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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-CSR

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, 2019 – APRIL 30, 2020

(Semi-Annual Shareholder Report)

Item 1. Reports to Shareholders

SEMI-ANNUALREPORT

AMG Funds
April 30, 2020
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                 043020         SAR016

    AMG Funds

    Semi-Annual Report — April 30, 2020(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		10
AMG FQ Global Risk-Balanced Fund		28
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		32
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		34
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		35
Detail of changes in assets for the past two fiscal periods
Financial Highlights		36
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		43
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		52

Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

    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, 2020	Expense Ratio for the Period	Beginning Account Value 11/01/19	Ending Account Value 04/30/20		Expenses Paid During the Period*
AMG FQTax-Managed U.S. Equity Fund
Based on Actual Fund Return
Class N	1.14%	$1,000		$894	$5.37
Class I	0.89%	$1,000		$896	$4.19
Based on Hypothetical 5% Annual Return
Class N	1.14%	$1,000		$1,019	$5.72
Class I	0.89%	$1,000		$1,020	$4.47
AMG FQ Long-Short Equity Fund
Based on Actual Fund Return
Class N	1.04%	$1,000		$912	$4.94
Class I	0.76%	$1,000		$913	$3.62
Based on Hypothetical 5% Annual Return
Class N	1.04%	$1,000		$1,020	$5.22
Class I	0.76%	$1,000		$1,021	$3.82

Six Months Ended  April 30, 2020	Expense Ratio for the Period	Beginning Account Value 11/01/19	Ending Account Value 04/30/20		Expenses Paid During the Period*
AMG FQ Global Risk-Balanced Fund
Based on Actual Fund Return
Class N	1.29%	$1,000		$834	$5.88
Class I	1.03%	$1,000		$835	$4.70
Class Z	0.89%	$1,000		$836	$4.06
Based on Hypothetical 5% Annual Return
Class N	1.29%	$1,000		$1,018	$6.47
Class I	1.03%	$1,000		$1,020	$5.17
Class Z	0.89%	$1,000		$1,020	$4.47

* 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 (182), then divided by 366.

2

    Fund Performance(unaudited)

     Periods ended April 30, 2020

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, 2020.
Average Annual Total Returns1	Six Months*		One Year		Five Years		Ten Years
AMG FQTax-Managed U.S. Equity Fund2, 3, 4, 5, 6
Class N		(10.57%)		(6.46%)		4.99%		10.21%
Class I		(10.45%)		(6.21%)		5.26%		10.48%
Russell 3000® Index22		(4.33%)		(1.04%)		8.33%		11.29%
Returns After Tax on Distributions7
Class N		(10.65%)		(6.54%)		4.82%		10.09%
Class I		(10.57%)		(6.35%)		5.02%		10.31%
Returns After Tax on Distributions & Sale of Fund Shares7
Class N		(6.18%)		(3.74%)		3.87%		8.44%
Class I		(6.06%)		(3.55%)		4.08%		8.67%
AMG FQ Long-Short Equity Fund2, 3, 4, 6, 8, 9, 10, 11, 12, 13
Class N		(8.83%)		(6.26%)		5.95%		9.31%
Class I		(8.68%)		(6.02%)		6.26%		9.61%
Russell 3000® Index22		(4.33%)		(1.04%)		8.33%		11.29%
50% Russell 3000® Index/50% ICE BofAML0-3 Month U.S. Treasury Bill Index23		(0.62%)		1.78%		5.14%		6.23%
AMG FQ Global Risk-Balanced Fund2, 3, 9, 10, 11, 13, 14, 15, 16, 17, 18, 19, 20, 21
Class N		(16.64%)		(11.44%)		0.45%		3.42%
Class I		(16.50%)		(11.21%)		0.78%		3.79%
Class Z		(16.39%)		(11.04%)		0.90%		3.91%
Composite Hedged Index24		(2.43%)		1.63%		4.31%		5.86%
Composite UnHedged Index24		(2.69%)		1.64%		4.53%		5.85%
S&P 500® Index25		(3.16%)		0.86%		9.12%		11.69%
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. 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, 2020. 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 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.

⁴  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.

⁵  Although the Fund is managed to minimize taxable distributions, it may not be able to avoid taxable distributions.

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.

⁷After-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. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

⁸  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.

⁹  The use of leverage in a Fund’s strategy, such as futures and forward commitment transactions, can magnify relatively small market movements into relatively larger losses for the Fund.

¹⁰  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.

¹¹  The Fund is subject to risks associated with investments in mid-capitalization companies such as greater price volatility, lower trading volume, and less liquidity than the stocks of larger, more established companies.

¹²  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

¹³  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.

3

    Fund Performance

     Periods ended April 30, 2020(continued)

¹⁴Investments 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.   ¹⁵The 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.   ¹⁶The 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.   ¹⁷The 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.   ¹⁸Because 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.   ¹⁹  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.   ²⁰Obligations 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.   ²¹  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.   ²²  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.   ²³  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.   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 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.   ²⁵The 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.   The Russell 3000^® Index is a trademark of the London Stock Exchange Group companies.   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.   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, 2020

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Information Technology		27.6
Health Care		16.2
Financials		12.0
Consumer Discretionary		10.2
Communication Services		9.5
Industrials		8.1
Consumer Staples		5.2
Real Estate		3.3
Energy		2.6
Utilities		2.5
Materials		1.9
Short-Term Investments		1.3
Other Assets Less Liabilities		(0.4)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Microsoft Corp.	4.8
Apple, Inc.	4.7
Visa, Inc., Class A	4.4
Mastercard, Inc., Class A	4.2
Amazon.com, Inc.	4.1
UnitedHealth Group, Inc.	4.0
Berkshire Hathaway, Inc., Class B	3.2
Brown & Brown, Inc.	2.5
Amgen, Inc.	2.5
Facebook, Inc., Class A	2.0
Top Ten as a Group	36.4

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 FQ Tax-Managed U.S. Equity Fund

    Schedule of Portfolio Investments (unaudited)

    April 30, 2020

	Shares		Value
Common Stocks - 99.1%
Communication Services - 9.5%
Activision Blizzard, Inc.		1,347		$85,844
Alphabet, Inc., Class A*		706		950,770
Alphabet, Inc., Class C*		715		964,292
Altice USA, Inc., Class A*		696		18,075
AT&T, Inc.		10,870		331,209
Charter Communications, Inc., Class A*		571		282,776
Comcast Corp., Class A		4,198		157,971
Electronic Arts, Inc.*		3,363		384,257
Facebook, Inc., Class A*		5,716		1,170,122
Fox Corp., Class B		1,036		26,480
Glu Mobile, Inc.*		3,034		23,665
John Wiley & Sons, Inc., Class A		1,093		41,042
Netflix, Inc.*		934		392,140
News Corp., Class B		1,963		20,062
Spok Holdings, Inc.		35,411		363,317
Take-Two Interactive Software, Inc.*		332		40,189
TechTarget, Inc.*		4,156		96,918
Verizon Communications, Inc.		3,022		173,614
The Walt Disney Co.		869		93,982
Zynga, Inc., Class A*		8,227		62,032
Total Communication Services				5,678,757
Consumer Discretionary - 10.2%
Amazon.com, Inc.*		997		2,466,578
Best Buy Co., Inc.		2,515		192,976
Booking Holdings, Inc.*		108		159,902
Crocs, Inc.*		1,408		34,144
Deckers Outdoor Corp.*		173		25,735
eBay, Inc.		2,188		87,148
Gentex Corp.		31,224		756,870
The Home Depot, Inc.		1,128		247,968
La-Z-Boy, Inc.		1,279		29,992
LKQ Corp.*		926		24,215
Lowe’s Cos., Inc.		6,998		733,040
Malibu Boats, Inc., Class A*		545		18,737
NIKE, Inc., Class B		3,048		265,725
Tesla, Inc.*		194		151,685
Texas Roadhouse, Inc.		866		40,780
The TJX Cos., Inc.		5,235		256,777
Tractor Supply Co.		2,107		213,713
The Wendy’s Co.		17,503		347,610

	Shares		Value
Yum! Brands, Inc.		488		$42,178
Total Consumer Discretionary				6,095,773
Consumer Staples - 5.2%
Central Garden & Pet Co., Class A*		11,889		361,544
Church & Dwight Co., Inc.		1,119		78,319
The Coca-Cola Co.		1,370		62,869
Costco Wholesale Corp.		61		18,483
The Hershey Co.		1,939		256,782
Lamb Weston Holdings, Inc.		1,609		98,728
Medifast, Inc.1		2,117		160,638
National Beverage Corp.*,1		2,990		150,188
PepsiCo, Inc.		390		51,593
The Procter & Gamble Co.		2,462		290,196
Spectrum Brands Holdings, Inc.		15,454		665,449
Sysco Corp.		1,059		59,590
Tyson Foods, Inc., Class A		10,099		628,057
USANA Health Sciences, Inc.*		716		63,881
Village Super Market, Inc., Class A		4,156		99,869
Walmart, Inc.		214		26,012
Total Consumer Staples				3,072,198
Energy - 2.6%
Apache Corp.1		11,674		152,696
Baker Hughes Co.		5,700		79,515
Chevron Corp.		1,270		116,840
ConocoPhillips		7,302		307,414
EOG Resources, Inc.		2,989		142,007
Exxon Mobil Corp.		1,957		90,942
HollyFrontier Corp.		2,110		69,714
NexTier Oilfield Solutions, Inc.*		11,558		26,815
Phillips 66		4,600		336,582
ProPetro Holding Corp.*		39,924		169,278
Renewable Energy Group, Inc.*		1,254		31,112
World Fuel Services Corp.		733		18,325
Total Energy				1,541,240
Financials - 12.0%
Arch Capital Group, Ltd. (Bermuda)*		34,786		835,908
Bank of America Corp.		7,256		174,507
The Bank of New York Mellon Corp.		15,189		570,195
Berkshire Hathaway, Inc., Class B*		10,154		1,902,453
Brown & Brown, Inc.		41,475		1,489,367
Canadian Imperial Bank of Commerce (Canada)		1,790		106,344
Citigroup, Inc.		3,599		174,767
Essent Group, Ltd.		13,299		363,329

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

6

    AMG FQ Tax-Managed U.S. Equity Fund

    Schedule of Portfolio Investments(continued)

	Shares		Value
Financials - 12.0%(continued)
First American Financial Corp.		10,182		$469,594
Intercontinental Exchange, Inc.		1,127		100,810
INTL. FCStone, Inc.*		1,014		40,519
JPMorgan Chase & Co.		4,600		440,496
S&P Global, Inc.		1,043		305,474
Truist Financial Corp.		4,140		154,505
Total Financials				7,128,268
Health Care - 16.2%
AbbVie, Inc.		1,362		111,956
Agilent Technologies, Inc.		1,239		94,982
Amgen, Inc.		6,211		1,485,795
Anika Therapeutics, Inc.*		3,739		124,247
Atrion Corp.		251		158,589
Biogen, Inc.*		1,863		552,994
Cardiovascular Systems, Inc.*		2,036		85,512
Centene Corp.*		5,321		354,272
Charles River Laboratories International, Inc.*		4,884		706,568
Cigna Corp.		351		68,719
CytomX Therapeutics, Inc.*		4,303		44,407
DexCom, Inc.*		83		27,822
Edwards Lifesciences Corp.*		638		138,765
Eli Lilly & Co.		3,665		566,756
Haemonetics Corp.*		570		64,855
HMS Holdings Corp.*		565		16,201
Hologic, Inc.*		3,446		172,645
Humana, Inc.		357		136,310
IDEXX Laboratories, Inc.*		352		97,715
Illumina, Inc.*		160		51,045
Ionis Pharmaceuticals, Inc.*		396		21,990
Johnson & Johnson		3,525		528,891
McKesson Corp.		1,199		169,359
Merck & Co., Inc.		5,077		402,809
Natus Medical, Inc.*		1,486		37,135
Novocure, Ltd. (Jersey)*		261		17,174
NuVasive, Inc.*		376		22,891
Orthofix Medical, Inc.*		1,842		65,299
Pfizer, Inc.		5,199		199,434
The Providence Service Corp.*		1,986		115,208
Select Medical Holdings Corp.*		3,715		63,415
Simulations Plus, Inc.1		1,181		44,937
UnitedHealth Group, Inc.		8,147		2,382,753
Vanda Pharmaceuticals, Inc.*		4,365		50,197

	Shares		Value
Vertex Pharmaceuticals, Inc.*		965		$242,408
West Pharmaceutical Services, Inc.		86		16,276
Zoetis, Inc.		1,287		166,422
Total Health Care				9,606,753
Industrials - 8.1%
AeroVironment, Inc.*		255		15,366
Alaska Air Group, Inc.		17,345		564,059
AMETEK, Inc.		944		79,173
Barrett Business Services, Inc.		742		36,299
BWX Technologies, Inc.		9,602		509,482
CBIZ, Inc.*		898		21,328
Copa Holdings, S.A., Class A (Panama)		1,480		65,431
CSX Corp.		1,366		90,470
Delta Air Lines, Inc.		2,728		70,683
Emerson Electric Co.		1,211		69,063
HEICO Corp., Class A		2,909		210,408
HNI Corp.		2,139		52,063
Hubbell, Inc.		1,129		140,481
Huntington Ingalls Industries, Inc.		2,831		541,882
ICF International, Inc.		1,569		115,384
IDEX Corp.		1,933		296,967
ITT, Inc.		322		16,976
Landstar System, Inc.		3,371		348,258
Lincoln Electric Holdings, Inc.		256		20,611
Mueller Industries, Inc.		1,157		29,966
Robert Half International, Inc.		5,769		272,701
Rollins, Inc.		9,663		386,520
Rush Enterprises, Inc., Class B		483		17,055
Schneider National, Inc., Class B		5,730		125,544
TransUnion		1,098		86,511
TriNet Group, Inc.*		863		42,261
UniFirst Corp.		3,000		504,450
Universal Forest Products, Inc.		2,430		99,922
Total Industrials				4,829,314
Information Technology - 27.6%
Adobe, Inc.*		1,212		428,612
Amkor Technology, Inc.*		2,139		21,133
Appfolio, Inc., Class A*,1		2,427		266,630
Apple, Inc.		9,626		2,828,119
Arista Networks, Inc.*		144		31,579
CACI International, Inc., Class A*		711		177,850
Cadence Design Systems, Inc.*		2,192		177,837
CDW Corp.		7,497		830,668

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

7

    AMG FQ Tax-Managed U.S. Equity Fund

    Schedule of Portfolio Investments(continued)

	Shares		Value
Information Technology - 27.6% (continued)
Ciena Corp.*		4,571		$211,409
Cisco Systems, Inc.		5,045		213,807
Citrix Systems, Inc.		139		20,156
ExlService Holdings, Inc.*		700		43,211
FormFactor, Inc.*		6,751		157,298
GoDaddy, Inc., Class A*		665		46,171
Intel Corp.		6,139		368,217
Intuit, Inc.		1,001		270,080
Lumentum Holdings, Inc.*,1		1,486		120,232
Mastercard, Inc., Class A		9,078		2,496,178
Microsoft Corp.		15,927		2,854,278
National Instruments Corp.		15,942		612,492
NortonLifeLock, Inc.		3,116		66,277
NVIDIA Corp.		1,046		305,725
Onto Innovation, Inc.*		1,166		37,848
Oracle Corp.		2,434		128,929
Progress Software Corp.		5,295		216,618
QAD, Inc., Class A		5,101		215,874
QUALCOMM, Inc.		1,853		145,776
salesforce.com, Inc.*		1,695		274,505
Sanmina Corp.*		2,990		82,913
ServiceNow, Inc.*		326		114,602
SPS Commerce, Inc.*		650		36,081
Visa, Inc., Class A1		14,537		2,598,053
Total Information Technology				16,399,158
Materials - 1.9%
FutureFuel Corp.		11,321		117,512
Graphic Packaging Holding Co.		43,600		582,060
Myers Industries, Inc.		1,705		21,074
NewMarket Corp.		521		214,360
Orion Engineered Carbons, S.A. (Luxembourg)		2,616		23,832
PolyOne Corp.		4,438		103,361
The Sherwin-Williams Co.		98		52,564
Total Materials				1,114,763
Real Estate - 3.3%
American Tower Corp., REIT		481		114,478
Camden Property Trust, REIT		2,481		218,502

* Non-income producing security.

¹  Some of these securities, amounting to $3,228,110 or 5.4% of net assets, were out on loan to various borrowers and are collateralized by cash and various U.S. Treasury Obligations. See Note 4 of Notes to Financial Statements.

	Shares		Value
DiamondRock Hospitality Co., REIT		25,116		$156,473
Equity Commonwealth, REIT		19,676		668,000
Equity LifeStyle Properties, Inc., REIT		8,563		516,434
Life Storage, Inc., REIT		472		41,342
RE/MAX Holdings, Inc., Class A		872		22,925
Rexford Industrial Realty, Inc., REIT		5,832		237,479
Total Real Estate				1,975,633
Utilities - 2.5%
American Water Works Co., Inc.		4,551		553,811
Hawaiian Electric Industries, Inc.		10,503		414,553
IDACORP, Inc.		2,745		251,936
NiSource, Inc.		3,025		75,958
Public Service Enterprise Group, Inc.		3,728		189,047
Total Utilities				1,485,305
Total Common Stocks (Cost $33,619,190)				58,927,162
	Principal   Amount
Short-Term Investments - 1.3%
Joint Repurchase Agreements - 0.3%2
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.020% total to be received $203,779 (collateralized by various U.S. Treasuries, 0.000% - 0.000%, 07/30/20 -09/08/20, totaling $207,861)		$203,779		203,779
	Shares
Other Investment Companies - 1.0%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%3		194,738		194,738
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%3		194,739		194,739
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%3		200,640		200,640
Total Other Investment Companies				590,117
Total Short-Term Investments (Cost $793,896)				793,896
Total Investments - 100.4% (Cost $34,413,086)				59,721,058
Other Assets, less Liabilities - (0.4)%				(230,123	)
Net Assets - 100.0%				$59,490,935

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

³  Yield shown represents the April 30, 2020, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

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

8

    AMG FQ Tax-Managed U.S. Equity Fund

    Schedule of Portfolio Investments(continued)

  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, 2020:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$58,927,162		—		—		$58,927,162
Short-Term Investments
Joint Repurchase Agreements		—		$203,779		—		203,779
Other Investment Companies		590,117		—		—		590,117
Total Investments in Securities		$59,517,279		$203,779		—		$59,721,058

^†  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, 2020, there were no transfers in or out of Level 3.

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

9

AMG FQ Long-Short Equity Fund

Fund Snapshots(unaudited)

April 30, 2020

PORTFOLIO BREAKDOWN

Sector	Long Exposure1, 2			Short Exposure1, 2			Net Exposure1, 2
Information Technology		20.9	%		(16.7	)%		4.2	%
Financials		15.9			(17.0	)		(1.1	)
Health Care		14.1			(10.2	)		3.9
Consumer Discretionary		12.9			(11.0	)		1.9
Industrials		12.3			(11.1	)		1.2
Real Estate		12.2			(10.3	)		1.9
Energy		7.7			(5.1	)		2.6
Communication Services		6.5			(4.9	)		1.6
Consumer Staples		5.0			(4.8	)		0.2
Utilities		3.2			(3.2	)		—
Materials		3.1			(2.9	)		0.2
Short Term Investments		19.8			—			19.8
Other Assets3		—			—			63.6

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

Security Name	% of Net Assets
Gulfport Energy Corp.1,2	0.9
Helix Energy Solutions Group, Inc.	0.9
USANA Health Sciences, Inc.	0.8
PlayAGS, Inc.	0.7
ConocoPhillips	0.7
Performance Food Group Co.	0.7
LKQ Corp.	0.7
MGIC Investment Corp.	0.7
Orthofix Medical, Inc.	0.7
The Wendy’s Co.	0.7
Top Ten as a Group	7.5

¹  Security is held in the short Equity Swap Basket.

²  Percentage calculated using absolute notional market value of underlying securities in Equity Swap Basket.

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.

