.11			0.10			0.09			0.04
Net realized and unrealized gain (loss) on investments		2.58			(1.89	)		2.80			0.74			(0.69	)
Total income (loss) from investment operations		2.59			(1.78	)		2.90			0.83			(0.65	)
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(0.09	)		(0.08	)		(0.03	)		—
Net realized gain on investments		(0.44	)		(0.69	)		—			—			—
Total distributions to shareholders		(0.53	)		(0.78	)		(0.08	)		(0.03	)		—
Net Asset Value, End of Period	$	12.47		$	10.41		$	12.97		$	10.15		$	9.35
Total Return4,6		26.20	%7		(14.87	)%		28.86	%		8.86	%		(6.50	)%7
Ratio of net expenses to average net assets		1.00	%8,9		1.05	%9,10		1.05	%9,10		1.05	%		1.05	%8
Ratio of gross expenses to average net assets11		1.00	%8,9		1.05	%9		1.05	%9		1.15	%		1.50	%8
Ratio of net investment income to average net assets4		0.16	%8		0.89	%		0.85	%		0.94	%		0.64	%8
Portfolio turnover		26	%7		37	%		68	%		58	%		45	%7
Net assets end of period (000’s) omitted	$	88,929		$	60,443		$	59,500		$	30,777		$	7,782

¹  Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class I and Class Z, respectively.

²  Commencement of operations was on March 20, 2015.

³  Per share numbers have been calculated using average shares.

⁴  Total returns and net investment income (loss) would have been lower had certain expenses not been offset.

⁵  Less than $0.005 per share.

⁶  The total return is calculated using the published Net Asset Value as of period end.

⁷  Not annualized.

⁸  Annualized.

⁹  Such ratio includes recapture of waived/reimbursed fees from prior periods amounting to 0.04% for the six months ended April 30, 2019 and 0.07% and 0.04% for the fiscal years ended October 31, 2018 and October 31, 2017, respectively.

¹⁰  Includes reduction from broker recapture amounting to less than 0.01%.

¹¹  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

33

AMG GW&K Trilogy Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,
Class N				2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	8.61		$	10.11		$	7.91		$	7.23		$	8.83		$	8.73
Income (loss) from Investment Operations:
Net investment income2,3		0.02			0.11			0.09			0.06			0.06			0.11	4
Net realized and unrealized gain (loss) on investments		1.50			(1.54	)		2.18			0.66			(1.66	)		0.02
Total income (loss) from investment operations		1.52			(1.43	)		2.27			0.72			(1.60	)		0.13
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(0.07	)		(0.07	)		(0.04	)		—			(0.03	)
Net Asset Value, End of Period	$	10.04		$	8.61		$	10.11		$	7.91		$	7.23		$	8.83
Total Return3		17.90	%5,6		(14.24	)%6		28.97	%6		10.01	%		(18.12	)%		1.55	%
Ratio of net expenses to average net assets		1.25	%7		1.27	%		1.31	%		1.44	%		1.45	%		1.42	%8
Ratio of gross expenses to average net assets9		1.25	%7		1.27	%		1.31	%		1.44	%		1.45	%		1.43	%
Ratio of net investment income to average net assets3		0.46	%7		1.12	%		1.08	%		0.81	%		0.76	%		1.30	%
Portfolio turnover		48	%5		24	%		29	%		33	%		45	%		35	%
Net assets end of period (000’s) omitted	$	501		$	289		$	350		$	497		$	57		$	79

34

AMG GW&K Trilogy Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,
Class I				2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	8.60		$	10.11		$	7.90		$	7.19		$	8.88		$	8.78
Income (loss) from Investment Operations:
Net investment income2,3		0.04			0.13			0.12			0.08			0.05			0.12	4
Net realized and unrealized gain (loss) on investments		1.49			(1.53	)		2.18			0.67			(1.62	)		0.04
Total income (loss) from investment operations		1.53			(1.40	)		2.30			0.75			(1.57	)		0.16
Less Distributions to Shareholders from:
Net investment income		(0.13	)		(0.11	)		(0.09	)		(0.04	)		(0.12	)		(0.06	)
Net Asset Value, End of Period	$	10.00		$	8.60		$	10.11		$	7.90		$	7.19		$	8.88
Total Return3		18.08	%5,6		(13.94	)%6		29.34	%6		10.48	%6		(17.82	)%6		1.85	%6
Ratio of net expenses to average net assets		0.94	%7		0.99	%		1.03	%		1.07	%		1.00	%		1.04	%8
Ratio of gross expenses to average net assets9		0.94	%7		0.99	%		1.03	%		1.07	%		1.00	%		1.05	%
Ratio of net investment income to average net assets3		0.77	%7		1.40	%		1.36	%		1.14	%		0.65	%		1.37	%
Portfolio turnover		48	%5		24	%		29	%		33	%		45	%		35	%
Net assets end of period (000’s) omitted	$	22,233		$	11,210		$	2,207		$	1,271		$	1,203		$	26,239