10

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(unaudited)

    April 30, 2020

	Shares		Value
Common Stocks - 68.9%
Communication Services - 4.9%
Cinemark Holdings, Inc.		28,261		$403,567
Electronic Arts, Inc.*		2,661		304,046
John Wiley & Sons, Inc., Class A		2,920		109,646
Liberty Broadband Corp., Class C*		3,088		378,836
Liberty Media Corp.-Liberty Braves*		21,661		435,169
Liberty Media Corp.-Liberty SiriusXM, Class A*,1		12,556		423,263
Lions Gate Entertainment Corp., Class B*		39,938		266,786
Loral Space & Communications, Inc.*		5,843		128,546
News Corp., Class B		7,289		74,494
Ooma, Inc.*		29,368		342,431
Spok Holdings, Inc.		24,967		256,161
Travelzoo*		12,838		71,508
United States Cellular Corp.*		12,157		386,957
Vonage Holdings Corp.*		25,743		215,211
Total Communication Services				3,796,621
Consumer Discretionary - 8.5%
American Public Education, Inc.*,1		6,176		159,155
Booking Holdings, Inc.*,1		304		450,093
Bright Horizons Family Solutions, Inc.*		3,821		444,955
Columbia Sportswear Co.2		5,677		413,797
Core-Mark Holding Co., Inc.		13,909		399,745
Culp, Inc.		8,207		58,352
eBay, Inc.1		12,181		485,169
Genesco, Inc.*		4,062		76,894
Genuine Parts Co.		3,575		283,426
La-Z-Boy, Inc.1		16,396		384,486
Lennar Corp., Class B		12,618		481,377
LKQ Corp.*,1		19,756		516,619
Lowe’s Cos., Inc.1		4,033		422,457
MarineMax, Inc.*		11,441		164,865
MGM Resorts International		12,539		211,031
Modine Manufacturing Co.*		3,159		14,626
PlayAGS, Inc.*		131,758		578,418
Quotient Technology, Inc.*		62,130		446,093
Superior Group of Cos., Inc.		4,306		37,548
Tapestry, Inc.		1,069		15,907
Under Armour, Inc., Class C*		1,825		16,918
The Wendy’s Co.		25,388		504,206
Total Consumer Discretionary				6,566,137
Consumer Staples - 3.5%
Edgewell Personal Care Co.*		1,461		40,338

	Shares		Value
Lamb Weston Holdings, Inc.1		6,776		$415,775
Performance Food Group Co.*,1		17,608		516,795
Spectrum Brands Holdings, Inc.1		10,665		459,235
US Foods Holding Corp.*,1		21,986		472,699
USANA Health Sciences, Inc.*		6,782		605,090
Village Super Market, Inc., Class A		8,025		192,841
Total Consumer Staples				2,702,773
Energy - 5.4%
Apergy Corp.*,1		18,312		168,654
Ardmore Shipping Corp. (Ireland)		28,105		184,931
Chevron Corp.		4,929		453,468
Clean Energy Fuels Corp.*		4,318		9,305
ConocoPhillips1		12,731		535,975
Dril-Quip, Inc.*		11,910		394,578
Evolution Petroleum Corp.		31,758		94,321
Exterran Corp.*		33,194		225,719
Helix Energy Solutions Group, Inc.*		272,928		693,237
Kosmos Energy, Ltd.1		223,573		368,895
Oceaneering International, Inc.*		59,618		306,437
PBF Energy, Inc., Class A2		11,509		131,203
REX American Resources Corp.*		6,749		401,431
The Williams Cos., Inc.		10,858		210,319
Total Energy				4,178,473
Financials - 8.7%
AGNC Investment Corp., REIT		2,691		33,422
American Financial Group, Inc.1		5,613		371,805
Capital Bancorp, Inc.*		1,990		21,611
Comerica, Inc.		12,900		449,694
Enova International, Inc.*,1		626		10,041
Equitable Holdings, Inc.		24,925		456,626
Essent Group, Ltd.1		16,398		447,993
Farmers National Banc Corp.1		20,943		259,484
First American Financial Corp.1		9,415		434,220
First Financial Corp.1		11,925		423,576
The First of Long Island Corp.1		5,945		93,872
Hamilton Lane, Inc., Class A		5,827		377,881
The Hanover Insurance Group, Inc.1		3,776		379,035
The Hartford Financial Services Group, Inc.1		10,214		388,030
Intercontinental Exchange, Inc.1		5,119		457,894
Macatawa Bank Corp.1		53,744		412,754
Marlin Business Services Corp.		3,966		42,198
MGIC Investment Corp.1		69,652		509,156
Morningstar, Inc.		676		105,429

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
Financials - 8.7%(continued)
OP Bancorp		10,426		$73,608
Pzena Investment Management, Inc., Class A1		57,710		283,933
Regional Management Corp.*,1		11,782		187,805
South Plains Financial, Inc.1		5,626		69,931
Umpqua Holdings Corp.1		37,365		467,997
Total Financials				6,757,995
Health Care - 11.6%
Akcea Therapeutics, Inc.*,2		3,099		52,869
Akero Therapeutics, Inc.*,2		5,344		109,018
AnaptysBio, Inc.*		4,736		73,976
Anthem, Inc.		277		77,762
Ardelyx, Inc.*		5,082		33,440
Assertio Therapeutics, Inc.*,1		17,786		15,563
BioCryst Pharmaceuticals, Inc.*,2		23,194		90,688
Cantel Medical Corp.2		13,253		490,361
Castle Biosciences, Inc.*		2,249		69,562
Chemed Corp.1		1,037		431,983
Coherus Biosciences, Inc.*		23,101		383,477
Computer Programs & Systems, Inc.		6,135		147,424
Cross Country Healthcare, Inc.*		21,830		137,311
CytomX Therapeutics, Inc.*		39,719		409,900
Edwards Lifesciences Corp.*		2,041		443,917
Eli Lilly & Co.1		2,905		449,229
Envista Holdings Corp.*		22,023		428,788
Enzo Biochem, Inc.*		104,491		315,563
Fulcrum Therapeutics, Inc.*		2,219		28,004
GenMark Diagnostics, Inc.*		18,379		229,921
Humana, Inc.1		1,248		476,511
IDEXX Laboratories, Inc.*,1		1,715		476,084
Illumina, Inc.*		1,208		385,388
Immunomedics, Inc.*,2		1,228		37,307
Integra LifeSciences Holdings Corp.*,1		6,032		307,934
Intersect ENT, Inc.*		2,016		23,144
Ionis Pharmaceuticals, Inc.*		6,879		381,991
Ligand Pharmaceuticals, Inc.*,2		4,100		404,137
MEDNAX, Inc.*,1		2,738		39,756
Mettler-Toledo International, Inc.*		359		258,458
Natus Medical, Inc.*		12,545		313,500
Orthofix Medical, Inc.*		14,241		504,843
Sutro Biopharma, Inc.*		3,485		34,327
UnitedHealth Group, Inc.1		1,590		465,027

	Shares		Value
Zoetis, Inc.1		3,448		$445,861
Total Health Care				8,973,024
Industrials - 6.1%
AeroVironment, Inc.*		6,819		410,913
Air Lease Corp.2		457		11,950
Armstrong Flooring, Inc.*		4,868		10,223
Atkore International Group, Inc.*,1		14,838		361,157
Atlas Air Worldwide Holdings, Inc.*,1		2,317		76,113
Comfort Systems USA, Inc.		12,389		412,554
Expeditors International of Washington, Inc.		2,558		183,166
Forward Air Corp.		600		30,960
GrafTech International, Ltd.2		52,486		426,186
HD Supply Holdings, Inc.*,1		13,645		404,984
HNI Corp.1		13,425		326,764
KAR Auction Services, Inc.		30,641		459,002
Lincoln Electric Holdings, Inc.1		4,560		367,126
Mueller Industries, Inc.		3,617		93,680
MYR Group, Inc.*		10,528		315,840
Patrick Industries, Inc.2		1,803		74,320
Resideo Technologies, Inc.*,1		12,037		61,750
Thermon Group Holdings, Inc.*		19,572		299,060
The Toro Co.		6,042		385,540
Veritiv Corp.*		3,521		32,992
Total Industrials				4,744,280
Information Technology - 13.2%
Adobe, Inc.*,1		1,272		449,830
ADTRAN, Inc.		2,327		23,922
Analog Devices, Inc.		285		31,236
Arista Networks, Inc.*,1		1,394		305,704
Aspen Technology, Inc.*,1		2,408		246,218
Automatic Data Processing, Inc.		2,837		416,160
Avnet, Inc.		14,651		439,823
Black Knight, Inc.*,1		1,757		123,991
CEVA, Inc.*,1		8,015		251,270
Cisco Systems, Inc.1		10,778		456,772
CommVault Systems, Inc.*,1		9,645		411,745
Corning, Inc.		16,352		359,908
Dolby Laboratories, Inc., Class A1		2,751		165,143
DXC Technology Co.		4,977		90,233
Dynatrace, Inc.*		14,397		429,750
ExlService Holdings, Inc.*		7,620		470,383
Information Services Group, Inc.*		11,855		29,637
Intuit, Inc.1		1,736		468,390

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

12

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

	Shares		Value
Information Technology - 13.2%(continued)
KVH Industries, Inc.*		908		$8,426
Manhattan Associates, Inc.*		6,732		477,568
Maxim Integrated Products, Inc.		5,334		293,263
MicroStrategy, Inc., Class A*		60		7,580
National Instruments Corp.1		12,476		479,328
NortonLifeLock, Inc.1		22,914		487,381
Oracle Corp.1		8,505		450,510
Pure Storage, Inc., Class A*		29,712		427,853
QAD, Inc., Class A		6,006		254,174
Skyworks Solutions, Inc.		540		56,095
SPS Commerce, Inc.*,1		9,081		504,086
Telenav, Inc.*		66,386		310,023
Trimble, Inc.*,1		12,727		440,736
Ubiquiti, Inc.2		2,438		395,029
VeriSign, Inc.*,1		2,174		455,431
Total Information Technology				10,217,598
Materials - 0.7%
FutureFuel Corp.		37,879		393,184
Hawkins, Inc.		1,006		37,655
Kraton Corp.*		4,228		65,999
Valvoline, Inc.		1,505		25,871
Total Materials				522,709
Real Estate - 3.7%
Braemar Hotels & Resorts, Inc., REIT		45,549		142,568
Chatham Lodging Trust, REIT		56,186		421,957
Douglas Emmett, Inc., REIT1		13,363		407,438
Hersha Hospitality Trust, REIT		11,300		59,099
Life Storage, Inc., REIT1		4,400		385,396
National Health Investors, Inc., REIT		413		22,740
National Retail Properties, Inc., REIT		14,266		465,642
Public Storage, REIT		547		101,441
RE/MAX Holdings, Inc., Class A1		17,976		472,589
The RMR Group, Inc., Class A1		188		5,576
Sunstone Hotel Investors, Inc., REIT1		47,378		435,404
Total Real Estate				2,919,850
Utilities - 2.6%
The AES Corp.1		32,732		433,699
Atlantic Power Corp.*,1		151,204		300,896

	Shares		Value
Avangrid, Inc.		173		$7,439
Hawaiian Electric Industries, Inc.1		11,008		434,486
IDACORP, Inc.1		4,872		447,152
OGE Energy Corp.1		13,616		429,176
Xcel Energy, Inc.1		130		8,263
Total Utilities				2,061,111
Total Common Stocks (Cost $53,463,074)				53,440,571
	Principal Amount
Short-Term Investments - 19.8%
Joint Repurchase Agreements - 1.8%3
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $1,000,001 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.500% - 6.500%, 05/31/20 -02/01/57, totaling $1,020,000)		$1,000,000		1,000,000
Nomura Securities International, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $403,775 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 8.000%, 05/15/20 -01/20/70, totaling $411,850)		403,775		403,775
Total Joint Repurchase Agreements				1,403,775
	Shares
Other Investment Companies - 18.0%
Morgan Stanley Institutional Liquidity Funds Prime Portfolio, Institutional Shares, 0.74%4		8,946,568		8,941,201
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%4		1,655,694		1,655,694
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%4		1,655,694		1,655,694
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%4		1,705,866		1,705,866
Total Other Investment Companies				13,958,455
Total Short-Term Investments (Cost $15,354,785)				15,362,230
Total Investments - 88.7% (Cost $68,817,859)				68,802,801
Derivatives - 4.2%5				3,289,997
Other Assets, less Liabilities - 7.1%				5,455,844
Net Assets - 100.0%				$77,548,642

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

13

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

* Non-income producing security.

¹  Security position is either entirely or partially held in a segregated account as collateral for swaps and futures contracts. As of April 30, 2020, value of securities held in the segregated account was $21,932,445.

²  Some of these securities, amounting to $2,451,940 or 3.2% 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.

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

⁴  Yield shown represents the April 30, 2020, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁵  Includes Futures Contracts andover-the-counter total return basket swaps. Please refer to the Futures Contracts andover-the-counter total return basket swap tables for the details.

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	269	Long		06/19/20		$39,037,280		$8,057,060

  Over-the-counter long total return basket swap

Counterparty	Description	Notional		Termination Date		Value
Morgan Stanley & Co.	The Fund receives or pays the total return on a portfolio of long positions and pays the1-Month LIBOR (plus a spread).		$34,924,544		08/07/20		$4,343,243

  Components ofover-the-counter long total return basket swap

Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ (Depreciation)		% of Notional Market Value
Communication Services
Altice USA, Inc., Class A		10,615		$264,207		$11,464		0.7
Fox Corp., Class B		5,226		130,911		2,665		0.3
Liberty Broadband Corp., Class A		398		47,673		96		0.1
Liberty Media Corp.-Liberty SiriusXM		13,554		399,572		62,213		1.2
Scholastic Corp.		14,744		399,120		29,488		1.1
Total Communication Services				1,241,483		105,926		3.4
Consumer Discretionary
Burlington Stores, Inc.		2,156		374,067		19,813		1.0
Capri Holdings, Ltd. (Virgin Islands, British)		740		8,495		2,790		0.0	#
Cavco Industries, Inc.		2,177		264,505		72,233		0.9
Century Casinos, Inc.		105,941		334,572		145,870		1.2
Darden Restaurants, Inc.		7,420		465,422		82,100		1.4
Foot Locker, Inc.		11,498		261,694		32,999		0.7
Gentex Corp.		19,430		441,158		29,825		1.2
Pool Corp.		60		11,086		1,614		0.0	#
Ruth’s Hospitality Group, Inc.		57,893		464,528		187,058		1.7
The TJX Cos., Inc.		8,595		395,800		25,785		1.1
Tractor Supply Co.		4,505		419,551		37,392		1.2
Total Consumer Discretionary				3,440,878		637,479		10.4

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 long total return basket swap (continued)

Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Consumer Staples
Colgate-Palmolive Co.		4,086		$289,757		$(2,633	)		0.7
The Hershey Co.		3,094		438,172		(28,434	)		1.0
The Procter & Gamble Co.		862		103,164		(1,560	)		0.3
Sprouts Farmers Market, Inc.		18,284		374,274		5,668			1.0
Total Consumer Staples				1,205,367		(26,959	)		3.0
Energy
Apache Corp.		54,070		455,534		251,701			1.8
Baker Hughes Co.		33,401		427,049		38,895			1.2
Matrix Service Co.		14,500		122,525		28,855			0.4
Patterson-UTI Energy, Inc.		205,348		455,873		301,862			1.9
Renewable Energy Group, Inc.		17,058		365,249		57,960			1.1
Total Energy				1,826,230		679,273			6.4
Financials
The Bank of New York Mellon Corp.		11,246		395,972		26,203			1.1
Citigroup, Inc.		9,638		400,652		67,370			1.2
CME Group, Inc.		2,172		386,659		413			1.0
Financial Institutions, Inc.		14,316		233,064		43,950			0.7
Flagstar Bancorp, Inc.		15,357		317,736		80,164			1.0
Lincoln National Corp.		10,108		274,230		84,301			0.9
National General Holdings Corp.		25,801		430,619		60,374			1.2
QCR Holdings, Inc.		5,432		141,942		25,255			0.4
Radian Group, Inc.		23,189		282,442		64,929			0.9
Reinsurance Group of America, Inc.		4,495		432,599		37,938			1.2
S&P Global, Inc.		1,642		445,393		35,516			1.2
SEI Investments Co.		9,170		444,578		22,725			1.2
Sterling Bancorp		17,624		177,121		40,183			0.6
Synchrony Financial		25,546		387,533		118,022			1.3
Synovus Financial Corp.		24,570		418,427		97,789			1.3
Wintrust Financial Corp.		11,500		385,595		96,255			1.2
Total Financials				5,554,562		901,387			16.4
Health Care
Cardiovascular Systems, Inc.		10,731		438,791		11,911			1.1
Cigna Corp.		1,265		225,056		22,606			0.6
Henry Schein, Inc.		7,355		382,681		18,608			1.0
Hologic, Inc.		10,604		451,763		79,497			1.4
Luminex Corp.		13,856		453,940		45,568			1.3
Total Health Care				1,952,231		178,190			5.4

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 long total return basket swap (continued)

Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Industrials
AGCO Corp.		8,310		$396,304		$42,797			1.1
Curtiss-Wright Corp.		4,253		387,108		53,715			1.1
HEICO Corp., Class A		5,473		367,238		28,624			1.0
Hubbell, Inc.		3,828		438,880		37,438			1.2
IDEX Corp.		3,024		449,407		15,170			1.2
Kimball International, Inc., Class B		31,998		334,699		57,916			1.0
Landstar System, Inc.		3,985		391,128		20,563			1.1
Robert Half International, Inc.		10,388		429,024		62,016			1.3
Rollins, Inc.		10,653		394,800		31,320			1.1
Schneider National, Inc., Class B		21,803		445,595		32,109			1.2
TrueBlue, Inc.		30,021		421,495		44,731			1.2
Universal Forest Products, Inc.		1,738		61,473		9,994			0.2
WESCO International, Inc.		12,644		283,099		44,001			0.8
Total Industrials				4,800,250		480,394			13.5
Information Technology
Arrow Electronics, Inc.		6,835		347,696		82,362			1.1
Broadcom, Inc.		746		184,747		17,882			0.5
Cadence Design Systems, Inc.		5,890		439,813		38,043			1.2
Ciena Corp.		4,441		195,537		9,859			0.5
Citrix Systems, Inc.		3,043		448,773		(7,507	)		1.1
Cognizant Technology Solutions Corp., Class A		8,222		419,240		57,801			1.2
F5 Networks, Inc.		2,163		259,214		42,005			0.8
FLIR Systems, Inc.		11,294		459,101		31,058			1.3
GoDaddy, Inc., Class A		6,827		439,235		34,764			1.2
Juniper Networks, Inc.		18,571		419,890		(18,757	)		1.0
KLA Corp.		414		61,516		6,417			0.2
Littelfuse, Inc.		2,930		377,618		47,935			1.1
MAXIMUS, Inc.		7,101		448,112		29,928			1.2
NetScout Systems, Inc.		7,704		187,824		16,178			0.5
Paychex, Inc.		6,070		388,601		27,315			1.1
Progress Software Corp.		6,903		251,588		30,813			0.7
Sykes Enterprises, Inc.		12,392		329,503		25,280			0.9
Virtusa Corp.		10,277		309,749		29,392			0.9
Total Information Technology				5,967,757		500,768			16.5
Materials
Avery Dennison Corp.		3,688		380,823		26,295			1.0
Celanese Corp.		5,468		401,679		52,548			1.1

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 long total return basket swap (continued)

Reference Entity	Shares		Notional Value		Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Materials (continued)
Minerals Technologies, Inc.		3,487		$126,229		$27,338			0.4
NewMarket Corp.		1,144		451,194		19,494			1.2
PolyOne Corp.		7,946		158,443		26,619			0.5
Sensient Technologies Corp.		9,628		393,689		66,433			1.2
Total Materials				1,912,057		218,727			5.4
Real Estate
American Assets Trust, Inc., REIT		338		8,606		967			0.0	#
American Campus Communities, Inc., REIT		14,210		430,563		70,908			1.3
Apartment Investment & Management Co., Class A, REIT		11,157		398,863		21,421			1.1
Apple Hospitality REIT, Inc.		46,998		378,639		76,301			1.2
Brookfield Property REIT, Inc., Class A		41,759		358,806		50,224			1.0
Camden Property Trust, REIT		4,508		368,980		28,040			1.0
Corporate Office Properties Trust, REIT		18,013		458,971		16,932			1.2
CubeSmart, REIT		16,018		404,935		(1,281	)		1.0
DiamondRock Hospitality Co., REIT		81,352		383,981		122,841			1.3
Empire State Realty Trust, Inc., Class A, REIT		9,792		76,965		4,896			0.2
Equity Commonwealth, REIT		13,488		445,239		12,679			1.2
Equity LifeStyle Properties, Inc., REIT		6,957		410,254		9,322			1.1
Four Corners Property Trust, Inc., REIT		17,998		353,661		49,315			1.0
JBG SMITH Properties, REIT		13,471		420,834		36,506			1.2
Marcus & Millichap, Inc.		15,389		413,041		34,010			1.1
PS Business Parks, Inc., REIT		3,299		409,472		16,396			1.1
Rayonier, Inc., REIT		17,134		398,708		13,022			1.1
Service Properties Trust, REIT		81,297		458,255		105,133			1.4
Total Real Estate				6,578,773		667,632			18.5
Utilities
NiSource, Inc.		17,183		436,104		(4,640	)		1.1
Public Service Enterprise Group, Inc.		177		8,852		124			0.0	#
Total Utilities				444,956		(4,516	)		1.1
Total long equity positions				—		4,338,301			100.0
Financing				—		4,943			—
		Total		$34,924,544		$4,343,243			100.0

  Over-the-counter short total return basket swap

Counterparty	Description	Notional			Termination Date		Value
Morgan Stanley & Co.	The Fund receives or pays the total return on a portfolio of short positions and receives the1-Month LIBOR (minus a spread).	$	(75,384,786	)		08/07/20	$	(9,110,306	)

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 short total return basket swap