35

AMG GW&K Trilogy Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended April 30, 2019 (unaudited)			For the fiscal years ended October 31,
Class Z				2018			2017			20161			2015			2014
Net Asset Value, Beginning of Period	$	8.56		$	10.06		$	7.86		$	7.20		$	8.89		$	8.78
Income (loss) from Investment Operations:
Net investment income2,3		0.04			0.15			0.13			0.09			0.09			0.13	4
Net realized and unrealized gain (loss) on investments		1.48			(1.53	)		2.16			0.65			(1.65	)		0.05
Total income (loss) from investment operations		1.52			(1.38	)		2.29			0.74			(1.56	)		0.18
Less Distributions to Shareholders from:
Net investment income		(0.13	)		(0.12	)		(0.09	)		(0.08	)		(0.13	)		(0.07	)
Net Asset Value, End of Period	$	9.95		$	8.56		$	10.06		$	7.86		$	7.20		$	8.89
Total Return3		18.10	%5,6		(13.88	)%6		29.62	%6		10.52	%		(17.69	)%		2.05	%
Ratio of net expenses to average net assets		0.85	%7		0.87	%		0.88	%		0.94	%		0.95	%		0.92	%8
Ratio of gross expenses to average net assets9		0.85	%7		0.87	%		0.88	%		0.94	%		0.95	%		0.93	%
Ratio of net investment income to average net assets3		0.86	%7		1.52	%		1.51	%		1.25	%		1.18	%		1.53	%
Portfolio turnover		48	%5		24	%		29	%		33	%		45	%		35	%
Net assets end of period (000’s) omitted	$	168,072		$	133,688		$	130,828		$	102,086		$	95,434		$	110,366

¹  Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renamed Class N, Class I and Class Z, respectively.

²  Per share numbers have been calculated using average shares.

³  Total returns and net investment income would have been lower had certain expenses not been offset.

⁴  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.10, $0.11 and $0.12 for Class N, Class I and Class Z, respectively.

⁵ Not annualized.

⁶  The total return is calculated using the published Net Asset Value as of period end.

⁷ Annualized.

⁸ Includes reduction from broker recapture amounting to less than 0.01%.

⁹  Excludes the impact of expense reimbursement or fee waivers and expense reductions such as brokerage credits, but includes expense repayments andnon-reimbursable expenses, if any, such as interest, taxes, and extraordinary expenses. (See Note 1(c) and 2 in the Notes to Financial Statements.)

36

Notes to Financial Statements(unaudited)

April 30, 2019

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds, AMG Funds I and AMG Funds IV (the “Trusts”) areopen-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 IV: AMG GW&K U.S. Small Cap Growth Fund (“U.S. Small Cap Growth”), AMG Funds I: AMG GW&K Core Bond ESG Fund (“Core Bond ESG”) (formerly AMG GW&K Core Bond Fund) and AMG Funds: AMG GW&K Trilogy Emerging Wealth Equity Fund (“Emerging Wealth Equity”) (formerly AMG Trilogy Emerging Wealth Equity Fund) and AMG GW&K Trilogy Emerging Markets Equity Fund (“Emerging Markets Equity”) (formerly AMG Trilogy Emerging Markets Equity Fund) , each a “Fund” and collectively, the “Funds.”

Each Fund offers different classes of shares. Each Fund offers Class N, Class I and Class Z 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.

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:

a. VALUATION OF INVESTMENTS

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 “exchange mean price”). Equity securities traded in theover-the-counter market (other than NMS securities) are valued at the exchange 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.

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.

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 otheropen-end regulated investment companies are valued at their end of day net asset value per share.

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 Trusts (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 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.

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.

With respect to foreign equity securities and certain foreign fixed income securities, the Board has adopted a policy that securities held in a Fund 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 apre-established confidence level.

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.

37

Notes to Financial Statements(continued)

The three-tier hierarchy of inputs is summarized below:

Level 1 – inputs are quoted prices in active markets for identical investments (e.g., equity securities,open-end investment companies)

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)

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)

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.

b. SECURITY TRANSACTIONS

Security transactions are accounted for as of trade date. Realized gains and losses on securities sold are determined on the basis of identified cost.

c. INVESTMENT INCOME AND EXPENSES

Dividend income is recorded on theex-dividend date. Dividends from foreign securities are recorded on theex-dividend date, and if after the fact, as soon as the Funds become aware of theex-dividend date, except for Korean securities where dividends are recorded on confirmation 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 mutual 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 apro-rata basis to each class based on the relative net assets of each class to the total net assets of each Fund.

U.S. Small Cap Growth 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 six months ended April 30, 2019, the impact on the expenses and expense ratios was $7,002 or 0.02%.

d. DIVIDENDS AND DISTRIBUTIONS

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 theex-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 reclassifications topaid-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 due to tax equalization utilized, net operating losses offset by short term capital gains and gains/losses on foreign currency. Temporary differences are due to wash sale loss deferrals.

At April 30, 2019, the aggregate cost for federal income tax purposes approximates the aggregate cost for book purposes. The approximate cost of investments and the aggregate gross unrealized appreciation and depreciation for federal income tax purposes were as follows:

Fund	Cost		Appreciation		Depreciation			Net
U.S. Small Cap
Growth	$	25,355,994	$	11,117,544	$	(2,502,370	)	$	8,615,174
Core Bond ESG		225,478,671		2,175,073		(2,425,691	)		(250,618	)
Emerging Wealth
Equity		82,327,461		15,966,515		(2,255,678	)		13,710,837
Emerging Markets
Equity		164,628,687		38,286,984		(4,241,203	)		34,045,781

e. FEDERAL TAXES

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.

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.

Management has analyzed the Funds’ tax positions taken on federal income tax returns as of April 30, 2019, 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.

38

Notes to Financial Statements(continued)

f. CAPITAL LOSS CARRYOVERS AND DEFERRALS

As of October 31, 2018, 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.

	Capital Loss
	Carryover Amounts
Fund	Short-Term		Long-Term		Total
Core Bond ESG	$	2,251,421	$	1,594,986	$	3,846,407
Emerging Markets Equity		1,780,479		6,788,169		8,568,648

As of October 31, 2018, GW&K U.S. Small Cap Growth and Emerging Wealth Equity had no capital loss carryovers. Should the Funds incur net capital losses for the fiscal year ended October 31, 2019, such amounts may be used to offset future

realized capital gains indefinitely, and retain their character as short-term and/or long-term.

g. CAPITAL STOCK

The Trusts’ 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. Prior to March 1, 2019, Emerging Wealth Equity and Emerging Markets Equity deducted a 2.00% redemption fee from the proceeds of any redemption of shares (including a redemption by exchange) if the redemption occurred within 60 days of the purchase of those shares. For the six months ended April 30, 2019, Emerging Wealth Equity and Emerging Markets Equity had redemption fees amounting to $25 and $194, respectively. For the fiscal year ended October 31, 2018, Emerging Wealth Equity and Emerging Markets Equity had redemption fees amounting to $7,166 and $677, respectively. These amounts are netted against the cost of shares repurchased in the Statements of Changes in Net Assets.

For the six months ended April 30, 2019 (unaudited) and the fiscal year ended October 31, 2018, the capital stock transactions by class for the Funds were as follows:

				U.S. Small Cap Growth												Core Bond ESG
	April 30, 2019						October 31, 2018						April 30, 2019						October 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		554,435		$	2,085,003			1,317,348		$	5,851,857			11,545		$	113,829			52,526		$	517,842
Reinvestment of distributions		1,457,494			4,212,158			922,543			3,782,425			611			6,067			663			6,518
Cost of shares repurchased		(1,261,608	)		(4,403,843	)		(1,932,354	)		(8,729,716	)		(277	)		(2,756	)		(15,654	)		(152,624	)
Net increase		750,321		$	1,893,318			307,537		$	904,566			11,879		$	117,140			37,535		$	371,736
Class I:
Proceeds from sale of shares		326,007		$	1,379,726			470,866		$	2,564,067			518,657		$	5,129,134			1,533,467		$	15,179,962
Reinvestment of distributions		247,686			926,347			236,822			1,198,317			277,196			2,742,502			628,431			6,215,123
Cost of shares repurchased		(697,195	)		(3,344,837	)		(613,767	)		(3,333,040	)		(5,804,549	)		(56,793,152	)		(6,897,752	)		(68,301,545	)
Net increase (decrease)		(123,502	)	$	(1,038,764	)		93,921		$	429,344			(5,008,696	)	$	(48,921,516	)		(4,735,854	)	$	(46,906,460	)
Class Z:
Proceeds from sale of shares		—			—			1,261		$	7,135			21,983		$	215,315			15,702		$	155,741
Reinvestment of distributions		5,801		$	21,756			3,605			18,241			3,938			38,952			6,940			68,566
Cost of shares repurchased		—			—			—			—			(237,985	)		(2,327,649	)		(56,169	)		(554,918	)
Net increase (decrease)		5,801		$	21,756			4,866		$	25,376			(212,064	)	$	(2,073,382	)		(33,527	)	$	(330,611	)

39

Notes to Financial Statements(continued)

				Emerging Wealth Equity												Emerging Markets Equity
	April 30, 2019						October 31, 2018						April 30, 2019						October 31, 2018
	Shares			Amount			Shares			Amount			Shares			Amount			Shares			Amount
Class N:
Proceeds from sale of shares		34,794		$	379,583			277,256		$	3,345,888			20,052		$	189,461			32,216		$	327,034
Reinvestment of distributions		9,251			90,748			94			1,211			394			3,339			238			2,438
Cost of shares repurchased		(47,579	)		(513,439	)		(91,372	)		(1,070,986	)		(4,132	)		(39,967	)		(33,515	)		(330,892	)
Net increase (decrease)		(3,534	)	$	(43,108	)		185,978		$	2,276,113			16,314		$	152,833			(1,061	)	$	(1,420	)
Class I:
Proceeds from sale of shares		130,979		$	1,520,052			317,594		$	3,954,434			1,069,667		$	9,402,345			1,194,244		$	11,277,804
Reinvestment of distributions		8,893			87,775			5,975			76,842			13,495			113,766			2,564			26,179
Cost of shares repurchased		(128,080	)		(1,382,160	)		(207,383	)		(2,500,586	)		(162,410	)		(1,480,096	)		(111,974	)		(1,158,853	)
Net increase		11,792		$	225,667			116,186		$	1,530,690			920,752		$	8,036,015			1,084,834		$	10,145,130
Class Z:
Proceeds from sale of shares		1,988,609		$	21,442,376			1,738,318		$	21,909,809			1,466,650		$	14,342,206			3,024,811		$	30,641,999
Reinvestment of distributions		32,302			317,526			31,476			403,515			226,695			1,901,969			154,904			1,572,271
Cost of shares repurchased		(694,668	)		(7,385,628	)		(554,875	)		(6,961,554	)		(416,938	)		(4,045,884	)		(568,860	)		(5,984,686	)
Net increase		1,326,243		$	14,374,274			1,214,919		$	15,351,770			1,276,407		$	12,198,291			2,610,855		$	26,229,584