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Communication Services
Bandwidth, Inc., Class A		(1,751	)		$(136,123	)		$(6,689	)		0.2
CenturyLink, Inc.		(42,754	)		(415,141	)		(38,906	)		0.5
Clear Channel Outdoor Holdings, Inc.		(265,054	)		(193,489	)		(62,235	)		0.3
Discovery, Inc., Class A		(20,166	)		(419,050	)		(33,072	)		0.5
DISH Network Corp., Class A		(18,771	)		(404,890	)		(64,666	)		0.6
Fox Corp., Class A		(1,940	)		(49,605	)		(583	)		0.1
Gaia, Inc.		(51,519	)		(476,474	)		8,166			0.6
Nexstar Media Group, Inc., Class A		(7,068	)		(415,598	)		(79,445	)		0.6
Roku, Inc.		(2,937	)		(367,427	)		11,374			0.4
Sinclair Broadcast Group, Inc., Class A		(1,006	)		(14,486	)		(3,270	)		0.0	#
Twitter, Inc.		(2,395	)		(61,356	)		(7,332	)		0.1
ViacomCBS, Inc., Class B		(28,428	)		(430,684	)		(59,983	)		0.6
WideOpenWest, Inc.		(4,576	)		(24,253	)		(2,837	)		0.0	#
Zillow Group, Inc., Class C		(10,312	)		(373,294	)		(80,021	)		0.5
Total Communication Services					(3,781,870	)		(419,499	)		5.0
Consumer Discretionary
BorgWarner, Inc.		(13,819	)		(352,523	)		(42,286	)		0.5
Brunswick Corp.		(12,103	)		(447,416	)		(130,139	)		0.7
Carrols Restaurant Group, Inc.		(145,000	)		(417,600	)		(111,650	)		0.6
Carvana Co.		(2,392	)		(204,707	)		13,084			0.2
Chipotle Mexican Grill, Inc.		(565	)		(451,435	)		(44,946	)		0.6
Choice Hotels International, Inc.		(6,316	)		(427,088	)		(46,928	)		0.6
Dollar Tree, Inc.		(97	)		(7,519	)		(209	)		0.0	#
Drive Shack, Inc.		(230,322	)		(264,870	)		(39,155	)		0.4
Duluth Holdings, Inc., Class B		(6,406	)		(24,663	)		(1,025	)		0.0	#
Floor & Decor Holdings, Inc., Class A		(12,776	)		(435,534	)		(106,168	)		0.6
Ford Motor Co.		(47,570	)		(226,909	)		(15,222	)		0.3
Greenlane Holdings, Inc., Class A		(71,015	)		(144,956	)		(82,292	)		0.3
Hilton Worldwide Holdings, Inc.		(4,633	)		(330,565	)		(20,200	)		0.4
Joe’s Jeans, Inc.		(6,568	)		(4,710	)		(744	)		0.0	#
Leaf Group, Ltd.		(50,007	)		(61,999	)		(10,511	)		0.1
Lithia Motors, Inc., Class A		(4,820	)		(423,919	)		(108,980	)		0.6
Macy’s, Inc.		(33,208	)		(169,706	)		(24,893	)		0.2
Mattel, Inc.		(42,520	)		(358,018	)		(12,756	)		0.4
Motorcar Parts of America, Inc.		(30,479	)		(349,289	)		(84,427	)		0.5
Newell Brands, Inc.		(30,914	)		(387,043	)		(42,043	)		0.5
Noodles & Co.		(3,893	)		(20,010	)		(4,321	)		0.0	#

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 short total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Consumer Discretionary (continued)
Ollie’s Bargain Outlet Holdings, Inc.		(2,536	)		$(146,936	)		$(25,284	)		0.2
Papa John’s International, Inc.		(6,793	)		(468,850	)		(19,703	)		0.6
The RealReal, Inc.		(5,153	)		(49,211	)		(11,285	)		0.1
Regis Corp.		(3,900	)		(33,228	)		(15,210	)		0.1
Rent-A-Center, Inc.		(21,920	)		(366,211	)		(70,107	)		0.5
RH		(3,067	)		(371,187	)		(69,786	)		0.5
Shake Shack, Inc., Class A		(2,397	)		(112,899	)		(17,762	)		0.2
Target Hospitality Corp.		(10,476	)		(15,924	)		(5,238	)		0.0	#
Thor Industries, Inc.		(8,801	)		(458,168	)		(124,458	)		0.7
Wayfair, Inc., Class A		(4,542	)		(442,452	)		(120,937	)		0.7
Whirlpool Corp.		(1,355	)		(133,034	)		(18,374	)		0.2
Wynn Resorts, Ltd.		(6,256	)		(443,367	)		(91,709	)		0.6
Total Consumer Discretionary					(8,551,946	)		(1,505,664	)		11.9
Consumer Staples
The Andersons, Inc.		(9,120	)		(128,136	)		(26,630	)		0.2
Archer-Daniels-Midland Co.		(12,251	)		(428,785	)		(26,217	)		0.5
Beyond Meat, Inc.		(4,828	)		(413,838	)		(64,086	)		0.6
Campbell Soup Co.		(8,779	)		(442,813	)		4,038			0.5
Conagra Brands, Inc.		(688	)		(23,275	)		268			0.0	#
Energizer Holdings, Inc.		(9,899	)		(343,693	)		(41,972	)		0.5
General Mills, Inc.		(403	)		(24,186	)		51			0.0	#
Hormel Foods Corp.		(8,163	)		(399,416	)		16,979			0.5
The JM Smucker Co.		(3,770	)		(447,908	)		14,697			0.5
The Kraft Heinz Co.		(15,718	)		(449,821	)		(26,906	)		0.6
Landec Corp.		(16,272	)		(165,812	)		(15,621	)		0.2
Post Holdings, Inc.		(4,682	)		(421,801	)		(8,240	)		0.5
Total Consumer Staples					(3,689,484	)		(173,639	)		4.6
Energy
Antero Midstream Corp.		(110,220	)		(468,920	)		(54,625	)		0.6
Brigham Minerals, Inc., Class A		(1,378	)		(12,729	)		(5,034	)		0.0	#
Cabot Oil & Gas Corp.		(2,890	)		(61,105	)		(1,377	)		0.1
Cheniere Energy, Inc.		(11,005	)		(450,161	)		(63,663	)		0.6
Cimarex Energy Co.		(3,759	)		(73,150	)		(22,404	)		0.1
Concho Resources, Inc.		(151	)		(7,530	)		(1,035	)		0.0	#
EQT Corp.		(23,290	)		(370,346	)		30,545			0.4
Equitrans Midstream Corp.		(16,554	)		(135,109	)		(3,614	)		0.2
Falcon Minerals Corp.		(27,803	)		(58,884	)		(9,094	)		0.1

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 short total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Energy (continued)
Gulfport Energy Corp.		(587,845	)		$(710,940	)		$(791,004	)		1.8
Liberty Oilfield Services, Inc., Class A		(2,662	)		(7,468	)		(5,096	)		0.0	#
NextDecade Corp.		(5,030	)		(9,305	)		905			0.0	#
Parsley Energy, Inc., Class A		(25,479	)		(179,117	)		(61,659	)		0.3
Penn Virginia Corp.		(110,268	)		(345,701	)		(347,884	)		0.8
RPC, Inc.		(25,772	)		(56,737	)		(31,145	)		0.1
SandRidge Energy, Inc.		(271,432	)		(496,721	)		(43,429	)		0.6
Southwestern Energy Co.		(129,965	)		(393,937	)		(25,850	)		0.5
Uranium Energy Corp.		(51,457	)		(45,133	)		(11,470	)		0.1
W&T Offshore, Inc.		(17,561	)		(37,054	)		(11,590	)		0.1
Total Energy					(3,920,047	)		(1,458,523	)		6.4
Financials
Allegiance Bancshares, Inc.		(11,330	)		(248,240	)		(35,916	)		0.3
Ally Financial, Inc.		(12,965	)		(183,844	)		(28,653	)		0.2
Ameriprise Financial, Inc.		(3,863	)		(399,627	)		(44,386	)		0.5
Annaly Capital Management, Inc., REIT		(68,838	)		(422,665	)		(7,572	)		0.5
Arch Capital Group, Ltd. (Bermuda)		(14,662	)		(370,802	)		18,474			0.4
Ares Management Corp., Class A		(12,867	)		(385,238	)		(46,450	)		0.5
Arlington Asset Investment Corp., Class A, REIT		(12,203	)		(33,750	)		(785	)		0.0	#
ARMOUR Residential REIT, Inc.		(31,744	)		(268,237	)		(12,380	)		0.3
Banc of California, Inc.		(50,496	)		(450,990	)		(75,178	)		0.6
BGC Partners, Inc., Class A		(157,267	)		(408,894	)		(77,847	)		0.6
Brown & Brown, Inc.		(205	)		(7,381	)		19			0.0	#
BRP Group, Inc., Class A		(13,063	)		(122,008	)		(8,883	)		0.2
Cherry Hill Mortgage Investment Corp., REIT		(46,048	)		(305,759	)		(14,735	)		0.4
Chimera Investment Corp., REIT		(22,913	)		(172,764	)		(5,270	)		0.2
CIT Group, Inc.		(23,250	)		(418,967	)		(22,318	)		0.5
Colony Credit Real Estate, Inc., REIT		(97,329	)		(359,144	)		(109,008	)		0.6
Credit Acceptance Corp.		(1,395	)		(354,330	)		(80,310	)		0.5
CrossFirst Bankshares, Inc.		(18,911	)		(160,554	)		(22,315	)		0.2
East West Bancorp, Inc.		(14,726	)		(402,903	)		(113,537	)		0.6
Everest Re Group, Ltd. (Bermuda)		(2,086	)		(374,646	)		13,496			0.4
First Horizon National Corp.		(50,483	)		(387,205	)		(71,181	)		0.5
First Republic Bank		(4,517	)		(440,001	)		(31,077	)		0.6
Focus Financial Partners, Inc., Class A		(578	)		(11,167	)		(2,624	)		0.0	#
The Goldman Sachs Group, Inc.		(2,540	)		(442,849	)		(23,038	)		0.5
Heritage Financial Corp.		(20,524	)		(373,742	)		(37,764	)		0.5

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

20

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

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

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Financials (continued)
Jefferies Financial Group, Inc.		(30,228	)		$(366,061	)		$(48,667	)		0.5
LendingTree, Inc.		(546	)		(111,095	)		(25,061	)		0.2
MBIA, Inc.		(58,039	)		(446,511	)		(25,926	)		0.6
Mercury General Corp.		(1,127	)		(45,347	)		(815	)		0.1
Meta Financial Group, Inc.		(13,575	)		(233,563	)		(16,488	)		0.3
MetLife, Inc.		(12,937	)		(406,998	)		(59,769	)		0.5
Navient Corp.		(45,950	)		(301,892	)		(48,248	)		0.4
New Residential Investment Corp., REIT		(51,984	)		(304,106	)		(12,476	)		0.4
Pacific Mercantile Bancorp		(19,085	)		(66,882	)		(9,649	)		0.1
PDL Community Bancorp		(7,856	)		(60,256	)		(12,098	)		0.1
PennyMac Mortgage Investment Trust, REIT		(28,845	)		(304,603	)		4,615			0.4
People’s United Financial, Inc.		(31,354	)		(344,267	)		(53,615	)		0.5
S&T Bancorp, Inc.		(15,155	)		(389,484	)		(15,307	)		0.5
Safeguard Scientifics, Inc.		(9,312	)		(50,471	)		(15,551	)		0.1
Sculptor Capital Management, Inc.		(28,997	)		(330,659	)		(94,437	)		0.5
Signature Bank		(4,449	)		(390,088	)		(86,756	)		0.6
SLM Corp.		(59,150	)		(399,854	)		(93,457	)		0.6
State Auto Financial Corp.		(708	)		(17,149	)		(615	)		0.0	#
Third Point Reinsurance, Ltd. (Bermuda)		(8,484	)		(62,697	)		(424	)		0.1
Triumph Bancorp, Inc.		(16,091	)		(392,942	)		(52,939	)		0.5
Two Harbors Investment Corp., REIT		(2,965	)		(12,836	)		(714	)		0.0	#
United Insurance Holdings Corp.		(22,368	)		(204,549	)		13,302			0.2
Washington Trust Bancorp, Inc.		(1,796	)		(57,618	)		(5,260	)		0.1
Western Alliance Bancorp		(13,226	)		(408,551	)		(65,998	)		0.6
Total Financials					(13,214,186	)		(1,565,591	)		17.5
Health Care
Acadia Healthcare Co., Inc.		(19,848	)		(444,224	)		(32,326	)		0.6
ADMA Biologics, Inc.		(48,859	)		(130,454	)		(13,680	)		0.2
Agios Pharmaceuticals, Inc.		(9,887	)		(449,607	)		42,856			0.5
Aimmune Therapeutics, Inc.		(22,648	)		(370,315	)		(17,418	)		0.5
Alnylam Pharmaceuticals, Inc.		(3,165	)		(443,089	)		26,258			0.5
Arrowhead Pharmaceuticals, Inc.		(9,824	)		(363,565	)		25,324			0.4
Arvinas, Inc.		(2,201	)		(115,820	)		267			0.1
Athenex, Inc.		(42,883	)		(370,916	)		(12,457	)		0.5
Becton Dickinson and Co.		(1,433	)		(368,847	)		6,971			0.4
Bluebird Bio, Inc.		(4,448	)		(243,750	)		4,092			0.3
Bristol-Myers Squibb Co.		(124	)		(7,521	)		(20	)		0.0	#

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

21

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

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

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Health Care (continued)
CASI Pharmaceuticals, Inc.		(57,895	)		$(99,770	)		$(7,914	)		0.1
Cellular Biomedicine Group, Inc.		(4,981	)		(73,586	)		1,361			0.1
Change Healthcare, Inc.		(1,579	)		(15,632	)		(2,747	)		0.0	#
Corbus Pharmaceuticals Holdings, Inc.		(21,522	)		(122,460	)		(17,002	)		0.2
Cue Biopharma, Inc.		(17,772	)		(375,787	)		(78,821	)		0.5
Exact Sciences Corp.		(3,985	)		(304,892	)		(9,843	)		0.4
Fate Therapeutics, Inc.		(5,844	)		(170,284	)		10,276			0.2
Guardant Health, Inc.		(5,916	)		(440,564	)		(14,731	)		0.5
Iovance Biotherapeutics, Inc.		(2,602	)		(95,311	)		11,657			0.1
Masimo Corp.		(134	)		(26,430	)		(2,234	)		0.0	#
Medpace Holdings, Inc.		(4,467	)		(358,437	)		1,702			0.4
Moderna, Inc.		(2,331	)		(114,825	)		7,622			0.1
Molecular Templates, Inc.		(7,303	)		(124,370	)		5,842			0.1
Molina Healthcare, Inc.		(465	)		(75,150	)		(1,096	)		0.1
Nektar Therapeutics		(4,184	)		(79,580	)		(753	)		0.1
Neurocrine Biosciences, Inc.		(856	)		(83,032	)		(976	)		0.1
Personalis, Inc.		(863	)		(7,818	)		(1,131	)		0.0	#
Pulse Biosciences, Inc.		(21,306	)		(136,365	)		(102,902	)		0.3
Quest Diagnostics, Inc.		(4,825	)		(454,370	)		(76,911	)		0.6
Rocket Pharmaceuticals, Inc.		(2,855	)		(47,136	)		4,882			0.1
Sage Therapeutics, Inc.		(5,984	)		(204,713	)		(28,544	)		0.3
Sarepta Therapeutics, Inc.		(2,458	)		(278,737	)		(11,012	)		0.3
Seattle Genetics, Inc.		(2,560	)		(351,667	)		358			0.4
Syros Pharmaceuticals, Inc.		(5,440	)		(45,805	)		(54	)		0.1
Tactile Systems Technology, Inc.		(156	)		(7,631	)		(421	)		0.0	#
TG Therapeutics, Inc.		(830	)		(10,151	)		390			0.0	#
Thermo Fisher Scientific, Inc.		(279	)		(89,174	)		(4,202	)		0.1
Tocagen, Inc.		(39,681	)		(45,673	)		(754	)		0.1
ViewRay, Inc.		(155,958	)		(379,617	)		55,225			0.4
ZIOPHARM Oncology, Inc.		(3,797	)		(10,556	)		(76	)		0.0	#
Total Health Care					(7,937,631	)		(232,942	)		9.7
Industrials
Ameresco, Inc., Class A		(15,123	)		(255,427	)		(17,694	)		0.3
American Superconductor Corp.		(73,865	)		(383,359	)		(41,364	)		0.5
The Boeing Co.		(1,344	)		(183,227	)		(6,303	)		0.2
CECO Environmental Corp.		(5,478	)		(25,331	)		(4,360	)		0.0	#
Colfax Corp.		(19,728	)		(440,339	)		(68,446	)		0.6

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

22

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

  Components of over-the-counter short total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)				% of Notional Market Value
Industrials (continued)
Cubic Corp.		(548	)		$(18,910	)		$(2,029	)			0.0	#
Equifax, Inc.		(3,481	)		(452,669	)		(30,842	)			0.6
Flowserve Corp.		(15,135	)		(362,181	)		(64,172	)			0.5
Foundation Building Materials, Inc.		(859	)		(8,307	)		(1,744	)			0.0	#
General Dynamics Corp.		(3,195	)		(420,750	)		3,419				0.5
General Electric Co.		(58,694	)		(381,640	)		(17,479	)			0.5
The Greenbrier Cos., Inc.		(467	)		(7,380	)		(550	)			0.0	#
Howmet Aerospace, Inc.		(20,968	)		(222,051	)		(52,001	)			0.3
Ingersoll Rand, Inc.		(2,607	)		(68,773	)		(7,039	)	��		0.1
Kirby Corp.		(8,723	)		(404,747	)		(61,235	)			0.6
Knight-Swift Transportation Holdings, Inc.		(12,711	)		(448,909	)		(23,686	)			0.6
Kratos Defense & Security Solutions, Inc.		(8,982	)		(125,119	)		(9,790	)			0.2
L3Harris Technologies, Inc.		(1,967	)		(369,363	)		(11,645	)			0.5
Lyft, Inc., Class A		(506	)		(14,920	)		(1,692	)			0.0	#
Macquarie Infrastructure Corp.		(19,159	)		(453,515	)		(75,082	)			0.6
PACCAR, Inc.		(4,931	)		(324,090	)		(17,283	)			0.4
Plug Power, Inc.		(85,017	)		(358,772	)		2,976				0.4
Quad/Graphics, Inc.		(20,958	)		(50,136	)		(27,828	)			0.1
Quanta Services, Inc.		(5,023	)		(162,946	)		(19,690	)			0.2
Spirit AeroSystems Holdings, Inc., Class A		(13,081	)		(253,379	)		(36,496	)			0.3
Stericycle, Inc.		(9,046	)		(403,361	)		(38,084	)			0.5
TransDigm Group, Inc.		(24	)		(7,348	)		(1,366	)			0.0	#
Trinity Industries, Inc.		(24,171	)		(382,869	)		(83,390	)			0.6
Twin Disc, Inc.		(50,459	)		(271,974	)		(31,285	)			0.4
United Rentals, Inc.		(2,122	)		(206,173	)		(66,504	)			0.3
US Xpress Enterprises, Inc., Class A		(50,307	)		(182,599	)		(36,739	)			0.3
Vivint Solar, Inc.		(42,024	)		(230,002	)		(36,431	)			0.3
Welbilt, Inc.		(1,753	)		(7,052	)		(1,591	)			0.0	#
XPO Logistics, Inc.		(7,760	)		(446,912	)		(70,990	)			0.6
YRC Worldwide, Inc.		(163,687	)		(257,103	)		(24,439	)			0.3
Total Industrials					(8,591,633	)		(982,874	)			11.3
Information Technology
8x8, Inc.		(425	)		(7,317	)		109				0.0	#
Advanced Micro Devices, Inc.		(2,130	)		(112,720	)		1,129				0.1
Alteryx, Inc., Class A		(3,672	)		(418,916	)		3,319				0.5
Anaplan, Inc.		(10,185	)		(370,858	)		(45,301	)			0.5
ANSYS, Inc.		(1,634	)		(413,860	)		(13,971	)			0.5