h. REPURCHASE AGREEMENTS AND JOINT REPURCHASE AGREEMENTS

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.

At April 30, 2019, the market value of Repurchase Agreements outstanding for U.S. Small Cap Growth, Emerging Wealth Equity and Emerging Markets Equity were $538,844, $1,814,559 and $5,021,878, respectively.

i. FOREIGN CURRENCY TRANSLATION

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.

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.

2. AGREEMENTS AND TRANSACTIONS WITH AFFILIATES

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.

Investment management fees are paid directly by the Funds to the Investment Manager based on average daily net assets. For the six months ended April 30, 2019, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:

40

Notes to Financial Statements(continued)

U.S. Small Cap Growth	0.70	%
Core Bond ESG	0.30	%
Emerging Wealth Equity	0.55	%
Emerging Markets Equity	0.55	%

The Investment Manager has contractually agreed, through at least March 1, 2020, to waive management fees and/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 U.S. Small Cap Growth, Core Bond ESG, Emerging Wealth Equity and Emerging Markets Equity to 0.90%, 0.48%, 1.05% and 1.05%, respectively, of each Fund’s average daily net assets subject to later reimbursement by the Funds in certain circumstances.

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 Board, 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.

In general, for a period of up to 36 months, the Investment Manager may recover from each Fund fees waived and expenses paid pursuant to this contractual agreement, 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 the contractual expense limitation amount.

At April 30, 2019, the Funds’ expiration of recoupment is as follows:

Expiration Period	U.S. Small Cap Growth		Core Bond ESG
Less than 1 year		—	$	283,362
Within 2 years	$	37,962		165,782
Within 3 years		69,302		151,331
Total Amount Subject to Recoupment	$	107,264	$	600,475

The Trusts, 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 allnon-portfolio management aspects of managing the Fund’s 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.

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.

The Trusts have adopted a distribution and service plan (the “Plan”) with respect to the Class N shares, in accordance with the requirements of Rule12b-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 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 authorizes payments to the Distributor up to 0.25% annually of each Fund’s average daily net assets attributable to the Class N shares.

For Class N and Class I shares, the Board has approved reimbursement payments to the Investment 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.

The impact on the annualized expense ratio for the six months ended April 30, 2019, was as follows:

Fund	Maximum Annual Amount Approved			Actual Amount Incurred
U.S. Small Cap Growth
Class N		0.15	%		0.12	%
Class I		0.15	%		0.10	%
Core Bond ESG
Class N		0.15	%		0.15	%
Class I		0.10	%		0.08	%
Emerging Wealth Equity
Class N		0.15	%		0.15	%
Class I		0.15	%		0.13	%
Emerging Markets Equity
Class N		0.15	%		0.15	%
Class I		0.15	%		0.09	%

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 forout-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.

41

Notes to Financial Statements(continued)

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. For the six months ended April 30, 2019, Core Bond ESG borrowed a maximum of $14,458,953 for two days paying interest of $2,175 and Emerging Wealth Equity borrowed a maximum of $1,121,372 for four days paying interest of $422. The interest expense amount is included in the Statement of Operations as miscellaneous expense. Emerging Wealth Equity lent a maximum of $350,968 for five days earning interest of $138. The interest income amount is included in the Statement of Operations as interest income. At April 30, 2019, the Funds had no interfund loans outstanding.

3. PURCHASES AND SALES OF SECURITIES

Purchases and sales of securities (excluding short-term securities and U.S. Government Obligations) for the six months ended April 30, 2019, were as follows:

	Long Term Securities
Fund	Purchases		Sales
U.S. Small Cap Growth	$	3,888,076	$	8,458,349
Core Bond ESG		32,298,473		60,420,826
Emerging Wealth Equity		29,769,160		19,111,000
Emerging Markets Equity		41,942,167		19,640,590

Core Bond ESG purchases and sales of U.S. Government obligations during the six months ended April 30, 2019 were $17,574,194 and $41,710,679, respectively.

4. PORTFOLIO SECURITIES LOANED

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 or U.S. Government and 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.