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

23

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

  Components of over-the-counter short total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Information Technology (continued)
Applied Optoelectronics, Inc.		(24,758	)		$(204,996	)		$(60,409	)		0.3
Avalara, Inc.		(2,406	)		(196,041	)		(18,983	)		0.3
CommScope Holding Co., Inc.		(46,174	)		(442,361	)		(66,015	)		0.6
Coupa Software, Inc.		(2,753	)		(435,414	)		(49,361	)		0.6
Dell Technologies, Inc., Class C		(10,182	)		(380,807	)		(53,863	)		0.5
Digimarc Corp.		(8,102	)		(122,421	)		(13,287	)		0.2
DocuSign, Inc.		(3,753	)		(375,690	)		(17,437	)		0.5
EchoStar Corp., Class A		(2,712	)		(79,733	)		(5,831	)		0.1
Elastic, N.V.		(6,235	)		(367,019	)		(32,894	)		0.5
Everbridge, Inc.		(2,160	)		(260,008	)		19,427			0.3
Fidelity National Information Services, Inc.		(3,221	)		(378,371	)		(46,447	)		0.5
FireEye, Inc.		(23,076	)		(243,683	)		(21,922	)		0.3
Five9, Inc.		(200	)		(18,452	)		(82	)		0.0	#
Global Payments, Inc.		(2,757	)		(389,537	)		(68,181	)		0.5
GTY Technology Holdings, Inc.		(18,894	)		(72,364	)		(1,512	)		0.1
Guidewire Software, Inc.		(5,108	)		(450,270	)		(13,740	)		0.6
HubSpot, Inc.		(1,633	)		(220,194	)		(55,179	)		0.3
Immersion Corp.		(3,059	)		(18,527	)		(2,763	)		0.0	#
Impinj, Inc.		(1,623	)		(30,464	)		(5,989	)		0.0	#
Iteris, Inc.		(3,176	)		(11,049	)		(1,623	)		0.0	#
Leidos Holdings, Inc.		(375	)		(35,460	)		(1,594	)		0.0	#
LivePerson, Inc.		(3,912	)		(83,834	)		(9,819	)		0.1
MACOM Technology Solutions Holdings, Inc.		(367	)		(8,434	)		(2,819	)		0.0	#
Microchip Technology, Inc.		(5,357	)		(400,971	)		(68,998	)		0.6
MKS Instruments, Inc.		(1,640	)		(139,728	)		(24,649	)		0.2
MongoDB, Inc.		(2,860	)		(441,721	)		(21,971	)		0.6
Motorola Solutions, Inc.		(2,812	)		(406,840	)		2,446			0.5
Nutanix, Inc., Class A		(24,724	)		(411,407	)		(95,187	)		0.6
Okta, Inc.		(549	)		(81,477	)		(1,587	)		0.1
PagerDuty, Inc.		(9,849	)		(208,109	)		197			0.3
Pluralsight, Inc., Class A		(27,828	)		(371,315	)		(86,178	)		0.5
RingCentral, Inc., Class A		(1,811	)		(433,108	)		19,241			0.5
SharpSpring, Inc.		(15,613	)		(92,897	)		(14,676	)		0.1
ShotSpotter, Inc.		(10,786	)		(358,276	)		(12,438	)		0.4
Smartsheet, Inc., Class A		(8,541	)		(440,271	)		(10,011	)		0.5
Splunk, Inc.		(3,437	)		(454,337	)		(28,080	)		0.6
SunPower Corp.		(35,035	)		(215,465	)		(42,042	)		0.3

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

24

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

  Components of over-the-counter short total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Information Technology (continued)
The Trade Desk, Inc., Class A		(1,827	)		$(419,479	)		$(115,064	)		0.6
Twilio, Inc., Class A		(4,231	)		(443,507	)		(31,634	)		0.6
Unisys Corp.		(32,995	)		(376,918	)		(38,489	)		0.5
ViaSat, Inc.		(6,699	)		(265,553	)		(18,485	)		0.3
WEX, Inc.		(3,928	)		(402,345	)		(117,408	)		0.6
Xerox Holdings Corp.		(21,180	)		(355,189	)		(32,194	)		0.5
Zscaler, Inc.		(894	)		(58,271	)		(1,699	)		0.1
Total Information Technology					(12,925,984	)		(1,323,944	)		16.9
Materials
Air Products and Chemicals, Inc.		(931	)		(193,080	)		(16,935	)		0.2
Albemarle Corp.		(6,958	)		(402,590	)		(24,840	)		0.5
Berry Global Group, Inc.		(6,049	)		(218,019	)		(22,670	)		0.3
Century Aluminum Co.		(3,520	)		(13,493	)		(1,819	)		0.0	#
Cleveland-Cliffs, Inc.		(110,432	)		(392,210	)		(91,482	)		0.6
Intrepid Potash, Inc.		(66,427	)		(57,373	)		(6,603	)		0.1
Livent Corp.		(68,475	)		(372,840	)		(51,705	)		0.5
Marrone Bio Innovations, Inc.		(214,526	)		(140,772	)		(15,875	)		0.2
United States Steel Corp.		(72,129	)		(482,543	)		(71,408	)		0.6
Total Materials					(2,272,920	)		(303,337	)		3.0
Real Estate
Bluerock Residential Growth REIT, Inc.		(1,352	)		(7,477	)		(392	)		0.0	#
Brandywine Realty Trust, REIT		(1,181	)		(11,275	)		(1,905	)		0.0	#
Colony Capital, Inc., REIT		(71,723	)		(137,708	)		(27,972	)		0.2
Crown Castle International Corp., REIT		(2,823	)		(450,971	)		900			0.5
Cushman & Wakefield PLC		(855	)		(8,954	)		(1,452	)		0.0	#
CyrusOne, Inc., REIT		(1,454	)		(99,163	)		(2,835	)		0.1
Digital Realty Trust, Inc., REIT		(3,190	)		(458,449	)		(18,424	)		0.6
Equinix, Inc., REIT		(683	)		(449,694	)		(11,468	)		0.6
Farmland Partners, Inc., REIT		(67,768	)		(405,930	)		(38,628	)		0.5
Hannon Armstrong Sustainable Infrastructure Capital, Inc., REIT		(17,139	)		(449,612	)		(30,108	)		0.6
Healthcare Trust of America, Inc., Class A, REIT		(16,397	)		(384,346	)		(19,512	)		0.5
The Howard Hughes Corp.		(8,733	)		(428,354	)		(44,626	)		0.6
Iron Mountain, Inc., REIT		(16,466	)		(406,710	)		8,562			0.5
iStar, Inc., REIT		(51,948	)		(392,727	)		(127,792	)		0.6
Jernigan Capital, Inc., REIT		(32,162	)		(380,296	)		(44,242	)		0.5
Maui Land & Pineapple Co., Inc.		(758	)		(7,557	)		(364	)		0.0	#
Omega Healthcare Investors, Inc., REIT		(9,818	)		(282,366	)		(3,829	)		0.3

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

25

    AMG FQ Long-Short Equity Fund

    Schedule of Portfolio Investments(continued)

 Components of over-the-counter short total return basket swap (continued)

Reference Entity	Shares			Notional Value			Net Unrealized Appreciation/ (Depreciation)			% of Notional Market Value
Real Estate (continued)
Paramount Group, Inc., REIT		(45,034	)		$(376,484	)		$(58,094	)		0.5
Rafael Holdings, Inc., Class B		(3,657	)		(44,086	)		(7,514	)		0.1
Realogy Holdings Corp.		(2,183	)		(7,301	)		(2,173	)		0.0	#
Saul Centers, Inc., REIT		(260	)		(7,592	)		(889	)		0.0	#
Seritage Growth Properties, REIT		(45,924	)		(376,003	)		(109,873	)		0.6
SITE Centers Corp., REIT		(1,510	)		(7,355	)		(1,796	)		0.0	#
SL Green Realty Corp., REIT		(9,182	)		(411,904	)		(75,201	)		0.6
Spirit Realty Capital, Inc., REIT		(16,442	)		(426,834	)		(78,922	)		0.6
STORE Capital Corp., REIT		(9,818	)		(154,313	)		(42,734	)		0.2
Stratus Properties, Inc.		(10,148	)		(148,640	)		(21,542	)		0.2
UMH Properties, Inc., REIT		(681	)		(7,562	)		(1,285	)		0.0	#
Uniti Group, Inc., REIT		(77,036	)		(426,379	)		(117,495	)		0.6
VEREIT, Inc., REIT		(89,275	)		(401,737	)		(87,489	)		0.6
VICI Properties, Inc., REIT		(27,790	)		(426,576	)		(57,525	)		0.6
Washington Real Estate Investment Trust, REIT		(345	)		(7,315	)		(731	)		0.0	#
Total Real Estate					(7,991,670	)		(1,027,350	)		10.7
Utilities
American Electric Power Co., Inc.		(93	)		(7,607	)		(122	)		0.0	#
Atmos Energy Corp.		(103	)		(10,381	)		(122	)		0.0	#
CenterPoint Energy, Inc.		(27,824	)		(431,550	)		(42,292	)		0.6
Duke Energy Corp.		(5,201	)		(444,374	)		4,057			0.5
Edison International		(7,640	)		(443,602	)		(4,942	)		0.5
Essential Utilities, Inc.		(9,378	)		(387,218	)		(4,689	)		0.5
PG&E Corp.		(34,298	)		(368,220	)		3,289			0.4
Sempra Energy		(3,475	)		(414,463	)		(15,916	)		0.5
Total Utilities					(2,507,415	)		(60,737	)		3.0
Total short equity positions					—			(9,054,100	)		100.0
Financing					—			(56,206	)		—
		Total			$(75,384,786	)		$(9,110,306	)		100.0

^# Less than 0.05%.

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

26

    AMG FQ Long-Short 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, 2020:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$53,440,571		—		—		$53,440,571
Short-Term Investments
Joint Repurchase Agreements		—		$1,403,775		—		1,403,775
Other Investment Companies		13,958,455		—		—		13,958,455
Total Investments in Securities		$67,399,026		$1,403,775		—		$68,802,801
Financial Derivative Instruments - Assets
Equity Futures Contracts		$8,057,060		—		—		$8,057,060
Equity Swap Contracts		—		$4,343,243		—		4,343,243
Financial Derivative Instruments - Liabilities
Equity Swap Contracts		—		(9,110,306)		—		(9,110,306)
Total Financial Derivative Instruments		$8,057,060		$(4,767,063)		—		$3,289,997

^†  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, 2020, there were no transfers in or out of Level 3.

The following schedule shows the value of derivative instruments at April 30, 2020:

	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	Swaps at value		$4,343,243	Swaps at value		$9,110,306
	Cash deposited with broker for futures contracts1		3,031,630
	Totals		$7,374,873			$9,110,306

For the six months ended April 30, 2020, the effect of derivative instruments on the Statement of Operations for the Fund and the amount of realized gain/loss and unrealized appreciation/depreciation on derivatives recognized in income was as follows:

	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 loss on futures contracts		$(8,980,411	)	Net change in unrealized appreciation/ depreciation on futures contracts		$7,248,014
	Net realized gain on swaps		5,889,460		Net change in unrealized appreciation/depreciation on swaps		(4,870,677	)
	Totals		$(3,090,951	)			$2,377,337

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.

27

    AMG FQ Global Risk-Balanced Fund

    Schedule of Portfolio Investments(unaudited)

    April 30, 2020

	Shares	Value
Exchange Traded Funds - 12.9%
iShares iBoxx $ High Yield Corporate Bond ETF1,2	35,383	$2,845,854
Vanguard Extended Duration Treasury ETF	14,447	2,466,970
Total Exchange Traded Funds (Cost $5,466,867)		5,312,824
	Notes
Exchange Traded Notes - 9.6%
Deutsche Bank AG, PowerShares DB Gold Double Long, 02/15/38*	23,229	867,603
iPath Bloomberg Commodity Index Total Return ETN, 06/12/36*,2	93,199	1,512,620
Swedish Export Credit Corp., ELEMENTS Linked to the Rogers International Commodity Index Total Return, 10/24/22*,2	454,612	1,550,227
Total Exchange Traded Notes (Cost $4,993,341)		3,930,450
Purchased Options - 4.4%
(See Open Purchased Options schedule) (Cost $910,103)		1,798,973
	Principal Amount
Short-Term Investments - 78.6%
Joint Repurchase Agreements - 1.7%3
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $709,401 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.500% - 6.500%, 05/31/20 - 02/01/57, totaling $723,588)	$709,400	709,400

	Principal Amount	Value
U.S. Government Obligation - 11.4%
U.S. Treasury Bills, 0.060%, 07/16/201,4,5	$4,700,000	$4,699,144
	Shares
Other Investment Companies - 65.5%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%6,7	8,877,546	8,877,546
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%6,7	8,877,545	8,877,545
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%6,7	9,146,562	9,146,562
Total Other Investment Companies		26,901,653
Total Short-Term Investments (Cost $32,310,454)		32,310,197
Total Investments - 105.5% (Cost $43,680,765)		43,352,444
Derivatives - 1.4%8		586,513
Other Assets, less Liabilities - (6.9)%		(2,838,155	)
Net Assets - 100.0%		$41,100,802

* Non-income producing security.

¹  Some or all of these securities were held as collateral for written options as of April 30, 2020, amounting to $2,774,966 or 6.8% of net assets.

²  Some of these securities, amounting to $1,614,231 or 3.9% 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.

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

⁴  Some or all of this security is held as collateral for futures contracts. The market value of collateral at April 30, 2020, amounted to $3,299,399, or 8.0% of net assets.

⁵  Represents yield to maturity at April 30, 2020.

⁶  Yield shown represents the April 30, 2020, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

⁷  A copy of the security’s annual report to shareholders may be obtained without charge on the SEC’s website (http://www.sec.gov).

⁸  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

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

28

    AMG FQ Global Risk-Balanced Fund

    Schedule of Portfolio Investments(continued)

Open Exchange Traded Purchased Options

Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount		Cost		Value
EURO STOXX 50 (Call)		2,800		05/15/20		51		$1,428,000		$85,965		$77,462
EURO STOXX 50 (Call)		3,450		05/15/20		87		3,001,500		57,283		95
EURO STOXX 50 (Put)		1,900		06/19/20		5		95,000		4,779		263
EURO STOXX 50 (Put)		2,450		07/17/20		36		882,000		29,207		19,607
EURO STOXX 50 (Put)		2,500		06/19/20		31		775,000		21,478		12,026
EURO STOXX 50 (Put)		2,900		05/15/20		87		2,523,000		68,120		63,687
EURO STOXX 50 (Put)		3,525		05/15/20		87		3,066,750		34,111		593,773
S&P 500 Index (Call)		3,065		05/15/20		41		12,566,500		228,046		36,490
S&P 500 Index (Put)		2,300		05/15/20		34		7,820,000		245,892		9,520
S&P 500 Index (Put)		3,140		05/15/20		41		12,874,000		135,222		986,050
								Total		$910,103		$1,798,973
Open Exchange Traded Written Options
Description	Strike Price		Expiration Date		Number of Contracts		Notional Amount		Premium		Value
EURO STOXX 50 (Call)		2,900		05/15/20		51		$1,479,000		$59,338		$(38,675	)
EURO STOXX 50 (Call)		3,050		06/19/20		5		152,500		1,336		(2,488	)
EURO STOXX 50 (Call)		3,200		06/19/20		31		992,000		9,045		(4,144	)
EURO STOXX 50 (Call)		3,250		07/17/20		36		1,170,000		11,895		(6,549	)
EURO STOXX 50 (Call)		3,525		05/15/20		87		3,066,750		31,930		(95	)
EURO STOXX 50 (Call)		3,600		05/15/20		36		1,296,000		6,760		(39	)
EURO STOXX 50 (Put)		1,700		06/19/20		5		85,000		3,078		(131	)
EURO STOXX 50 (Put)		2,225		07/17/20		36		801,000		16,805		(10,770	)
EURO STOXX 50 (Put)		2,300		06/19/20		31		713,000		12,356		(6,319	)
EURO STOXX 50 (Put)		2,800		05/15/20		87		2,436,000		53,526		(34,513	)
EURO STOXX 50 (Put)		3,450		05/15/20		87		3,001,500		24,613		(522,269	)
S&P 500 Index (Call)		3,140		05/15/20		41		12,874,000		142,798		(8,856	)
S&P 500 Index (Call)		3,210		05/15/20		34		10,914,000		73,538		(3,060	)
S&P 500 Index (Put)		2,180		05/15/20		34		7,412,000		171,968		(6,120	)
S&P 500 Index (Put)		3,065		05/15/20		41		12,566,500		101,594		(699,870	)
								Total		$720,580		$(1,343,898	)
Open Futures Contracts
Description	Currency		Number of Contracts		Position		Expiration Date		Current Notional Amount		Value and Unrealized Gain/(Loss)
ASX SPI 200 Index		AUD		12		Long		06/18/20		$1,083,040		$96,931
Australia10-Year Bond		AUD		87		Long		06/15/20		8,438,739		(50,555	)
Canadian10-Year Bond		CAD		72		Long		06/19/20		7,727,346		272,376
EURO STOXX 50		EUR		94		Long		06/19/20		2,973,908		540,012
FTSE 100 Index		GBP		9		Long		06/19/20		667,091		74,973
Hang Seng Index		HKD		3		Long		05/28/20		474,079		13,187
Russell 2000® Mini Index		USD		42		Long		06/19/20		2,744,070		154,285

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

29

    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)
S&P 500E-Mini FUT Index	USD	6	Long		06/19/20		$870,720		$64,514
S&P/TSX 60 Index	CAD	7	Long		06/18/20		893,337		81,508
TOPIX Index	JPY	5	Long		06/11/20		677,445		32,698
U.K.10-Year Gilt	GBP	65	Long		06/26/20		11,273,096		141,775
U.S. Long Bond (CBT)	USD	60	Long		06/19/20		10,861,875		508,707
							Total		$1,930,411

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, 2020:

	Level 1			Level 2		Level 3		Total
Investments in Securities
Exchange Traded Funds†		$5,312,824			—		—		$5,312,824
Exchange Traded Notes†		3,930,450			—		—		3,930,450
Purchased Options
Equity Contracts		1,798,973			—		—		1,798,973
Short-Term Investments
Joint Repurchase Agreements		—			$709,400		—		709,400
U.S. Government Obligation		—			4,699,144		—		4,699,144
Other Investment Companies		26,901,653			—		—		26,901,653
Total Investments in Securities		$37,943,900			$5,408,544		—		$43,352,444
Financial Derivative Instruments - Assets
Equity Futures Contracts		$1,058,108			—		—		$1,058,108
Interest Rate Futures Contracts		922,858			—		—		922,858
Financial Derivative Instruments - Liabilities
Equity Written Options		(1,343,898	)		—		—		(1,343,898	)
Interest Rate Futures Contracts		(50,555	)		—		—		(50,555	)
Total Financial Derivative Instruments		$586,513			—		—		$586,513

^†  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, 2020, there were no transfers in or out of Level 3.

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

30

    AMG FQ Global Risk-Balanced Fund

    Schedule of Portfolio Investments(continued)

The following schedule shows the value of derivative instruments at April 30, 2020:

	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		$1,798,973	Options written		$1,343,898
Equity contracts	Receivable for variation margin2		35,189	Payable for variation margin2		255,467
Interest rate contracts	Receivable for variation margin2		79,449	Payable for variation margin2		20,625
	Totals		$1,913,611			$1,619,990

For the six months ended April 30, 2020, the effect of derivative instruments on the Statement of Operations for the Fund and the amount of realized gain/loss and unrealized appreciation/depreciation on derivatives recognized in income was as follows:

	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		$1,676,745		Net change in unrealized appreciation/ depreciation on options purchased1		$1,185,205
Equity contracts	Net realized loss on futures contracts		(382,006	)	Net change in unrealized appreciation/ depreciation on futures contracts		831,624
Interest rate contracts	Net realized loss on futures contracts		(6,068,849	)	Net change in unrealized appreciation/ depreciation on futures contracts		1,298,955
Equity contracts	Net realized loss on options written		(1,815,368	)	Net change in unrealized appreciation/ depreciation options written		(850,028	)
	Totals		$(6,589,478	)			$2,465,756

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 $1,930,411.

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

31

    Statement of Assets and Liabilities(unaudited)

     April 30, 2020

	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 $3,228,110, $2,451,940, and $1,614,231, respectively)		$59,721,058		$68,802,801		$43,352,444
Cash		—		513,018		—
Cash deposit with brokers for futures contracts (see Note 9)		—		3,031,630		—
Receivable for investments sold		—		29,189		—
Segregated cash		—		11,720,000		—
Dividend and interest receivables		30,550		25,000		8,830
Securities lending income receivable		441		215		1,119
Receivable for Fund shares sold		1,000		10,069		1,161
Receivable from affiliate		8,826		2,303		7,121
Swaps at value		—		4,343,243		—
Receivable for variation margin		—		—		114,638
Prepaid expenses and other assets		17,354		20,533		23,097
Total assets		59,779,229		88,498,001		43,508,410
Liabilities:
Payable upon return of securities loaned		203,779		1,403,775		709,400
Payable for Fund shares repurchased		15,000		355,028		21,993
Written options2		—		—		1,343,898
Payable for variation margin		—		—		276,092
Swaps at value		—		9,110,306		—
Accrued expenses:
Investment advisory and management fees		32,220		22,144		20,124
Administrative fees		6,904		9,490		5,031
Distribution fees		1,289		2,238		268
Shareholder service fees		—		4,860		345
Other		29,102		41,518		30,457
Total liabilities		288,294		10,949,359		2,407,608
Net Assets		$59,490,935		$77,548,642		$41,100,802
1Investments at cost		$34,413,086		$68,817,859		$43,680,765
2Premiums received		—		—		$720,580

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

32

    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		$34,339,870		$84,153,321			$49,220,857
Total distributable earnings (loss)		25,151,065		(6,604,679	)		(8,120,055	)
Net Assets		$59,490,935		$77,548,642			$41,100,802
Class N:
Net Assets		$6,698,235		$10,719,647			$1,327,362
Shares outstanding		218,944		756,746			99,711
Net asset value, offering and redemption price per share		$30.59		$14.17			$13.31
Class I:
Net Assets		$52,792,700		$66,828,995			$1,585,645
Shares outstanding		1,728,567		4,700,753			118,571
Net asset value, offering and redemption price per share		$30.54		$14.22			$13.37
Class Z:
Net Assets		—		—			$38,187,795
Shares outstanding		—		—			2,857,091
Net asset value, offering and redemption price per share		—		—			$13.37

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

33

    Statement of Operations(unaudited)

     For the six months ended April 30, 2020

	AMG FQ Tax-Managed U.S. Equity Fund			AMG FQ Long-Short Equity Fund			AMG FQ Global Risk-Balanced Fund
Investment Income:
Dividend income		$458,159			$908,618	1		$463,897
Interest income		—			10,503			54,849
Securities lending income		6,217			1,448			19,964
Foreign withholding tax		(587	)		—			—
Total investment income		463,789			920,569			538,710
Expenses:
Investment advisory and management fees		235,793			161,833			147,866
Administrative fees		50,527			69,357			36,967
Distribution fees - Class N		9,584			16,414			2,359
Shareholder servicing fees - Class N		—			6,566			1,415
Shareholder servicing fees - Class I		—			26,679			1,424
Registration fees		17,253			20,578			23,301
Professional fees		15,513			22,793			17,847
Custodian fees		10,691			15,527			10,678
Reports to shareholders		8,073			12,284			6,003
Transfer agent fees		5,792			8,115			5,479
Trustee fees and expenses		3,075			4,148			2,286
Miscellaneous		1,749			2,142			1,864
Repayment of prior reimbursements		—			5,625			—
Total expenses before offsets		358,050			372,061			257,489
Expense reimbursements		(48,664	)		(3,360	)		(32,956	)
Expense reductions		(2,657	)		—			(3,125	)
Net expenses		306,729			368,701			221,408
Net investment income		157,060			551,868			317,302
Net Realized and Unrealized Loss:
Net realized loss on investments		(218,143	)		(6,250,588	)		(465,733	)
Net realized loss on futures contracts		—			(8,980,411	)		(6,450,855	)
Net realized loss on written options		—			—			(1,815,368	)
Net realized gain on swaps		—			5,889,460			—
Net realized gain on foreign currency transactions		—			—			49,836
Net change in unrealized appreciation/depreciation on investments		(7,188,964	)		(2,679,052	)		(1,321,729	)
Net change in unrealized appreciation/depreciation on futures contracts		—			7,248,014			2,130,579
Net change in unrealized appreciation/depreciation on written options		—			—			(850,028	)
Net change in unrealized appreciation/depreciation on swaps		—			(4,870,677	)		—
Net change in unrealized appreciation/depreciation on foreign currency translations		—			—			2,884
Net realized and unrealized loss		(7,407,107	)		(9,643,254	)		(8,720,414	)
Net decrease in net assets resulting from operations		$(7,250,047	)		$(9,091,386	)		$(8,403,112	)

¹ Includesnon-recurring dividends of $242,088.

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

34

    Statements of Changes in Net Assets

     For the six months ended April 30, 2020 (unaudited) and the fiscal year ended October 31, 2019

	AMG FQ Tax-Managed U.S. Equity Fund						AMG FQ Long-Short Equity Fund						AMG FQ Global Risk-Balanced Fund
	April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$157,060			$342,119			$551,868			$846,274			$317,302			$931,979
Net realized gain (loss) on investments		(218,143	)		110,218			(9,341,539	)		2,325,910			(8,682,120	)		3,056,834
Net change in unrealized appreciation/depreciation on investments		(7,188,964	)		5,907,820			(301,715	)		2,307,516			(38,294	)		4,078,231
Net increase (decrease) in net assets resulting from operations		(7,250,047	)		6,360,157			(9,091,386	)		5,479,700			(8,403,112	)		8,067,044
Distributions to Shareholders:
Class N		(30,370	)		(128,969	)		(624,543	)		(1,339,503	)		(81,284	)		(37,124	)
Class I		(392,779	)		(1,073,001	)		(3,646,142	)		(2,076,653	)		(81,571	)		(33,497	)
Class Z		—			—			—			—			(1,851,649	)		(1,184,019	)
Total distributions to shareholders		(423,149	)		(1,201,970	)		(4,270,685	)		(3,416,156	)		(2,014,504	)		(1,254,640	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(2,791,512	)		(8,264,352	)		(6,713,122	)		15,433,917			(2,165,730	)		(6,539,924	)
Total increase (decrease) in net assets		(10,464,708	)		(3,106,165	)		(20,075,193	)		17,497,461			(12,583,346	)		272,480
Net Assets:
Beginning of period		69,955,643			73,061,808			97,623,835			80,126,374			53,684,148			53,411,668
End of period		$59,490,935			$69,955,643			$77,548,642			$97,623,835			$41,100,802			$53,684,148

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

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

35

AMG FQ Tax-Managed U.S. Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class N	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$34.33			$31.68			$29.69			$24.11			$24.42			$23.58
Income (loss) from Investment Operations:
Net investment income2,3		0.04			0.09	4		0.03			0.03	5		0.22	6		0.08	7
Net realized and unrealized gain (loss) on investments		(3.65	)		3.02			2.00			5.79			(0.43	)		0.81
Total income (loss) from investment operations		(3.61	)		3.11			2.03			5.82			(0.21	)		0.89
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.05	)		—			(0.24	)		(0.10	)		(0.05	)
Net realized gain on investments		(0.05	)		(0.41	)		(0.04	)		—			—			—
Total distributions to shareholders		(0.13	)		(0.46	)		(0.04	)		(0.24	)		(0.10	)		(0.05	)
Net Asset Value, End of Period		$30.59			$34.33			$31.68			$29.69			$24.11			$24.42
Total Return3,8		(10.57	)%9		10.15	%		6.84	%		24.27	%		(0.86	)%		3.79	%
Ratio of net expenses to average net assets		1.14	%10,11		1.13	%11		1.14	%11		1.14	%		1.14	%		1.20	%
Ratio of gross expenses to average net assets12		1.28	%10		1.28	%		1.26	%		1.27	%		1.26	%		1.27	%
Ratio of net investment income to average net assets3		0.24	%10		0.28	%		0.09	%		0.13	%		0.93	%		0.34	%
Portfolio turnover		34	%9		34	%		31	%		75	%		102	%		62	%
Net assets end of period (000’s) omitted		$6,698			$8,188			$9,622			$12,131			$22,885			$24,825

36

AMG FQ Tax-Managed U.S. Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class I	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$34.31			$31.69			$29.72			$24.14			$24.42			$23.56
Income (loss) from Investment Operations:
Net investment income2,3		0.08			0.17	4		0.11			0.10	5		0.28	6		0.17	7
Net realized and unrealized gain (loss) on investments		(3.63	)		3.00			2.00			5.79			(0.43	)		0.78
Total income (loss) from investment operations		(3.55	)		3.17			2.11			5.89			(0.15	)		0.95
Less Distributions to Shareholders from:
Net investment income		(0.17	)		(0.14	)		(0.10	)		(0.31	)		(0.13	)		(0.09	)
Net realized gain on investments		(0.05	)		(0.41	)		(0.04	)		—			—			—
Total distributions to shareholders		(0.22	)		(0.55	)		(0.14	)		(0.31	)		(0.13	)		(0.09	)
Net Asset Value, End of Period		$30.54			$34.31			$31.69			$29.72			$24.14			$24.42
Total Return3,8		(10.45	)%9		10.40	%		7.13	%		24.57	%		(0.59	)%		4.03	%
Ratio of net expenses to average net assets		0.89	%10,11		0.88	%11		0.89	%11		0.89	%		0.89	%		0.96	%
Ratio of gross expenses to average net assets12		1.03	%10		1.03	%		1.01	%		1.02	%		1.01	%		1.03	%
Ratio of net investment income to average net assets3		0.49	%10		0.53	%		0.34	%		0.38	%		1.19	%		0.68	%
Portfolio turnover		34	%9		34	%		31	%		75	%		102	%		62	%
Net assets end of period (000’s) omitted		$52,793			$61,767			$63,440			$60,421			$53,494			$56,493

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 $0.06 and $0.14 for Class N and Class I, respectively.

⁵  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.

⁶  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.

⁷  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.

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

⁹  Not annualized.

¹⁰  Annualized.

¹¹  Includes reduction from broker recapture amounting to less than 0.01% for the six months ended April 30, 2020, and 0.01% and less than 0.01% for the fiscal years ended October 31, 2019 and October 31, 2018, respectively.

¹²  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.)

37

AMG FQ Long-Short Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class N	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$16.22			$15.68			$17.97			$15.48			$17.38			$17.20
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.07	4		0.12	5		(0.07	)		0.10	6		0.14			0.16	7
Net realized and unrealized gain (loss) on investments		(1.43	)		0.95			1.94			3.30			(0.31	)		0.17
Total income (loss) from investment operations		(1.36	)		1.07			1.87			3.40			(0.17	)		0.33
Less Distributions to Shareholders from:
Net investment income		—			(0.02	)		—			(0.16	)		(0.15	)		(0.15	)
Net realized gain on investments		(0.69	)		(0.51	)		(4.16	)		(0.75	)		(1.58	)		—
Total distributions to shareholders		(0.69	)		(0.53	)		(4.16	)		(0.91	)		(1.73	)		(0.15	)
Net Asset Value, End of Period		$14.17			$16.22			$15.68			$17.97			$15.48			$17.38
Total Return3,8		(8.83	)%9		7.15	%		12.54	%		22.62	%		(0.98	)%		1.90	%
Ratio of net expenses to average net assets		1.04	%10		1.28	%11,12		2.24	%11,12		1.09	%12		1.05	%		1.04	%
Ratio of gross expenses to average net assets13		1.05	%10		1.30	%		2.36	%		1.14	%		1.08	%		1.05	%
Ratio of net investment income (loss) to average net assets3		0.95	%10		0.74	%		(0.43	)%		0.60	%		0.88	%		0.93	%
Portfolio turnover		295	%9		330	%		240	%		159	%		178	%		139	%
Net assets end of period (000’s) omitted		$10,720			$14,301			$24,536			$3,495			$24,752			$30,043

38

AMG FQ Long-Short Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class I	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$16.25			$15.71			$17.97			$15.47			$17.37			$17.22
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.09	4		0.16	5		(0.02	)		0.15	6		0.18			0.21	7
Net realized and unrealized gain (loss) on investments		(1.43	)		0.95			1.92			3.33			(0.31	)		0.16
Total income (loss) from investment operations		(1.34	)		1.11			1.90			3.48			(0.13	)		0.37
Less Distributions to Shareholders from:
Net investment income		—			(0.06	)		—			(0.23	)		(0.19	)		(0.22	)
Net realized gain on investments		(0.69	)		(0.51	)		(4.16	)		(0.75	)		(1.58	)		—
Total distributions to shareholders		(0.69	)		(0.57	)		(4.16	)		(0.98	)		(1.77	)		(0.22	)
Net Asset Value, End of Period		$14.22			$16.25			$15.71			$17.97			$15.47			$17.37
Total Return3,8		(8.68	)%9		7.43	%		12.82	%		23.11	%		(0.73	)%		2.16	%
Ratio of net expenses to average net assets		0.76	%10		0.99	%11,12		1.92	%11,12		0.78	%12		0.79	%		0.79	%
Ratio of gross expenses to average net assets13		0.77	%10		1.01	%		2.04	%		0.87	%		0.82	%		0.79	%
Ratio of net investment income (loss) to average net assets3		1.23	%10		1.03	%		(0.11	)%		0.90	%		1.14	%		1.22	%
Portfolio turnover		295	%9		330	%		240	%		159	%		178	%		139	%
Net assets end of period (000’s) omitted		$66,829			$83,323			$55,590			$37,002			$33,715			$37,313

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 $0.03 and $0.05 for Class N and Class I, respectively.

⁵  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.

⁶  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.

⁷  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.

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

⁹  Not annualized.

¹⁰  Annualized.

¹¹  Includes reduction from broker recapture amounting to less than 0.01% and 0.01% for the fiscal years ended October 31, 2019 and October 31, 2018, respectively.

¹²  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 0.75%, 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, 2019, October 31, 2018 and October 31, 2017, respectively.

¹³  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.)

39

AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class N	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$16.54			$14.56			$15.77			$13.89			$12.93			$13.84
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.07			0.21			0.26			0.11			(0.02	)		0.05
Net realized and unrealized gain (loss) on investments		(2.72	)		2.06			(1.43	)		1.91			1.16			(0.64	)
Total income (loss) from investment operations		(2.65	)		2.27			(1.17	)		2.02			1.14			(0.59	)
Less Distributions to Shareholders from:
Net investment income		(0.58	)		(0.29	)		(0.04	)		(0.14	)		(0.18	)		(0.32	)
Net Asset Value, End of Period		$13.31			$16.54			$14.56			$15.77			$13.89			$12.93
Total Return3,4		(16.64	)%5		15.98	%		(7.43	)%		14.69	%		8.97	%		(4.31	)%
Ratio of net expenses to average net assets		1.28	%6,7		1.29	%		1.29	%		1.33	%		1.39	%		1.38	%
Ratio of gross expenses to average net assets8		1.42	%6		1.41	%		1.37	%		1.39	%		1.55	%		1.51	%
Ratio of net investment income (loss) to average net assets3		0.90	%6		1.38	%		1.67	%		0.76	%		(0.15	)%		0.36	%
Portfolio turnover		79	%5		15	%		27	%		26	%		71	%		55	%
Net assets end of period (000’s) omitted		$1,327			$2,340			$1,870			$2,200			$3,725			$2,083

40

AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class I	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$16.62			$14.64			$15.83			$13.97			$13.02			$13.98
Income (loss) from Investment Operations:
Net investment income (loss)2,3		0.09			0.25			0.30			0.16			(0.01	)		0.11
Net realized and unrealized gain (loss) on investments		(2.73	)		2.06			(1.44	)		1.92			1.21			(0.65	)
Total income (loss) from investment operations		(2.64	)		2.31			(1.14	)		2.08			1.20			(0.54	)
Less Distributions to Shareholders from:
Net investment income		(0.61	)		(0.33	)		(0.05	)		(0.22	)		(0.25	)		(0.42	)
Net Asset Value, End of Period		$13.37			$16.62			$14.64			$15.83			$13.97			$13.02
Total Return3,4		(16.50	)%5		16.23	%		(7.20	)%		15.14	%		9.43	%		(3.98	)%
Ratio of net expenses to average net assets		1.02	%6,7		1.04	%		1.04	%		0.99	%		0.99	%		0.98	%
Ratio of gross expenses to average net assets8		1.16	%6		1.16	%		1.12	%		1.05	%		1.15	%		1.11	%
Ratio of net investment income to average net assets3		1.16	%6		1.63	%		1.92	%		1.09	%		0.25	%		0.83	%
Portfolio turnover		79	%5		15	%		27	%		26	%		71	%		55	%
Net assets end of period (000’s) omitted		$1,586			$2,182			$1,484			$1,420			$7,215			$1,652

41

AMG FQ Global Risk-Balanced Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
Class Z	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$16.62			$14.64			$15.87			$14.00			$13.05			$14.02
Income (loss) from Investment Operations:
Net investment income2,3		0.10			0.28			0.32			0.18			0.05			0.12
Net realized and unrealized gain (loss) on investments		(2.71	)		2.05			(1.44	)		1.92			1.16			(0.66	)
Total income (loss) from investment operations		(2.61	)		2.33			(1.12	)		2.10			1.21			(0.54	)
Less Distributions to Shareholders from:
Net investment income		(0.64	)		(0.35	)		(0.11	)		(0.23	)		(0.26	)		(0.43	)
Net Asset Value, End of Period		$13.37			$16.62			$14.64			$15.87			$14.00			$13.05
Total Return3,4		(16.39	)%5		16.43	%		(7.13	)%		15.23	%		9.55	%		(3.92	)%
Ratio of net expenses to average net assets		0.88	%6,7		0.89	%		0.89	%		0.89	%		0.89	%		0.88	%
Ratio of gross expenses to average net assets8		1.02	%6		1.01	%		0.97	%		0.95	%		1.05	%		1.01	%
Ratio of net investment income to average net assets3		1.30	%6		1.78	%		2.07	%		1.19	%		0.36	%		0.88	%
Portfolio turnover		79	%5		15	%		27	%		26	%		71	%		55	%
Net assets end of period (000’s) omitted		$38,188			$49,163			$50,058			$59,712			$58,670			$63,485

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  Includes reduction from broker recapture amounting to 0.01% for the six months ended April 30, 2020.

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.)

42

Notes to Financial Statements(unaudited)

April 30, 2020

1. ORGANIZATION AND 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 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 “mean price”). Equity securities and securities sold short traded in theover-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

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 registered 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 policies 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 the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds 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

43

    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. 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 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, 2020, the impact on the expenses and expense ratios were as follows: Tax Managed - $2,657 or less than 0.01%, and Global Risk-Balanced - $3,125 or 0.01% of average net assets.

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. There were no permanent differences during the year. Temporary differences are due to wash sales,mark-to-market of open swap, futures and option contracts, and capital loss carryforwards..

At April 30, 2020, 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		$34,413,086		$25,854,407		$(546,435)			$25,307,972
Long-Short Equity		68,817,859		17,180,546		(13,905,607)			3,274,939
GlobalRisk-Balanced		43,680,765		4,255,979		(3,277,207	)		978,772

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 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

44

    Notes to Financial Statements(continued)

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, 2019, the following Fund 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		—		$78,042		$78,042

As of October 31, 2019, Tax Managed and Long-Short Equity had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended October 31, 2020, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as either 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, 2020 (unaudited) and the fiscal year ended October 31, 2019, the capital stock transactions by class for the Funds were as follows:

		Tax-Managed								Long-Short Equity
	April 30, 2020				October 31, 2019				April 30, 2020			October 31, 2019
		Shares		Amount		Shares		Amount		Shares	Amount		Shares	Amount
Class N:
Proceeds from sale of shares		8,623		$270,487		18,717		$599,541		150,239	$2,323,835		1,989,840	$31,414,305
Reinvestment of distributions		798		28,718		4,186		118,708		36,393	578,284		88,302	1,309,108
Cost of shares repurchased		(29,007)		(923,990)		(88,040)		(2,673,664)		(311,709)	(4,624,517)		(2,761,497)	(42,260,498)
Net decrease		(19,586)		$(624,785)		(65,137)		$(1,955,415)		(125,077)	$(1,722,398)		(683,355)	$(9,537,085)
Class I:
Proceeds from sale of shares		44,438		$1,433,987		66,958		$2,097,380		741,080	$11,530,811		2,854,424	$44,768,398
Reinvestment of distributions		10,453		375,154		36,540		1,033,349		227,253	3,620,144		137,041	2,048,386
Cost of shares repurchased		(126,558)		(3,975,868)		(305,225)		(9,439,666)		(1,394,698)	(20,141,679)		(1,403,852)	(21,845,782)
Net increase (decrease)		(71,667)		$(2,166,727)		(201,727)		$(6,308,937)		(426,365)	$(4,990,724)		1,587,613	$24,971,002
	Global Risk-Balanced
	April 30, 2020				October 31, 2019
	Shares		Amount		Shares		Amount
Class N:
Proceeds from sale of shares		8,821		$142,910		49,315		$808,428
Reinvestment of distributions		5,052		81,284		2,679		37,124
Cost of shares repurchased		(55,652)		(869,851)		(38,960)		(619,410)
Net increase (decrease)		(41,779)		$(645,657)		13,034		$226,142

45

    Notes to Financial Statements(continued)

	Global Risk-Balanced
	April 30, 2020				October 31, 2019
	Shares		Amount		Shares		Amount
Class I:
Proceeds from sale of shares		12,104		$192,852		63,262		$997,739
Reinvestment of distributions		5,011		80,875		2,408		33,497
Cost of shares repurchased		(29,787)		(460,705)		(35,813)		(567,632)
Net increase (decrease)		(12,672)		$(186,978)		29,857		$463,604
Class Z:
Proceeds from sale of shares		51,592		$705,445		25,286		$381,973
Reinvestment of distributions		114,271		1,843,200		83,556		1,160,590
Cost of shares repurchased		(265,984)		(3,881,740)		(570,377)		(8,772,233)
Net decrease		(100,121)		$(1,333,095)		(461,535)		$(7,229,670)

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, 2020, the market value of Repurchase Agreements outstanding forTax-Managed, Long-Short Equity and Global Risk-Balanced were $203,779, $1,403,775 and $709,400, 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, 2020, 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, 2021, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service(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

46

    Notes to Financial Statements(continued)

Risk-Balanced to 0.89%, 0.69% and 0.89%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

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.