The value of securities loaned on positions held, cash and securities collateral received at April 30, 2019, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
U.S. Small Cap Growth	$	7,131,065	$	538,844	$	6,813,836	$	7,352,680
Emerging Wealth Equity		8,870,521		1,814,559		7,327,750		9,142,309
Emerging Markets Equity		17,773,433		5,021,878		13,295,915		18,317,793

The following table summarizes the securities received as collateral for securities lending:

Fund	Collateral Type	Coupon Range	Maturity Date Range
U.S. Small Cap Growth	U.S. Treasury Obligations	0.000%-8.750%	05/09/19-02/15/49
Emerging Wealth Equity	U.S. Treasury Obligations	0.000%- 8.750%	05/09/19-11/15/48

5. FOREIGN SECURITIES

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. A Fund’s investments in emerging market countries are exposed to additional risks. A Fund’s performance will be influenced by political, social and economic factors affecting companies in emerging market countries. Emerging market countries generally have economic structures that are less diverse and mature, and political systems that are less stable, than those of developed countries. 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.

6. COMMITMENTS AND CONTINGENCIES

Under the Trusts’ 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.

7. MASTER NETTING AGREEMENTS

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 thenon-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.

42

Notes to Financial Statements(continued)

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2019:

			Gross Amount Not Offset in the Statement of Assets and Liabilities
Fund	Gross Amounts of Assets Presented in the Statement of Assets and Liabilities		Offset Amount		Net Asset Balance		Collateral Received		Net Amount
U.S. Small Cap Growth
JPMorgan Securities LLC	$	538,844		—	$	538,844	$	538,844		—
Emerging Wealth Equity
BNP Paribas SA	$	814,559		—	$	814,559	$	814,559		—
RBC Dominion Securities, Inc.		1,000,000		—		1,000,000		1,000,000		—
Total	$	1,814,559		—	$	1,814,559	$	1,814,559		—
Emerging Markets Equity
BNP Paribas SA	$	250,818		—	$	250,818	$	250,818		—
Cantor Fitzgerald Securities, Inc.		1,192,765		—		1,192,765		1,192,765		—
Citigroup Global Markets, Inc.		1,192,765		—		1,192,765		1,192,765		—
HSBC Securities, Inc.		1,192,765		—		1,192,765		1,192,765		—
RBC Dominion Securities, Inc.		1,192,765		—		1,192,765		1,192,765		—
Total	$	5,021,878		—	$	5,021,878	$	5,021,878		—

8. SUBSEQUENT EVENTS

Effective May 1, 2019, Core Bond ESG changed its principle investment strategy to give special consideration to environmental, social and governance (“ESG”) criteria.

The Funds have determined that no other 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.

43

Other Information

Proxy Vote

At a special meeting of shareholders on April 16, 2019, the shareholders of AMG GW&K Trilogy Emerging Wealth Equity Fund (“Emerging Wealth Equity”), and AMG GW&K Trilogy Emerging Markets Equity Fund (“Emerging Markets Equity”) voted on the following proposal:

Proposal 1	For		Number of Eligible Voters Against		Abstain
Approval of a new subadvisory agreement between the Investment Manager and GW&K Investment, LLC with respect to:
Emerging Wealth Equity		6,634,120		4,582		—
Emerging Markets Equity		16,823,942		926		—

44

Approval of Investment Management and Interim Subadvisory Agreements

Approval of Interim and New Subavisory Agreement with GW&K with Respects to AMG GW&K Trilogy Emerging Markets Equity Fund:

At anin-person meeting held on December 6, 2018, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are “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 Trilogy Emerging Markets Equity Fund (the “Markets Fund”) (the “Interim Markets Subadvisory Agreement”), the new subadvisory agreement between the Investment Manager and GW&K with respect to the Markets Fund (the “New Markets Subadvisory Agreement” and together with the Interim Markets Subadvisory Agreement, the “Markets Agreements”), and the presentation of the New Markets 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 Markets Agreements.

In considering the Markets Agreements, the Trustees considered the information relating to the Markets Fund and GW&K provided to them in connection with the meeting on December 6, 2018 and other meetings of the Board throughout the year. In considering the Markets Agreements, the Trustees also considered information relating to the seven other funds that GW&Ksub-advises in the AMG Funds Family of Funds, which, as of December 6, 2018, consisted of 59 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 Markets Agreements; and (c) met with their independent legal counsel in a private session at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

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 Markets Fund. Among other things, the Trustees reviewed

biographical information on portfolio management and other professional staff, information regarding GW&K’s organizational and management structure and GW&K’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals to be at GW&K that are expected to have portfolio management responsibility for the Markets Fund, including the information set forth in the Markets Fund’s prospectus and statement of additional information filed with the Securities and Exchange Commission. The Trustees noted that GW&K would hire all of the portfolio managers who were previously primarily responsible for theday-to-day management of the Markets Fund’s portfolio while at Trilogy, each of whom has served as aco-portfolio manager of the Markets Fund since its inception in 2011. In addition, the Trustees observed that GW&K proposes to manage the Markets Fund’s portfolio using the same investment strategies and processes employed by Trilogy under the Former Markets Subadvisory Agreement. In the course of their deliberations, the Trustees evaluated, among other things: (a) the expected services to be rendered by GW&K to the Markets Fund; (b) the qualifications and experience of the individuals to be at GW&K that are expected to have portfolio management responsibility for the Markets Fund and GW&K’s other personnel; and (c) GW&K’s compliance program. The Trustees also 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, 2018, GW&K managed approximately $36 billion in assets.