At April 30, 2020, the Funds’ expiration of reimbursements subject to recoupment is as follows:

Expiration   Period	Tax-Managed		Long-Short Equity		Global Risk-Balanced
Less than 1 year		$89,135		$58,263		$40,936
1-2 years		98,720		31,455		61,124
2-3 years		95,060		32,013		62,248
Total		$282,915		$121,731		$164,308

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 Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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 of each Fund, 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 authorized 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 ratios for the six months ended April 30, 2020, were as follows:

Fund	Maximum Annual Amount Approved	Actual     Amount     Incurred
Long-Short Equity
Class N	0.10%	0.10%
Class I	0.10%	0.07%
Global Risk-Balanced
Class N	0.15%	0.15%
Class I	0.15%	0.14%

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. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and miscellaneous expense, respectively. At April 30, 2020, the Funds had no interfund loans outstanding.

47

    Notes to Financial Statements(continued)

The following Funds utilized the interfund loan program during the six months ended April 30, 2020:

Fund	Average Lent		Number of Days		Interest Earned		Average     Interest Rate
Long-Short Equity		$2,379,515		9		$1,268		2.169%
Global Risk-Balanced		1,067,435		5		356		2.431%

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, 2020, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Tax-Managed		$22,202,438		$24,990,788
Long-Short Equity		200,334,159		202,052,929
Global Risk-Balanced		21,715,699		38,478,497

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2020.

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, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM that cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The value of securities loaned on positions held, cash collateral and securities collateral received at April 30, 2020, were as follows:

			Cash		Securities		Total
	Securities		Collateral		Collateral		Collateral
Fund	Loaned		Received		Received		Received
Tax-Managed		$3,228,110		$203,779		$3,154,812		$3,358,591
Long-Short Equity		2,451,940		1,403,775		1,173,921		2,577,696
Global Risk-Balanced		1,614,231		709,400		921,755		1,631,155

The following table summarizes the securities received as collateral for securities lending at April 30, 2020:

	Collateral	Coupon	Maturity
Fund	Type	Range	Date Range
Tax-Managed	U.S. Treasury Obligations	0.000%-8.000%	05/15/20-02/15/50
Long-Short Equity	U.S. Treasury Obligations	0.000%-8.000%	05/15/20-02/15/50
Global Risk-Balanced	U.S. Treasury Obligations	0.000%-4.750%	05/15/20-02/15/50

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

48

    Notes to Financial Statements(continued)

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, 2020, 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		301		614
Average number of contracts sold		22		—
Average notional value of contracts purchased		$46,119,950		$58,898,639
Average notional value of contracts sold		$3,546,400		—
Options
Average value of option contracts purchased		—		774,268
Average value of option contracts written		—		619,435
Swap Agreements
Long Position:
Average notional value		$41,383,901		—
Short Position:
Average notional value		91,447,155		—

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 Fund. Long-Short Equity paid or received variation margin periodically, while Global Risk-Balanced paid or received variation margin on a daily basis. As of April 30, 2020, Long-Short Equity had an initial margin requirement of $3,550,800, which

Long-Short Equity covered with a combination of cash at the futures broker, unrealized gains on futures contracts and cash and securities collateral, while Global Risk-Balanced had an initial margin requirement of $2,350,724, which Global Risk-Balanced covered with securities deposited with the futures broker.

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.

10. OPTIONS

Long-Short Equity and Global Risk-Balanced may purchase and write call options and put options on a variety of underlying securities and instruments, including, but not limited to, specific securities, securities indices, futures contracts and foreign currencies. A call option gives the purchaser the right to buy, and obligates the writer to sell, the underlying security or instrument at the agreed-upon price during the option period. A put option gives the purchaser the right to sell, and obligates the writer to buy, the underlying security or instrument at the agreed-upon price during the option period. Options purchased are recorded as an asset, while options written (sold) are recorded as liabilities. When the Funds write options they bear 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”) related to the notional values of the long and short positions and cash balances within the swap. This financing is 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 are recognized as net change in unrealized appreciation or depreciation on swaps in the Statements of Operations. Payments

49

    Notes to Financial Statements(continued)

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 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. MASTER NETTING AGREEMENTS

The Funds may enter into master netting agreements with their counterparties for the securities lending program, 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 transactions, see Note 4.

50

    Notes to Financial Statements(continued)

The following table is a summary of the Funds’ open Repurchase Agreements and Equity Basket Swaps that are subject to a master netting agreement as of April 30, 2020:

				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
Citigroup Global Markets, Inc.		$203,779			—			$203,779			$203,779	—
Long-Short Equity
Citigroup Global Markets, Inc.		$1,000,000			—			$1,000,000			$1,000,000	—
Morgan Stanley		4,343,243			$(4,343,243	)		—			—	—
Nomura Securities International, Inc.		403,775			—			403,775			403,775	—
Total		$5,747,018			$(4,343,243	)		$1,403,775			$1,403,775	—
Global Risk-Balanced
Citigroup Global Markets, Inc.		$709,400			—			$709,400			$709,400	—
				Gross Amounts Not Offset in the     Statement of Assets and Liabilities
Fund	Gross Amounts of Liabilities Presented in the Statement of Assets and Liabilities			Offset Amount			Net Liability Balance			Collateral Received		Net Amount
Long-Short Equity
Morgan Stanley		$(9,110,306	)		$4,343,243			$(4,767,063	)		$4,767,063	—

15. 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.

51

    Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 19, 2020, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for anopen-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account. B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain anin-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

52

INVESTMENT MANAGER AND ADMINISTRATOR AMG Funds LLC 600 Steamboat Road, Suite 300 Greenwich, CT 06830 800.548.4539   DISTRIBUTOR AMG Distributors, Inc. 600 Steamboat Road, Suite 300 Greenwich, CT 06830 800.548.4539   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. 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 most recent semiannual report or annual report, please visit amgfunds.com.

      amgfunds.com                |

  AFFILIATE SUBADVISED FUNDS   BALANCED FUNDS AMG GW&K Global Allocation GW&K Investment Management, 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 Emerging Markets Equity AMG GW&K Emerging Wealth Equity GW&K Investment Management, LLC   AMG Renaissance Large Cap Growth The Renaissance Group LLC   AMG River Road Dividend All Cap Value 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 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 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 Doubleline Core Plus Bond DoubleLine Capital LP   AMG Managers Global Income Opportunity AMG Managers Loomis Sayles Bond Loomis, Sayles & Company, L.P.

      amgfunds.com                | 043020                SAR016

SEMI-ANNUAL REPORT  

AMG Funds
April 30, 2020
AMG GW&K Core Bond ESG Fund
Class N: MBGVX	Class I: MBDFX	Class Z:MBDLX
AMG GW&K Emerging Wealth Equity Fund
(formerly AMG GW&K Trilogy Emerging Wealth Equity Fund)
Class N: TYWVX	Class I:TYWSX	Class Z:TYWIX
AMG GW&K Emerging Markets Equity Fund
(formerly AMG GW&K 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             043020 SAR069

AMG Funds

Semi-Annual Report — April 30, 2020 (unaudited)

TABLE OF CONTENTS	PAGE
ABOUT YOUR FUND’S EXPENSES		2
FUND PERFORMANCE		3
FUND SNAPSHOTS AND SCHEDULES OF PORTFOLIO INVESTMENTS
AMG GW&K Core Bond ESG Fund		5
AMG GW&K Emerging Wealth Equity Fund		9
AMG GW&K Emerging Markets Equity Fund		14
FINANCIAL STATEMENTS
Statement of Assets and Liabilities		18
Balance sheets, net asset value (NAV) per share computations and cumulative distributable earnings (loss)
Statement of Operations		20
Detail of sources of income, expenses, and realized and unrealized gains (losses) during the fiscal period
Statements of Changes in Net Assets		21
Detail of changes in assets for the past two fiscal periods
Financial Highlights		22
Historical net asset values per share, distributions, total returns, income and expense ratios, turnover ratios and net assets
Notes to Financial Statements		31
Accounting and distribution policies, details of agreements and transactions with Fund management and affiliates, and descriptions of certain investment risks
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		38

Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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, 2020	Expense Ratio for the Period			Beginning Account Value 11/01/19		Ending Account Value 04/30/20		Expenses Paid During the Period*
AMG GW&K Core Bond ESG Fund
Based on Actual Fund Return
Class N		0.88	%		$1,000		$1,031		$4.44
Class I		0.55	%		$1,000		$1,032		$2.78
Class Z		0.48	%		$1,000		$1,033		$2.43
Based on Hypothetical 5% Annual Return
Class N		0.88	%		$1,000		$1,020		$4.42
Class I		0.55	%		$1,000		$1,022		$2.77
Class Z		0.48	%		$1,000		$1,022		$2.41
AMG GW&K Emerging Wealth Equity Fund
Based on Actual Fund Return
Class N		1.27	%		$1,000		$934		$6.11
Class I		0.97	%		$1,000		$935		$4.67
Class Z		0.87	%		$1,000		$935		$4.19
Based on Hypothetical 5% Annual Return
Class N		1.27	%		$1,000		$1,019		$6.37
Class I		0.97	%		$1,000		$1,020		$4.87
Class Z		0.87	%		$1,000		$1,021		$4.37

Six Months Ended  April 30, 2020	Expense Ratio for the Period			Beginning Account Value 11/01/19		Ending Account Value 04/30/20		Expenses Paid During the Period*
AMG GW&K Emerging Markets Equity Fund
Based on Actual Fund Return
Class N		1.39	%		$1,000		$873		$6.47
Class I		1.01	%		$1,000		$874		$4.71
Class Z		0.99	%		$1,000		$874		$4.61
Based on Hypothetical 5% Annual Return
Class N		1.39	%		$1,000		$1,018		$6.97
Class I		1.01	%		$1,000		$1,020		$5.07
Class Z		0.99	%		$1,000		$1,020		$4.97

* 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 (182), then divided by 366.

2

Fund Performance(unaudited)

Periods ended April 30, 2020

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, 2020.
Average Annual Total Returns1	Six Months*		One Year		Five Years		Ten Years		Since Inception		Inception Date
AMG GW&K Core Bond ESG Fund2, 3, 4, 5, 6, 7, 8
Class N		3.10%		9.05%		—		—		3.05%		05/08/15
Class I		3.17%		9.39%		3.26%		3.78%		5.87%		04/30/93
Class Z		3.30%		9.48%		—		—		3.47%		05/08/15
Bloomberg Barclays U.S. Aggregate Bond Index®17		4.86%		10.84%		3.80%		3.96%		5.39%		04/30/93†
AMG GW&K Emerging Wealth Equity Fund2, 6, 9, 10, 11, 12, 13, 14
Class N		(6.65%)		(10.47%)		3.56%		—		4.36%		03/19/15
Class I		(6.53%)		(10.19%)		3.84%		—		4.63%		03/19/15
Class Z		(6.49%)		(10.09%)		3.92%		—		4.73%		03/19/15
MSCI Emerging Markets Index18		(10.50%)		(12.00%)		(0.10%)		—		1.58%		03/19/15†
AMG GW&K Emerging Markets Equity Fund2, 6, 9, 10, 11, 12, 13, 14, 15, 16
Class N		(12.68%)		(15.61%)		0.66%		—		(0.68%)		03/01/12
Class I		(12.58%)		(15.35%)		1.00%		—		(1.04%)		03/01/11
Class Z		(12.60%)		(15.35%)		1.09%		—		(0.95%)		03/01/11
MSCI Emerging Markets Index18		(10.50%)		(12.00%)		(0.10%)		—		0.43%		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, 2020. 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  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.
4  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.
5  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.

⁶  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.

⁷  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.

⁸  Applying the Fund’s ESG investment criteria may result in the selection or exclusion of securities of certain issuers for reasons other than performance, and the Fund may underperform funds that do not utilize an ESG investment strategy. The application of this strategy may affect the Fund’s exposure to certain companies, sectors, regions, countries or types of investments, which could negatively impact the Fund’s performance depending on whether such investments are in or out of favor. Applying ESG criteria to investment decisions is qualitative and subjective by nature, and there is no guarantee that the criteria

utilized by the Subadviser or any judgment exercised by the Subadviser will reflect the beliefs or values of any particular investor.

⁹  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.

¹⁰ 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.

¹¹ 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.

¹² The Fund is subject to risks associated with investments inmid-capitalization companies such as greater price volatility, lower trading volume, and less

3

Fund Performance

Periods ended April 30, 2020(continued)

liquidity than the stocks of larger, more established companies.   ¹³The 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.   ¹⁴ 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.   ¹⁵The 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.   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.   ¹⁷The 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.   ¹⁸The MSCI Emerging Markets Index 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.   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 Core Bond ESG Fund

Fund Snapshots(unaudited)

April 30, 2020

PORTFOLIO BREAKDOWN

Category	% of Net Assets
Corporate Bonds and Notes		47.7
U.S. Government and Agency Obligations		42.0
Municipal Bonds		7.6
Short-Term Investments		3.9
Other Assets Less Liabilities		(1.2	)

Rating	% of Market Value1
U.S. Government and Agency Obligations		43.2
Aaa/AAA		1.0
Aa/AA		19.9
A		24.2
Baa/BBB		11.7

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

TOP TEN HOLDINGS

Security Name	% of Net Assets
United States Treasury Bonds, 4.500%, 02/15/36		4.4
FNMA, 4.500%, 06/01/41		2.6
FHLMC, 2.500%, 10/01/34		2.5
FNMA, 4.500%, 04/01/39		2.5
FNMA, 4.500%, 04/01/39		2.5
FNMA, 3.500%, 03/01/48		2.3
Verizon Communications, Inc., 3.875%, 02/08/29		2.1
Morgan Stanley, 4.431%, 01/23/30		2.0
Oracle Corp., 2.500%, 04/01/25		2.0
FNMA, 5.000%, 08/01/40		2.0
Top Ten as a Group		24.9

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.

5

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2020

	Principal Amount		Value
Corporate Bonds and Notes - 47.7%
Financials - 17.3%
American Tower Corp. 3.375%, 10/15/26	$	2,091,000	$	2,255,878
Bank of America Corp., MTN 3.875%, 08/01/25		3,403,000		3,735,113
The Bank of New York Mellon Corp., MTN 2.450%, 08/17/26		1,049,000		1,098,352
Berkshire Hathaway, Inc. 3.125%, 03/15/26		3,017,000		3,321,215
Boston Properties, LP 3.400%, 06/21/29		1,945,000		2,022,859
Citigroup, Inc. 4.044%, 06/01/24		3,833,000		4,096,019
CME Group, Inc. 3.750%, 06/15/28		955,000		1,107,742
Crown Castle International Corp. 4.000%, 03/01/27		1,931,000		2,140,545
The Goldman Sachs Group, Inc. 3.500%, 11/16/26		3,032,000		3,226,616
JPMorgan Chase & Co. 2.950%, 10/01/26		2,038,000		2,140,877
Morgan Stanley, GMTN 4.431%, 01/23/30		3,633,000		4,209,707
National Rural Utilities Cooperative Finance Corp., MTN 3.250%, 11/01/25		1,994,000		2,175,065
Simon Property Group LP 3.300%, 01/15/26		1,979,000		1,956,719
Visa, Inc. 3.150%, 12/14/25		2,496,000		2,760,297
Total Financials				36,247,004
Industrials - 29.3%
Advocate Health & Hospitals Corp. 4.272%, 08/15/48		1,881,000		2,362,762
Apple, Inc. 2.900%, 09/12/27		1,940,000		2,121,982
AT&T, Inc. 4.250%, 03/01/27		1,926,000		2,126,203
Automatic Data Processing, Inc. 3.375%, 09/15/25		2,871,000		3,191,568
The Coca-Cola Co. 1.650%, 06/01/30		3,110,000		3,111,457
Comcast Corp. 4.150%, 10/15/28		1,830,000		2,146,007
CommonSpirit Health 3.347%, 10/01/29		2,569,000		2,542,482
Costco Wholesale Corp. 1.600%, 04/20/30		2,200,000		2,190,478

	Principal Amount		Value
CVS Health Corp. 5.125%, 07/20/45	$	1,824,000	$	2,288,559
Fiserv, Inc. 4.200%, 10/01/28		1,824,000		2,077,455
The George Washington University Series 2018 4.126%, 09/15/48		2,941,000		3,509,341
Georgia-Pacific LLC 8.000%, 01/15/24		1,583,000		1,928,143
Kaiser Foundation Hospitals 3.150%, 05/01/27		2,015,000		2,218,669
Lowe’s Cos., Inc. 4.000%, 04/15/25		1,900,000		2,110,165
McDonald’s Corp., MTN 3.700%, 01/30/26		2,450,000		2,742,260
Microsoft Corp. 3.750%, 02/12/45		1,728,000		2,123,958
Oracle Corp. 2.500%, 04/01/25		3,992,000		4,208,497
Parker-Hannifin Corp. 3.250%, 06/14/29		2,039,000		2,163,454
Precision Castparts Corp. 3.250%, 06/15/25		1,914,000		2,084,125
RELX Capital, Inc. 4.000%, 03/18/29		1,926,000		2,107,093
Sysco Corp. 2.400%, 02/15/30		2,465,000		2,271,589
T-Mobile USA, Inc. 3.500%, 04/15/251		1,000,000		1,062,420
TWDC Enterprises 18 Corp., MTN 1.850%, 07/30/26		2,080,000		2,114,382
Verizon Communications, Inc. 3.875%, 02/08/29		3,806,000		4,395,654
VF Corp. 2.800%, 04/23/27		2,066,000		2,120,114
Total Industrials				61,318,817
Utilities - 1.1%
Northern States Power Co. 2.900%, 03/01/50		2,138,000		2,353,504
Total Corporate Bonds and Notes
(Cost $93,735,849)				99,919,325
Municipal Bonds - 7.6%
California State General Obligation, School Improvements 7.550%, 04/01/39		2,475,000		4,160,821
JobsOhio Beverage System, Series B 4.532%, 01/01/35		1,845,000		2,258,797
Los Angeles Unified School District, School Improvements 5.750%, 07/01/34		2,855,000		3,793,638

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

6

AMG GW&K Core Bond ESG Fund

Schedule of Portfolio Investments(continued)

	Principal Amount		Value
Metropolitan Transportation Authority 6.687%, 11/15/40		$1,825,000		$2,211,553
University of California, University & College Improvements, Series BD 3.349%, 07/01/29		3,055,000		3,409,716
Total Municipal Bonds
(Cost $14,737,403)				15,834,525
U.S. Government and Agency Obligations - 42.0%
Fannie Mae - 24.3%
FNMA
3.000%, 09/01/46 to 11/01/46		4,581,673		4,900,507
3.500%, 03/01/30 to 03/01/48		10,623,176		11,509,021
4.000%, 03/01/44 to 07/01/49		10,639,367		11,736,138
4.500%, 04/01/39 to 06/01/41		16,730,552		18,612,448
5.000%, 08/01/40		3,643,029		4,169,363
Total Fannie Mae				50,927,477
Freddie Mac - 8.2%
FHLMC
2.500%, 10/01/34		5,000,527		5,269,332
5.000%, 07/01/44		2,694,567		3,079,065
FHLMC Gold Pool
3.000%, 06/01/43		324,088		352,487
3.500%, 07/01/32 to 05/01/44		2,484,097		2,691,912
4.000%, 05/01/26		141,919		150,184
FHLMC Multifamily Structured Pass Through Certificates
Series K071, Class A2 3.286%, 11/25/27		1,912,000		2,179,144
Series K062, Class A2 3.413%, 12/25/26		513,000		584,889

	Principal Amount		Value
FHLMC Multifamily Structured Pass Through Certificates Series K063, Class A2     3.430%, 01/25/272		$2,544,000		$2,902,468
Total Freddie Mac				17,209,481
U.S. Treasury Obligations - 9.5%
United States Treasury Bonds
3.500%, 02/15/39		1,700,000		2,443,418
4.500%, 02/15/36		5,972,000		9,243,070
United States Treasury Notes
2.000%, 11/30/22		3,894,000		4,071,512
6.250%, 08/15/23		3,431,000		4,108,488
Total U.S. Treasury Obligations				19,866,488
Total U.S. Government and Agency Obligations
(Cost $82,215,648)				88,003,446
	Shares
Short-Term Investments - 3.9%
Other Investment Companies - 3.9%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%3		8,099,748		8,099,748
Total Short-Term Investments
(Cost $8,099,748)				8,099,748
Total Investments - 101.2%
(Cost $198,788,648)				211,857,044
Other Assets, less Liabilities - (1.2)%				(2,435,055	)
Net Assets - 100.0%				$209,421,989

¹  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, 2020, the value of these securities amounted to $1,062,420 or 0.5% of net assets.

²  Variable rate security. The rate shown is based on the latest available information as of April 30, 2020. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

³ Yield shown represents the April 30, 2020, 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
MTN	Medium-Term Note

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

7

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, 2020:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Corporate Bonds and Notes†		—		$99,919,325		—		$99,919,325
Municipal Bonds		—		15,834,525		—		15,834,525
U.S. Government and Agency Obligations†		—		88,003,446		—		88,003,446
Short-Term Investments
Other Investment Companies		$8,099,748		—		—		8,099,748
Total Investments in Securities		$8,099,748		$203,757,296		—		$211,857,044

^† 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, 2020, there were no transfers in or out of Level 3.

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

8

AMG GW&K Emerging Wealth Equity Fund

Fund Snapshots(unaudited)

April 30, 2020

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Discretionary		39.8
Financials		19.7
Information Technology		11.0
Communication Services		7.1
Health Care		7.0
Consumer Staples		5.8
Materials		3.1
Industrials		1.3
Short-Term Investments		5.4
Other Assets Less Liabilities		(0.2	)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Alibaba Group Holding, Ltd., Sponsored ADR (China)		7.8
Infineon Technologies AG (Germany)		6.0
Sands China, Ltd. (Macau)		5.1
Yum China Holdings, Inc. (China)		4.7
Ping An Insurance Group Co. of China, Ltd., Class H (China)		4.5
AIA Group, Ltd. (Hong Kong)		4.2
QUALCOMM, Inc.		4.2
Trip.com Group, Ltd., ADR (China)		3.7
HDFC Bank, Ltd., ADR (India)		3.3
Kotak Mahindra (India)		2.8
Top Ten as a Group		46.3

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.

9

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2020

	Shares		Value
Common Stocks - 94.8%
Communication Services - 7.1%
Baidu, Inc., Sponsored ADR (China)*		2,132		$215,183
iQIYI, Inc., ADR (China)*,1		134,178		2,277,001
Tencent Holdings, Ltd. (China)		47,190		2,480,752
Tencent Music Entertainment Group, ADR (China)*		326,775		3,728,503
The Walt Disney Co. (United States)		11,791		1,275,196
Total Communication Services				9,976,635
Consumer Discretionary - 39.8%
Alibaba Group Holding, Ltd., Sponsored ADR (China)*		53,931		10,930,196
Booking Holdings, Inc. (United States)*		751		1,111,908
Eicher Motors, Ltd. (India)		7,380		1,433,091
Hermes International (France)		1,873		1,369,301
Huazhu Group Ltd., ADR (China)1		90,451		3,257,141
Jubilant Foodworks, Ltd. (India)		113,120		2,426,731
LVMH Moet Hennessy Louis Vuitton SE (France)		5,620		2,172,661
MakeMyTrip, Ltd. (India)*,1		150,639		2,223,432
Maruti Suzuki India, Ltd. (India)		18,148		1,288,356
Moncler SpA (Italy)		73,637		2,769,272
New Oriental Education & Technology Group, Inc., Sponsored ADR (China)*		9,485		1,210,855
NIKE, Inc., Class B (United States)		15,356		1,338,736
Sands China, Ltd. (Macau)		1,741,600		7,050,862
Starbucks Corp. (United States)		17,121		1,313,694
TAL Education Group, ADR (China)*		47,340		2,565,355
Titan Co., Ltd. (India)		102,630		1,312,472
Trip.com Group, Ltd., ADR (China)*		199,670		5,143,499
Yum China Holdings, Inc. (China)		135,664		6,574,278
Total Consumer Discretionary				55,491,840
Consumer Staples - 5.8%
The Estee Lauder Cos., Inc., Class A (United States)		4,920		867,888
Kweichow Moutai Co., Ltd., Class A (China)		4,393		782,586
LG Household & Health Care, Ltd. (South Korea)		3,417		3,874,866
Unilever NV (United Kingdom)		11,689		582,107
Wal-Mart de Mexico, SAB de CV (Mexico)		289,610		699,001
Wuliangye Yibin Co., Ltd., Class A (China)		65,203		1,240,495
Total Consumer Staples				8,046,943
Financials - 19.7%
AIA Group, Ltd. (Hong Kong)		639,500		5,869,183
Bank Mandiri Persero Tbk PT (Indonesia)		1,771,070		526,471
China International Capital Corp., Ltd. (China)2		377,600		579,883

	Shares		Value
China Merchants Bank Co., Ltd., Class H (China)		373,550		$1,767,755
Credicorp, Ltd. (Peru)		8,109		1,208,403
Grupo Financiero Banorte, S.A.B de CV (Mexico)		325,090		889,981
HDFC Bank, Ltd., ADR (India)1		106,251		4,605,981
Kotak Mahindra (India)		216,106		3,880,974
Ping An Insurance Group Co. of China, Ltd., Class H (China)		619,750		6,306,738
Sberbank of Russia PJSC, Sponsored ADR (Russia)		172,481		1,831,136
Total Financials				27,466,505
Health Care - 7.0%
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		723,340		2,948,920
CSPC Pharmaceutical Group, Ltd. (China)		318,000		629,550
Jiangsu Hengrui Medicine Co., Ltd., Class A (China)*		98,570		1,281,953
Meinian Onehealth Healthcare Holdings Co., Ltd., Class A (China)		333,420		536,478
Novo Nordisk A/S, Class B (Denmark)		17,724		1,130,614
Ping An Healthcare and Technology Co., Ltd. (China)*,2		232,350		3,200,852
Total Health Care				9,728,367
Industrials - 1.3%
FANUC Corp. (Japan)		8,780		1,433,013
Havells India, Ltd. (India)		59,726		445,142
Total Industrials				1,878,155
Information Technology - 11.0%
Infineon Technologies AG (Germany)		449,655		8,359,540
Mastercard, Inc., Class A (United States)		4,256		1,170,272
QUALCOMM, Inc. (United States)		74,191		5,836,606
Total Information Technology				15,366,418
Materials - 3.1%
Asian Paints, Ltd. (India)		82,854		1,933,242
Chr Hansen Holding A/S (Denmark)		23,729		2,046,003
Novozymes A/S (Denmark)		5,950		291,887
Total Materials				4,271,132
Total Common Stocks (Cost $130,526,931)				132,225,995

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

10

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments(continued)

	Principal     Amount		Value
Short-Term Investments - 5.4%
Joint Repurchase Agreements - 1.7%3
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $1,000,001 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.500% - 6.500%, 05/31/20 - 02/01/57, totaling $1,020,000)		$1,000,000		$1,000,000
Nomura Securities International, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $357,894 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 8.000%, 05/15/20 - 01/20/70, totaling $365,052)		357,894		357,894
RBC Dominion Securities, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $1,000,001 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 07/15/24 - 05/01/50, totaling $1,020,000)		1,000,000		1,000,000
Total Joint Repurchase Agreements				2,357,894

	Shares		Value
Other Investment Companies - 3.7%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%4		5,173,298		$5,173,298
Total Short-Term Investments (Cost $7,531,192)				7,531,192
Total Investments - 100.2% (Cost $138,058,123)				139,757,187
Other Assets, less Liabilities - (0.2)%				(243,216	)
Net Assets - 100.0%				$139,513,971

* Non-income producing security.

¹  Some of these securities, amounting to $7,115,207 or 5.1% 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  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, 2020, the value of these securities amounted to $3,780,735 or 2.7% 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, 2020, 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.

11

AMG GW&K 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, 2020:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Discretionary		$35,669,094		$19,822,746		—		$55,491,840
Financials		6,704,365		20,762,140		—		27,466,505
Information Technology		7,006,878		8,359,540		—		15,366,418
Communication Services		7,495,883		2,480,752		—		9,976,635
Health Care		—		9,728,367		—		9,728,367
Consumer Staples		1,566,889		6,480,054		—		8,046,943
Materials		—		4,271,132		—		4,271,132
Industrials		—		1,878,155		—		1,878,155
Short-Term Investments
Joint Repurchase Agreements		—		2,357,894		—		2,357,894
Other Investment Companies		5,173,298		—		—		5,173,298
Total Investments in Securities		$63,616,407		$76,140,780		—		$139,757,187

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, 2020, there were no transfers in or out of Level 3.

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

12

AMG GW&K Emerging Wealth Equity Fund

Schedule of Portfolio Investments(continued)

The country allocation in the Schedule of Portfolio Investments at April 30, 2020, was as follows:

Country	% of Long-Term   Investments
China		43.6
Denmark		2.6
France		2.7
Germany		6.3
Hong Kong		4.4
India		14.8
Indonesia		0.4
Italy		2.1
Japan		1.1
Macau		5.3
Mexico		1.2
Peru		0.9
Russia		1.4
South Korea		2.9
United Kingdom		0.5
United States		9.8
		100.0

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

13

AMG GW&K Emerging Markets Equity Fund

Fund Snapshots(unaudited)

April 30, 2020

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Consumer Discretionary	23.3
Financials	23.1
Information Technology	16.5
Communication Services	15.2
Consumer Staples	10.0
Health Care	5.8
Industrials	3.6
Energy	3.5
Materials	0.5
Short-Term Investments	3.5
Other Assets Less Liabilities	(5.0)

TOP TEN HOLDINGS

Security Name	% of Net Assets
Alibaba Group Holding, Ltd., Sponsored ADR (China)	6.7
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)	5.8
Tencent Holdings, Ltd. (China)	5.5
Samsung Electronics Co., Ltd. (South Korea)	5.1
Ping An Insurance Group Co. of China, Ltd., Class H (China)	3.1
Prosus, N.V. (Netherlands)	2.9
HDFC Bank, Ltd. (India)	2.7
Housing Development Finance Corp., Ltd. (India)	2.6
Sberbank of Russia PJSC, Sponsored ADR (Russia)	2.4
Reliance Industries, Ltd. (India)	2.2
Top Ten as a Group	39.0

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.

14

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments(unaudited)

April 30, 2020

	Shares		Value
Common Stocks - 101.5%
Communication Services - 15.2%
58.com, Inc., ADR (China)*		7,539		$391,651
Autohome, Inc., ADR (China)		2,556		209,975
Baidu, Inc., Sponsored ADR (China)*		5,962		601,745
iQIYI, Inc., ADR (China)*,1		22,686		384,981
MultiChoice Group (South Africa)*		77,533		363,390
NetEase, Inc., ADR (China)		1,718		592,641
Telekomunikasi Indonesia Persero Tbk PT (Indonesia)		2,026,421		465,980
Tencent Holdings, Ltd. (China)		47,706		2,507,878
Tencent Music Entertainment Group, ADR (China)*		84,222		960,973
Zee Entertainment Enterprises, Ltd. (India)		225,049		471,669
Total Communication Services				6,950,883
Consumer Discretionary - 23.3%
Alibaba Group Holding, Ltd., Sponsored ADR (China)*		15,091		3,058,493
Feng TAY Enterprise Co., Ltd. (Taiwan)		150,280		854,970
Hanon Systems (South Korea)		23,788		179,189
MakeMyTrip, Ltd. (India)*		30,458		449,560
Maruti Suzuki India, Ltd. (India)		2,225		157,956
Midea Group Co., Ltd., Class A (China)		57,185		428,511
Naspers, Ltd., N Shares (South Africa)		5,663		881,438
New Oriental Education & Technology Group, Inc., Sponsored ADR (China)*		4,197		535,789
Prosus, N.V. (Netherlands)*		17,522		1,328,364
Sands China, Ltd. (Macau)		166,639		674,638
Shenzhou International Group Holdings, Ltd. (China)		57,922		668,515
Trip.com Group, Ltd., ADR (China)*		25,142		647,658
Yum China Holdings, Inc. (China)		15,672		759,465
Total Consumer Discretionary				10,624,546
Consumer Staples - 10.0%
Bid Corp., Ltd. (South Africa)		41,902		546,076
BIM Birlesik Magazalar AS (Turkey)		24,563		195,038
CP All PCL (Thailand)		55,500		121,319
CP All PCL, Class F (Thailand)		117,868		257,650
Dino Polska S.A. (Poland)*,1,2		9,498		401,668
Fomento Economico Mexicano, S.A.B de CV (Mexico)		61,696		398,089
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (China)		65,400		268,156
Kweichow Moutai Co., Ltd., Class A (China)		1,600		285,030
LG Household & Health Care, Ltd. (South Korea)		550		623,698

	Shares		Value
Wal-Mart de Mexico, SAB de CV (Mexico)		244,686		$590,572
Wuliangye Yibin Co., Ltd., Class A (China)		47,200		897,986
Total Consumer Staples				4,585,282
Energy - 3.5%
Novatek PJSC, Sponsored GDR (Russia)		4,364		611,972
Reliance Industries, Ltd. (India)		50,438		980,667
Total Energy				1,592,639
Financials - 23.1%
AIA Group, Ltd. (Hong Kong)		92,968		853,239
Banco Bradesco, S.A., ADR (Brazil)		175,569		618,003
Banco de Chile, ADR (Chile)1		12,895		231,465
Bancolombia, S.A., Sponsored ADR (Colombia)		12,812		334,393
Bank Mandiri Persero Tbk PT (Indonesia)		1,241,716		369,114
Bank Rakyat Indonesia Persero Tbk PT (Indonesia)		2,476,901		450,517
BDO Unibank, Inc. (Philippines)		185,987		365,960
Credicorp, Ltd. (Peru)		3,881		578,347
Grupo Financiero Banorte, S.A.B de CV (Mexico)		119,324		326,667
HDFC Bank, Ltd. (India)		95,140		1,249,355
Housing Development Finance Corp., Ltd. (India)		47,669		1,205,778
Itau Unibanco Holding, S.A., Sponsored ADR (Brazil)		130,942		551,266
Noah Holdings, Ltd., ADR (China)*,1		6,559		182,078
OTP Bank Plc (Hungary)		16,965		502,435
Ping An Insurance Group Co. of China, Ltd., Class H (China)		141,220		1,437,092
Sberbank of Russia PJSC, Sponsored ADR (Russia)		101,360		1,076,083
Turkiye Garanti Bankasi, A.S. (Turkey)*		179,738		214,467
Total Financials				10,546,259
Health Care - 5.8%
China Resources Sanjiu Medical & Pharmaceutical Co., Ltd., Class A (China)		146,500		597,253
Fleury, S.A. (Brazil)		142,231		594,253
Lepu Medical Technology Beijing Co., Ltd., Class A (China)		72,500		387,363
Meinian Onehealth Healthcare Holdings Co., Ltd., Class A (China)		185,600		298,633
Microport Scientific Corp. (China)		139,800		300,278
Odontoprev, S.A. (Brazil)		166,811		470,564
Total Health Care				2,648,344
Industrials - 3.6%
Adani Ports & Special Economic Zone, Ltd. (India)		110,358		423,724
Copa Holdings, S.A., Class A (Panama)		3,834		169,501

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

15

AMG GW&K Emerging Markets Equity Fund

Schedule of Portfolio Investments(continued)

	Shares		Value
Industrials - 3.6%(continued)
Grupo Aeroportuario del Pacifico, S.A.B de CV, Class B (Mexico)		47,462		$294,646
Shanghai International Airport Co., Ltd., Class A (China)		77,669		770,316
Total Industrials				1,658,187
Information Technology - 16.5%
Advantech Co., Ltd. (Taiwan)		26,369		249,406
Delta Electronics, Inc. (Taiwan)		117,100		546,179
Infosys, Ltd., Sponsored ADR (India)		32,064		295,951
Pagseguro Digital, Ltd., Class A(Brazil)*,1		14,522		367,842
Samsung Electronics Co., Ltd. (South Korea)		56,367		2,317,674
SK Hynix, Inc. (South Korea)		11,409		785,139
Sunny Optical Technology Group Co., Ltd. (China)		23,676		329,701
Taiwan Semiconductor Manufacturing Co., Ltd. (Taiwan)		260,632		2,629,203
Total Information Technology				7,521,095
Materials - 0.5%
LG Chem, Ltd. (South Korea)		682		211,906
Total Common Stocks
(Cost $43,948,137)				46,339,141

	Principal Amount		Value
Short-Term Investments - 3.5%
Joint Repurchase Agreements - 2.0%3
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $937,605 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries,0.500% - 6.500%,05/31/20 - 02/01/57, totaling $956,356)		$937,604		$937,604
	Shares
Other Investment Companies - 1.5%
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%4		681,999		681,999
Total Short-Term Investments
(Cost $1,619,603)				1,619,603
Total Investments - 105.0%
(Cost $45,567,740)				47,958,744
Other Assets, less Liabilities - (5.0)%				(2,285,398	)
Net Assets - 100.0%				$45,673,346

* Non-income producing security.

¹  Some of these securities, amounting to $1,210,612 or 2.7% 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 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, 2020, the value of these securities amounted to $401,668 or 0.9% 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, 2020, 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 accompanying notes are an integral part of these financial statements.

16

AMG GW&K Emerging Markets 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, 2020:

	Level 1		Level 21		Level 3		Total
Investments in Securities
Common Stocks
Consumer Discretionary		$6,779,329		$3,845,217		—		$10,624,546
Financials		3,036,686		7,509,573		—		10,546,259
Information Technology		663,793		6,857,302		—		7,521,095
Communication Services		3,141,966		3,808,917		—		6,950,883
Consumer Staples		988,661		3,596,621		—		4,585,282
Health Care		1,064,817		1,583,527		—		2,648,344
Industrials		464,147		1,194,040		—		1,658,187
Energy		—		1,592,639		—		1,592,639
Materials		—		211,906		—		211,906
Short-Term Investments
Joint Repurchase Agreements		—		937,604		—		937,604
Other Investment Companies		681,999		—		—		681,999
Total Investments in Securities		$16,821,398		$31,137,346		—		$47,958,744

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, 2020, there were no transfers in or out of Level 3.

The country allocation in the Schedule of Portfolio Investments at April 30, 2020, was as follows:

Country	% of Long-Term Investments
Brazil	5.6
Chile	0.5
China	37.8
Colombia	0.7
Hong Kong	1.8
Hungary	1.1
India	11.3
Indonesia	2.8
Macau	1.4
Mexico	3.5
Netherlands	2.9
Panama	0.4

Country	% of Long-Term Investments
Peru	1.2
Philippines	0.8
Poland	0.9
Russia	3.6
South Africa	3.9
South Korea	8.9
Taiwan	9.2
Thailand	0.8
Turkey	0.9
	100.0

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

17

Statement of Assets and Liabilities(unaudited)

April 30, 2020

	AMG GW&K Core Bond ESG Fund		AMG GW&K Emerging Wealth Equity Fund		AMG GW&K Emerging Markets Equity Fund
Assets:
Investments at value1(including securities on loan valued at $0, $7,115,207, and $1,210,612, respectively)		$211,857,044		$139,757,187		$47,958,744
Foreign currency2		—		679,519		148,291
Receivable for investments sold		—		—		559,015
Dividend and interest receivables		1,240,787		108,557		70,395
Securities lending income receivable		—		1,604		297
Receivable for Fund shares sold		28,090		2,095,093		45,224
Receivable from affiliate		13,204		—		7,468
Prepaid expenses and other assets		30,874		37,884		31,648
Total assets		213,169,999		142,679,844		48,821,082
Liabilities:
Payable upon return of securities loaned		—		2,357,894		937,604
Payable for investments purchased		3,570,164		—		—
Payable for Fund shares repurchased		37,569		685,718		2,123,558
Due to custodian		—		4,210		1,740
Accrued expenses:
Investment advisory and management fees		51,125		58,216		20,831
Administrative fees		25,562		15,877		5,681
Distribution fees		332		282		249
Shareholder service fees		12,572		982		754
Other		50,686		42,694		57,319
Total liabilities		3,748,010		3,165,873		3,147,736
Net Assets		$209,421,989		$139,513,971		$45,673,346
1Investments at cost		$198,788,648		$138,058,123		$45,567,740
2Foreign currency at cost		—		$679,383		$148,122

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

18

Statement of Assets and Liabilities(continued)

	AMG GW&K Core Bond ESG Fund		AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Emerging Markets Equity Fund
Net Assets Represent:
Paid-in capital		$200,905,105		$143,102,746			$43,990,561
Total distributable earnings (loss)		8,516,884		(3,588,775	)		1,682,785
Net Assets		$209,421,989		$139,513,971			$45,673,346
Class N:
Net Assets		$1,629,033		$1,376,683			$411,795
Shares outstanding		151,520		126,954			52,151
Net asset value, offering and redemption price per share		$10.75		$10.84			$7.90
Class I:
Net Assets		$204,039,323		$12,554,142			$20,019,114
Shares outstanding		18,972,925		1,150,730			2,551,012
Net asset value, offering and redemption price per share		$10.75		$10.91			$7.85
Class Z:
Net Assets		$3,753,633		$125,583,146			$25,242,437
Shares outstanding		349,229		11,549,074			3,234,695
Net asset value, offering and redemption price per share		$10.75		$10.87			$7.80

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

19

Statement of Operations(unaudited)

For the six months ended April 30, 2020

	AMG GW&K Core Bond ESG Fund			AMG GW&K Emerging Wealth Equity Fund			AMG GW&K Emerging Markets Equity Fund
Investment Income:
Dividend income		$15,384			$779,659			$392,305
Interest income		2,966,590			295			—
Securities lending income		—			16,113			1,795
Foreign withholding tax		—			(53,758	)		(47,466	)
Total investment income		2,981,974			742,309			346,634
Expenses:
Investment advisory and management fees		318,747			362,564			138,438
Administrative fees		159,374			98,881			37,756
Distribution fees - Class N		1,805			2,357			1,846
Shareholder servicing fees - Class N		1,083			1,414			1,108
Shareholder servicing fees - Class I		77,319			4,638			1,699
Professional fees		28,339			21,872			21,708
Registration fees		26,259			25,979			24,130
Custodian fees		16,333			44,022			52,522
Reports to shareholders		15,911			7,878			8,865
Transfer agent fees		11,057			2,580			2,013
Trustee fees and expenses		9,359			5,248			2,454
Miscellaneous		4,288			2,697			4,173
Total expenses before offsets		669,874			580,130			296,712
Expense reimbursements		(79,672	)		—			(39,416	)
Net expenses		590,202			580,130			257,296
Net investment income		2,391,772			162,179			89,338
Net Realized and Unrealized Gain (Loss):
Net realized loss on investments		(285,812	)		(5,001,004	)		(24,920	)
Net realized loss on foreign currency transactions		—			(80,115	)		(31,677	)
Net change in unrealized appreciation/depreciation on investments		4,619,606			(8,985,017	)		(6,331,879	)
Net change in unrealized appreciation/depreciation on foreign currency translations		—			127,893			9,987
Net realized and unrealized gain (loss)		4,333,794			(13,938,243	)		(6,378,489	)
Net increase (decrease) in net assets resulting from operations		$6,725,566			$(13,776,064	)		$(6,289,151	)