PERFORMANCE

The Trustees considered information relating to the Markets Fund’s and GW&K’s performance. Among other information, the Trustees considered the performance of the Markets Fund, noting that GW&K intends to manage the Markets Fund with the same portfolio management team and the same investment objective and strategies as those used by Trilogy. The Trustees noted that the Markets Fund’s performance (all share classes) for theone-year, three-year and five-year periods ended September 30, 2018 and the period from the Markets Fund’s inception (March 1, 2011 for Class I and Class Z shares and March 1, 2012 for Class N shares) through September 30, 2018 was below, above, below, and below, respectively, the performance of the MSCI Emerging Markets Index. The Trustees also

considered comparative performance information for an appropriate peer group of similar mutual funds that was provided to them in connection with their June27-28, 2018in-person meeting. Taking into account the desire for continuity of portfolio management, the Trustees concluded that this performance record supported the approval of the Markets Agreements.

SUBADVISORY FEES, PROFITABILITY AND ECONOMIES OF SCALE

The Trustees noted that the Investment Manager, and not the Markets 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 Markets 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 Markets Agreement was the same as the rate paid to Trilogy under the Former Markets Subadvisory Agreement. 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 Markets Agreements. The Trustees also were provided, in their June27-28, 2018in-person meeting, with the profitability of GW&K with respect to the other funds itsub-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 Markets Fund’s assets increase over time, the Markets Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

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 equity investment capabilities, as well as the indirect benefits that GW&K may receive from GW&K’s relationship with the Markets Fund, including anyso-called “fallout benefits” to GW&K, such as reputational value derived from GW&K serving as subadviser to the Markets Fund, which

45

Approval of Investment Management and Interim Subadvisory Agreements(continued)

bears GW&K’s name. In addition, with respect to fee comparisons, the Trustees noted that the fee rates to be charged by GW&K are the same as those charged by Trilogy under the Former Markets Subadvisory Agreement with respect to the Markets Fund. Taking into account all of the foregoing, including the desire for continuity of portfolio management, 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 Markets Fund’s subadvisory fees are reasonable.

*        *        *         *

After consideration of the foregoing, the Trustees reached the following conclusions (in addition to the conclusions discussed above) regarding each Markets Agreement: (a) GW&K has demonstrated that it possesses the capability and resources to perform the duties required of it under each Markets Agreement; (b) GW&K’s Investment Strategy is appropriate for pursuing the Markets 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.

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 Markets Agreement would be in the best interests of the Markets Fund and its shareholders. Accordingly, on December 6, 2018, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve each Markets Agreement.

Approval of Interim and New Subavisory Agreement with GW&K with Respects to AMG GW&K Trilogy Emerging Wealth Equity Fund:

At anin-person meeting held on December 6, 2018, the Board of Trustees (the “Board” or the “Trustees”), and separately a majority of the Trustees who are “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 Trilogy Emerging Wealth Equity Fund (the “Wealth Fund”) (the “Interim Wealth Subadvisory Agreement”), the new subadvisory agreement between the Investment Manager and GW&K with respect to the Wealth Fund (the “New Wealth Subadvisory Agreement” and together with the Interim Wealth Subadvisory Agreement, the “Wealth Agreements”), and the presentation of the New Wealth 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 Wealth Agreements.

In considering the Wealth Agreements, the Trustees considered the information relating to the Wealth Fund and GW&K provided to them in connection with the meeting on December 6, 2018 and other meetings of the Board throughout the year. In considering the Wealth Agreements, the Trustees also considered information relating to the seven other funds that GW&Ksub-advises in the AMG

Funds Family of Funds, which, as of December 6, 2018, consisted of 59 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 Wealth Agreements; and (c) met with their independent legal counsel in a private session at which no representatives of management were present.

NATURE, EXTENT AND QUALITY OF SERVICES

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 Wealth Fund. Among other things, the Trustees reviewed biographical information on portfolio management and other professional staff, information regarding GW&K’s organizational and management structure and GW&K’s brokerage policies and practices. The Trustees considered specific information provided regarding the experience of the individuals to be at GW&K that are expected to have portfolio management responsibility for the Wealth Fund, including the information set forth in the Wealth Fund’s prospectus and statement of additional information filed with the Securities and Exchange Commission. The Trustees noted that GW&K would hire all of the portfolio managers who were previously primarily responsible for theday-to-day

46

Approval of Investment Management and Interim Subadvisory Agreements(continued)

management of the Wealth Fund’s portfolio while at Trilogy, each of whom has served as aco-portfolio manager of the Wealth Fund since its inception in 2015. In addition, the Trustees observed that GW&K proposes to manage the Wealth Fund’s portfolio using the same investment strategies and processes employed by Trilogy under the Former Wealth Subadvisory Agreement. In the course of their deliberations, the Trustees evaluated, among other things: (a) the expected services to be rendered by GW&K to the Wealth Fund; (b) the qualifications and experience of the individuals to be at GW&K that are expected to have portfolio management responsibility for the Wealth Fund and GW&K’s other personnel; and (c) GW&K’s compliance program. The Trustees also 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, 2018, GW&K managed approximately $36 billion in assets.

PERFORMANCE

The Trustees considered information relating to the Wealth Fund’s and GW&K’s performance. Among other information, the Trustees considered the performance of the Wealth Fund, noting that GW&K intends to manage the Wealth Fund with the same portfolio management team and the same investment objective and strategies as those used by Trilogy. The Trustees noted that the Wealth Fund’s performance (all share classes) for theone-year and three-year periods ended September 30, 2018 and the period from the Wealth Fund’s inception on March 19, 2015 through September 30, 2018 was below (above in the case of Class Z shares), above and above, respectively, the performance of the MSCI Emerging Markets Index. The Trustees also considered comparative performance information for an appropriate peer group of similar mutual funds that was provided to them in connection with their June27-28, 2018in-person meeting. Taking into account the desire for continuity of portfolio management, the Trustees concluded that this performance record supported the approval of the Wealth Agreements.

SUBADVISORY FEES, PROFITABILITY AND ECONOMIES OF SCALE

The Trustees noted that the Investment Manager, and not the Wealth 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 Wealth 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 Wealth Agreement was the same as the rate paid to Trilogy under the Former Wealth Subadvisory Agreement. 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 Wealth Agreements. The Trustees also were provided, in their June27-28, 2018in-person meeting, with the profitability of GW&K with respect to the other funds itsub-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 Wealth Fund’s assets increase over time, the Wealth Fund may realize other economies of scale to the extent the increase in assets is proportionally greater than the increase in certain other expenses.

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 equity investment capabilities, as well as the indirect benefits that GW&K may receive from GW&K’s relationship with the Wealth Fund, including anyso-called “fallout benefits” to GW&K, such as reputational value derived from GW&K serving as subadviser to the Wealth Fund, which bears GW&K’s name. In addition, with respect to fee comparisons, the Trustees noted that the fee rates to be charged by GW&K are the same as those charged by Trilogy under the Former Wealth Subadvisory Agreement with respect to the Wealth Fund. Taking into account all of the foregoing, including the desire for continuity of portfolio management, 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 Wealth Fund’s subadvisory fees are reasonable.

*        *        *         *

After consideration of the foregoing, the Trustees reached the following conclusions (in addition to the conclusions discussed above) regarding each Wealth Agreement: (a) GW&K has demonstrated that it possesses the capability and resources to perform the duties required of it under each Wealth Agreement; (b) GW&K’s Investment Strategy is appropriate for pursuing the Wealth 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.

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 Wealth Agreement would be in the best interests of the Wealth Fund and its shareholders. Accordingly, on December 6, 2018, the Trustees, and separately a majority of the Independent Trustees, unanimously voted to approve each Wealth Agreement.

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INVESTMENT MANAGER AND ADMINISTRATOR

AMG Funds LLC

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

DISTRIBUTOR

AMG Distributors, Inc.

600 Steamboat Road, Suite 300

Greenwich, CT 06830

800.835.3879

SUBADVISER

GW&K Investment Management, LLC

222 Berkeley St.

Boston, MA 02116

CUSTODIAN

The Bank of New York Mellon

111 Sanders Creek Parkway

East Syracuse, NY 13057

LEGAL COUNSEL

Ropes & Gray LLP

Prudential Tower, 800 Boylston Street

Boston, MA 02199-3600

TRANSFER AGENT

BNY Mellon Investment Servicing (US) Inc.

Attn: AMG Funds

P.O. Box 9769

Providence, RI 02940

800.548.4539

TRUSTEES

Bruce B. Bingham

Christine C. Carsman

Edward J. Kaier

Kurt A. Keilhacker

Steven J. Paggioli

Richard F. Powers III

Eric Rakowski

Victoria L. Sassine

Thomas R. Schneeweis

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.

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 the12-month period ended June 30, call 800.548.4539 or visit the SEC website at sec.gov.

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 FormN-PORT, which has replaced Form NQ. The Funds’ portfolio holdings on FormN-PORT are available on the SEC’s website at sec.gov. To review a complete list of the Funds’ portfolio holdings, or to view the semiannual report, or annual report, please visit amgfunds.com.

amgfunds.com                 50

AFFILIATE SUBADVISED FUNDS

BALANCED FUNDS

AMG Chicago Equity Partners Balanced

Chicago Equity Partners, LLC

AMG FQ Global Risk-Balanced

First Quadrant, L.P.

EQUITY FUNDS

AMG FQTax-Managed U.S. Equity

AMG FQ Long-Short Equity

First Quadrant, L.P.

AMG Frontier Small Cap Growth

Frontier Capital Management Co., LLC

AMG GW&K Small Cap Core

AMG GW&K Small/Mid Cap

AMG GW&K Trilogy Emerging Markets Equity

AMG GW&K Trilogy Emerging Wealth Equity

AMG GW&K U.S. Small Cap Growth

GW&K Investment Management, LLC

AMG Renaissance Large Cap Growth

The Renaissance Group LLC

AMG River Road Dividend All Cap Value

AMG River Road Dividend All Cap Value II

AMG River Road Focused Absolute Value

AMG River Road Long-Short

AMG River RoadSmall-Mid Cap Value

AMG River Road Small Cap Value

River Road Asset Management, LLC

AMG SouthernSun Small Cap

AMG SouthernSun U.S. Equity

SouthernSun Asset Management, LLC

AMG TimesSquare Emerging Markets Small Cap

AMG TimesSquare Global Small Cap

AMG TimesSquare International Small Cap

AMG TimesSquare Mid Cap Growth

AMG TimesSquare Small Cap Growth

TimesSquare Capital Management, LLC

AMG Yacktman

AMG Yacktman Focused

AMG Yacktman Focused Fund - Security Selection Only

AMG Yacktman Special Opportunities

Yacktman Asset Management LP

FIXED INCOME FUNDS

AMG GW&K Core Bond ESG

AMG GW&K Enhanced Core Bond ESG

AMG GW&K Municipal Bond

AMG GW&K Municipal Enhanced Yield

GW&K Investment Management, LLC

OPEN-ARCHITECTURE FUNDS

EQUITY FUNDS

AMG Managers Brandywine

AMG Managers Brandywine Advisors Mid Cap Growth

AMG Managers Brandywine Blue

Friess Associates, LLC

AMG Managers Cadence Emerging Companies

AMG Managers Cadence Mid Cap

Cadence Capital Management LLC

AMG Managers CenterSquare Real Estate

CenterSquare Investment Management LLC

AMG Managers Emerging Opportunities

WEDGE Capital Management L.L.P.

Next Century Growth Investors LLC

RBC Global Asset Management (U.S.) Inc.

AMG Managers Essex Small/Micro Cap Growth

Essex Investment Management Company, LLC

AMG Managers Fairpointe ESG Equity

AMG Managers Fairpointe Mid Cap

Fairpointe Capital LLC

AMG Managers LMCG Small Cap Growth

LMCG Investments, LLC

AMG Managers Montag & Caldwell Growth

Montag & Caldwell, LLC

AMG Managers Pictet International

Pictet Asset Management Limited

AMG Managers Silvercrest Small Cap

Silvercrest Asset Management Group LLC

AMG Managers Skyline Special Equities

Skyline Asset Management, L.P.

AMG Managers Special Equity

Ranger Investment Management, L.P. Lord, Abbett & Co. LLC

Smith Asset Management Group, L.P. Federated MDTA LLC

FIXED INCOME FUNDS

AMG Managers Amundi Intermediate Government

AMG Managers Amundi Short Duration Government

Amundi Pioneer Institutional Asset Management, Inc.

AMG Managers Doubleline Core Plus Bond

DoubleLine Capital LP

AMG Managers Global Income Opportunity

AMG Managers Loomis Sayles Bond

Loomis, Sayles & Company, L.P.

amgfunds.com                 043019                    SAR069

Item 2. CODE OF ETHICS

Not applicable for the semi-annual shareholder report.

Item 3. AUDIT COMMITTEE FINANCIAL EXPERT

Not applicable for the semi-annual shareholder report.

Item 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

Not applicable for the semi-annual shareholder report.

Item 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

Not applicable.

Item 6. SCHEDULE OF INVESTMENTS

The schedule of investments in unaffiliated issuers as of the close of the reporting period is included as part of the shareholder report contained in Item 1 hereof.

Item 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 8. PORTFOLIO MANAGERS OFCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 9. PURCHASES OF EQUITY SECURITIES BYCLOSED-END MANAGEMENT INVESTMENT COMPANIES AND AFFILIATED PURCHASERS

Not applicable.

Item 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

Not applicable.

Item 11. CONTROLS AND PROCEDURES

(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 date of this report, that the registrant’s disclosure controls and procedures are reasonably designed to ensure that information required to be disclosed by the registrant on FormN-CSR 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 FormN-CSR 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.

(b) There were no changes in the registrant’s internal control over financial reporting during the registrant’s second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.

Item 12. DISCLOSURE OF SECURITIES LENDING ACTIVITIES FORCLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

Item 13. EXHIBITS

(a)(1)	Not  applicable.
(a)(2)	Certifications pursuant to Rule30a-2(a) under the Investment Company Act of 1940—Filed herewith.
(a)(3)	Not  applicable.
(b)	Certifications pursuant to Rule30a-2(b) under the Investment Company Act of 1940—Filed herewith.

SIGNATURES

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.

AMG FUNDS I

By:	/s/ Keitha L. Kinne
	Keitha L. Kinne, Principal Executive Officer

Date: July 1, 2019

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.

By:	/s/ Keitha L. Kinne
	Keitha L. Kinne, Principal Executive Officer

Date: July 1, 2019

By:	/s/ Thomas Disbrow
	Thomas Disbrow, Principal Financial Officer

Date: July 1, 2019