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

20

Statements of Changes in Net Assets

For the six months ended April 30, 2020 (unaudited) and the fiscal year ended October 31, 2019

							AMG GW&K						AMG GW&K
	AMG GW&K Core						Emerging Wealth						Emerging Markets
	Bond ESG Fund						Equity Fund						Equity Fund
	April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019			April 30, 2020			October 31, 2019
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income		$2,391,772			$5,533,713			$162,179			$1,148,596			$89,338			$2,954,181
Net realized gain (loss) on investments		(285,812	)		(417,409	)		(5,081,119	)		2,253,942			(56,597	)		12,546,813
Net change in unrealized appreciation/depreciation on investments		4,619,606			20,112,764			(8,857,124	)		11,877,912			(6,321,892	)		4,413,987
Net increase (decrease) in net assets resulting from operations		6,725,566			25,229,068			(13,776,064	)		15,280,450			(6,289,151	)		19,914,981
Distributions to Shareholders:
Class N		(14,346	)		(15,730	)		(55,713	)		(91,676	)		(26,891	)		(12,186	)
Class I		(2,387,379	)		(5,461,302	)		(219,919	)		(88,034	)		(1,090,353	)		(702,208	)
Class Z		(41,618	)		(85,424	)		(3,346,537	)		(3,150,911	)		(1,569,541	)		(5,489,154	)
Total distributions to shareholders		(2,443,343	)		(5,562,456	)		(3,622,169	)		(3,330,621	)		(2,686,785	)		(6,203,548	)
Capital Share Transactions:1
Net increase (decrease) from capital share transactions		(12,124,793	)		(72,704,031	)		43,508,108			36,532,694			(1,698,038	)		(102,551,166	)
Total increase (decrease) in net assets		(7,842,570	)		(53,037,419	)		26,109,875			48,482,523			(10,673,974	)		(88,839,733	)
Net Assets:
Beginning of period		217,264,559			270,301,978			113,404,096			64,921,573			56,347,320			145,187,053
End of period		$209,421,989			$217,264,559			$139,513,971			$113,404,096			$45,673,346			$56,347,320

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

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

21

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal year ended October 31,												October 31,
	April 30, 2020
Class N	(unaudited)			2019			2018			2017			20161			20152
Net Asset Value, Beginning of Period		$10.53			$9.67			$10.14			$10.26			$10.23			$10.39
Income (loss) from Investment Operations:
Net investment income3,4		0.10			0.21			0.18			0.18			0.16			0.08
Net realized and unrealized gain (loss) on investments		0.22			0.86			(0.46	)		(0.12	)		0.28			(0.16	)
Total income (loss) from investment operations		0.32			1.07			(0.28	)		0.06			0.44			(0.08	)
Less Distributions to Shareholders from:
Net investment income		(0.10	)		(0.21	)		(0.19	)		(0.18	)		(0.17	)		(0.08	)
Net realized gain on investments		—			—			—			—			(0.24	)		—
Total distributions to shareholders		(0.10	)		(0.21	)		(0.19	)		(0.18	)		(0.41	)		(0.08	)
Net Asset Value, End of Period		$10.75			$10.53			$9.67			$10.14			$10.26			$10.23
Total Return4,5		3.10	%6		11.20	%		(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	%		0.88	%7
Ratio of gross expenses to average net assets8		0.96	%7		0.95	%		0.93	%		0.93	%		0.97	%		0.99	%7
Ratio of net investment income to average net assets4		1.93	%7		2.10	%		1.88	%		1.75	%		1.51	%		1.67	%7
Portfolio turnover		26	%6		48	%		17	%		18	%		48	%		175	%
Net assets end of period (000’s) omitted		$1,629			$1,255			$502			$146			$293			$124

22

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
	April 30, 2020
Class I	(unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$10.54			$9.67			$10.15			$10.27			$10.24			$10.87
Income (loss) from Investment Operations:
Net investment income3,4		0.12			0.24			0.22			0.21			0.21			0.18
Net realized and unrealized gain (loss) on investments		0.21			0.88			(0.48	)		(0.12	)		0.26			(0.11	)
Total income (loss) from investment operations		0.33			1.12			(0.26	)		0.09			0.47			0.07
Less Distributions to Shareholders from:
Net investment income		(0.12	)		(0.25	)		(0.22	)		(0.21	)		(0.20	)		(0.35	)
Net realized gain on investments		—			—			—			—			(0.24	)		(0.35	)
Total distributions to shareholders		(0.12	)		(0.25	)		(0.22	)		(0.21	)		(0.44	)		(0.70	)
Net Asset Value, End of Period		$10.75			$10.54			$9.67			$10.15			$10.27			$10.24
Total Return4,5		3.17	%6		11.70	%		(2.59	)%		0.91	%		4.79	%		0.68	%
Ratio of net expenses to average net assets		0.55	%7		0.55	%		0.56	%		0.55	%		0.55	%		0.56	%
Ratio of gross expenses to average net assets8		0.63	%7		0.62	%		0.61	%		0.60	%		0.65	%		0.67	%
Ratio of net investment income to average net assets4		2.26	%7		2.42	%		2.20	%		2.08	%		2.01	%		1.70	%
Portfolio turnover		26	%6		48	%		17	%		18	%		48	%		175	%
Net assets end of period (000’s) omitted		$204,039			$212,801			$264,795			$325,855			$414,400			$572,110

23

AMG GW&K Core Bond ESG Fund

Financial Highlights

For a share outstanding throughout each fiscal period

																For the fiscal
	For the six															period ended
	months ended			For the fiscal year ended October 31,												October 31,
	April 30, 2020
Class Z	(unaudited)			2019			2018			2017			20161			20152
Net Asset Value, Beginning of Period		$10.53			$9.67			$10.14			$10.26			$10.23			$10.39
Income (loss) from Investment Operations:
Net investment income3,4		0.12			0.25			0.23			0.22			0.19			0.10
Net realized and unrealized gain (loss) on investments		0.23			0.87			(0.47	)		(0.12	)		0.29			(0.16	)
Total income (loss) from investment operations		0.35			1.12			(0.24	)		0.10			0.48			(0.06	)
Less Distributions to Shareholders from:
Net investment income		(0.13	)		(0.26	)		(0.23	)		(0.22	)		(0.21	)		(0.10	)
Net realized gain on investments		—			—			—			—			(0.24	)		—
Total distributions to shareholders		(0.13	)		(0.26	)		(0.23	)		(0.22	)		(0.45	)		(0.10	)
Net Asset Value, End of Period		$10.75			$10.53			$9.67			$10.14			$10.26			$10.23
Total Return4,5		3.30	%6		11.71	%		(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	%		0.48	%7
Ratio of gross expenses to average net assets8		0.56	%7		0.55	%		0.53	%		0.53	%		0.58	%		0.59	%7
Ratio of net investment income to average net assets4		2.33	%7		2.50	%		2.28	%		2.15	%		1.88	%		2.05	%7
Portfolio turnover		26	%6		48	%		17	%		18	%		48	%		175	%
Net assets end of period (000’s) omitted		$3,754			$3,208			$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.)

24

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal year ended October 31,												For the fiscal period ended October 31,
Class N	April 30, 2020 (unaudited)			2019			2018			2017			20161			20152
Net Asset Value, Beginning of Period		$11.93			$10.38			$12.94			$10.13			$9.34			$10.00
Income (loss) from Investment Operations:
Net investment income (loss)3,4		(0.01	)		0.10			0.06			0.05			0.05			0.04
Net realized and unrealized gain (loss) on investments		(0.75	)		1.95			(1.88	)		2.80			0.74			(0.70	)
Total income (loss) from investment operations		(0.76	)		2.05			(1.82	)		2.85			0.79			(0.66	)
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.06	)		(0.05	)		(0.04	)		—			—
Net realized gain on investments		(0.27	)		(0.44	)		(0.69	)		—			—			—
Total distributions to shareholders		(0.33	)		(0.50	)		(0.74	)		(0.04	)		—			—
Net Asset Value, End of Period		$10.84			$11.93			$10.38			$12.94			$10.13			$9.34
Total Return4,5		(6.65	)%6		20.82	%		(15.16	)%		28.31	%		8.46	%		(6.60	)%6
Ratio of net expenses to average net assets		1.27	%7		1.37	%8		1.45	%8,9		1.45	%8,9		1.44	%		1.33	%7
Ratio of gross expenses to average net assets10		1.27	%7		1.37	%8		1.45	%8		1.45	%8		1.53	%		1.65	%7
Ratio of net investment income (loss) to average net assets4		(0.14	)%7		0.93	%		0.49	%		0.45	%		0.51	%		0.65	%7
Portfolio turnover		23	%6		40	%		37	%		68	%		58	%		45	%6
Net assets end of period (000’s) omitted		$1,377			$2,007			$1,940			$10			$10			$9

25

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal year ended October 31,												For the fiscal period ended October 31,
Class I	April 30, 2020 (unaudited)			2019			2018			2017			20161			20152
Net Asset Value, Beginning of Period		$12.03			$10.44			$12.96			$10.14			$9.34			$10.00
Income (loss) from Investment Operations:
Net investment income3,4		0.01			0.14			0.09			0.08			0.07			0.04
Net realized and unrealized gain (loss) on investments		(0.76	)		1.96			(1.88	)		2.81			0.75			(0.70	)
Total income (loss) from investment operations		(0.75	)		2.10			(1.79	)		2.89			0.82			(0.66	)
Less Distributions to Shareholders from:
Net investment income		(0.10	)		(0.07	)		(0.04	)		(0.07	)		(0.02	)		—
Net realized gain on investments		(0.27	)		(0.44	)		(0.69	)		—			—			—
Total distributions to shareholders		(0.37	)		(0.51	)		(0.73	)		(0.07	)		(0.02	)		—
Net Asset Value, End of Period		$10.91			$12.03			$10.44			$12.96			$10.14			$9.34
Total Return4,5		(6.53	)%6		21.15	%		(14.89	)%		28.73	%		8.77	%		(6.60	)%6
Ratio of net expenses to average net assets		0.97	%7		1.08	%8		1.19	%8,9		1.12	%8,9		1.16	%		1.16	%7
Ratio of gross expenses to average net assets10		0.97	%7		1.08	%8		1.19	%8		1.16	%8		1.24	%		1.45	%7
Ratio of net investment income to average net assets4		0.16	%7		1.22	%		0.75	%		0.78	%		0.79	%		0.61	%7
Portfolio turnover		23	%6		40	%		37	%		68	%		58	%		45	%6
Net assets end of period (000’s) omitted		$12,554			$6,328			$2,539			$1,646			$16,639			$22,432

26

AMG GW&K Emerging Wealth Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal year ended October 31,												For the fiscal period ended October 31,
Class Z	April 30, 2020 (unaudited)			2019			2018			2017			20161			20152
Net Asset Value, Beginning of Period		$11.99			$10.41			$12.97			$10.15			$9.35			$10.00
Income (loss) from Investment Operations:
Net investment income3,4		0.01			0.15			0.11			0.10			0.09			0.04
Net realized and unrealized gain (loss) on investments		(0.75	)		1.96			(1.89	)		2.80			0.74			(0.69	)
Total income (loss) from investment operations		(0.74	)		2.11			(1.78	)		2.90			0.83			(0.65	)
Less Distributions to Shareholders from:
Net investment income		(0.11	)		(0.09	)		(0.09	)		(0.08	)		(0.03	)		—
Net realized gain on investments		(0.27	)		(0.44	)		(0.69	)		—			—			—
Total distributions to shareholders		(0.38	)		(0.53	)		(0.78	)		(0.08	)		(0.03	)		—
Net Asset Value, End of Period		$10.87			$11.99			$10.41			$12.97			$10.15			$9.35
Total Return4,5		(6.49	)%6		21.34	%		(14.87	)%		28.86	%		8.86	%		(6.50	)%6
Ratio of net expenses to average net assets		0.87	%7		0.97	%8		1.05	%8,9		1.05	%8,9		1.05	%		1.05	%7
Ratio of gross expenses to average net assets10		0.87	%7		0.97	%8		1.05	%8		1.05	%8		1.15	%		1.50	%7
Ratio of net investment income to average net assets4		0.26	%7		1.33	%		0.89	%		0.85	%		0.94	%		0.64	%7
Portfolio turnover		23	%6		40	%		37	%		68	%		58	%		45	%6
Net assets end of period (000’s) omitted		$125,583			$105,069			$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  The total return is calculated using the published Net Asset Value as of period end.

⁶  Not annualized.

⁷  Annualized.

⁸  Such ratio includes recapture of waived/reimbursed fees from prior periods.

⁹  Includes reduction from broker recapture amounting to less than 0.01%.

¹⁰  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.)

27

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal year ended October 31,
Class N	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$9.52			$8.61			$10.11			$7.91			$7.23			$8.83
Income (loss) from Investment Operations:
Net investment income (loss)2,3		(0.00	)4		0.14			0.11			0.09			0.06			0.06
Net realized and unrealized gain (loss) on investments		(1.12	)		1.04			(1.54	)		2.18			0.66			(1.66	)
Total income (loss) from investment operations		(1.12	)		1.18			(1.43	)		2.27			0.72			(1.60	)
Less Distributions to Shareholders from:
Net investment income		(0.06	)		(0.17	)		(0.07	)		(0.07	)		(0.04	)		—
Net realized gain on investments		(0.44	)		(0.10	)		—			—			—			—
Total distributions to shareholders		(0.50	)		(0.27	)		(0.07	)		(0.07	)		(0.04	)		—
Net Asset Value, End of Period		$7.90			$9.52			$8.61			$10.11			$7.91			$7.23
Total Return3		(12.68	)%5,6		13.94	%6		(14.24	)%6		28.97	%6		10.01	%		(18.12	)%
Ratio of net expenses to average net assets		1.39	%7		1.30	%		1.27	%		1.31	%		1.44	%		1.45	%
Ratio of gross expenses to average net assets8		1.55	%7		1.30	%		1.27	%		1.31	%		1.44	%		1.45	%
Ratio of net investment income (loss) to average net assets3		(0.03	)%7		1.52	%		1.12	%		1.08	%		0.81	%		0.76	%
Portfolio turnover		26	%5		123	%		24	%		29	%		33	%		45	%
Net assets end of period (000’s) omitted		$412			$520			$289			$350			$497			$57

28

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six months ended			For the fiscal year ended October 31,
Class I	April 30, 2020 (unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$9.48			$8.60			$10.11			$7.90			$7.19			$8.88
Income (loss) from Investment Operations:
Net investment income2,3		0.02			0.17			0.13			0.12			0.08			0.05
Net realized and unrealized gain (loss) on investments		(1.13	)		1.04			(1.53	)		2.18			0.67			(1.62	)
Total income (loss) from investment operations		(1.11	)		1.21			(1.40	)		2.30			0.75			(1.57	)
Less Distributions to Shareholders from:
Net investment income		(0.08	)		(0.23	)		(0.11	)		(0.09	)		(0.04	)		(0.12	)
Net realized gain on investments		(0.44	)		(0.10	)		—			—			—			—
Total distributions to shareholders		(0.52	)		(0.33	)		(0.11	)		(0.09	)		(0.04	)		(0.12	)
Net Asset Value, End of Period		$7.85			$9.48			$8.60			$10.11			$7.90			$7.19
Total Return3		(12.58	)%5,6		14.34	%6		(13.94	)%6		29.34	%6		10.48	%6		(17.82	)%6
Ratio of net expenses to average net assets		1.01	%7		0.97	%		0.99	%		1.03	%		1.07	%		1.00	%
Ratio of gross expenses to average net assets8		1.17	%7		0.97	%		0.99	%		1.03	%		1.07	%		1.00	%
Ratio of net investment income to average net assets3		0.35	%7		1.85	%		1.40	%		1.36	%		1.14	%		0.65	%
Portfolio turnover		26	%5		123	%		24	%		29	%		33	%		45	%
Net assets end of period (000’s) omitted		$20,019			$24,100			$11,210			$2,207			$1,271			$1,203

29

AMG GW&K Emerging Markets Equity Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six
	months ended			For the fiscal year ended October 31,
	April 30, 2020
Class Z	(unaudited)			2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$9.43			$8.56			$10.06			$7.86			$7.20			$8.89
Income (loss) from Investment Operations:
Net investment income2,3		0.02			0.18			0.15			0.13			0.09			0.09
Net realized and unrealized gain (loss) on investments		(1.12	)		1.02			(1.53	)		2.16			0.65			(1.65	)
Total income (loss) from investment operations		(1.10	)		1.20			(1.38	)		2.29			0.74			(1.56	)
Less Distributions to Shareholders from:
Net investment income		(0.09	)		(0.23	)		(0.12	)		(0.09	)		(0.08	)		(0.13	)
Net realized gain on investments		(0.44	)		(0.10	)		—			—			—			—
Total distributions to shareholders		(0.53	)		(0.33	)		(0.12	)		(0.09	)		(0.08	)		(0.13	)
Net Asset Value, End of Period		$7.80			$9.43			$8.56			$10.06			$7.86			$7.20
Total Return3		(12.60	)%5,6		14.39	%6		(13.88	)%6		29.62	%6		10.52	%		(17.69	)%
Ratio of net expenses to average net assets		0.99	%7		0.90	%		0.87	%		0.88	%		0.94	%		0.95	%
Ratio of gross expenses to average net assets8		1.15	%7		0.90	%		0.87	%		0.88	%		0.94	%		0.95	%
Ratio of net investment income to average net assets3		0.37	%7		1.92	%		1.52	%		1.51	%		1.25	%		1.18	%
Portfolio turnover		26	%5		123	%		24	%		29	%		33	%		45	%
Net assets end of period (000’s) omitted		$25,242			$31,727			$133,688			$130,828			$102,086			$95,434

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  Less than $(0.005) per share.

⁵  Not annualized.

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

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

Notes to Financial Statements(unaudited)

April 30, 2020

1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

AMG Funds and AMG Funds I (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 I: AMG GW&K Core Bond ESG Fund (“Core Bond ESG”) and AMG Funds: AMG GW&K Emerging Wealth Equity Fund (“Emerging Wealth Equity”) (formerly AMG GW&K Trilogy Emerging Wealth Equity Fund) and AMG GW&K Emerging Markets Equity Fund (“Emerging Markets Equity”) (formerly AMG GW&K 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.

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’ 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 “mean price”). Equity securities traded in theover-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

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 registered 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 the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds 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

31

Notes to Financial Statements(continued)

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 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 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.

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 primarily due to gains/losses on foreign currency. Temporary differences are primarily due to wash sale loss deferrals and capital loss carryforwards.

At April 30, 2020, 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
Core Bond ESG		$198,788,648		$13,524,547		$(456,151	)		$13,068,396
Emerging Wealth Equity		138,058,123		13,594,299		(11,895,235	)		1,699,064
Emerging Markets Equity		45,567,740		7,613,382		(5,222,378	)		2,391,004

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 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, 2019, the following Fund 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		$1,927,306		$2,340,507		$4,267,813

32

Notes to Financial Statements(continued)

As of October 31, 2019, Emerging Wealth Equity and Emerging Markets Equity had no capital loss carryovers for federal income tax purposes. Should the Funds incur net capital losses for the fiscal year ended October 31, 2020, such amounts may be

used to offset future realized capital gains indefinitely, and retain their character as either 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 fiscal year ended October 31, 2019, Emerging Wealth Equity and Emerging Markets Equity had redemption fees amounting to $25 and $194, respectively. These amounts are netted against the cost of shares repurchased.

For the six months ended April 30, 2020 (unaudited) and the fiscal year ended October 31, 2019, the capital stock transactions by class for the Funds were as follows:

	Core Bond ESG								Emerging Wealth Equity
	April 30, 2020				October 31, 2019				April 30, 2020				October 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Class N:
Proceeds from sale of shares		40,243		$429,306		87,070		$910,282		10,550		$105,809		69,471		$769,916
Reinvestment of distributions		1,345		14,245		1,518		15,524		4,548		55,712		9,251		90,748
Cost of shares repurchased		(9,226)		(96,646)		(21,364)		(222,853)		(56,302)		(587,278)		(97,339)		(1,084,456)
Net increase (decrease)		32,362		$346,905		67,224		$702,953		(41,204)		$(425,757)		(18,617)		$(223,792)
Class I:
Proceeds from sale of shares		520,286		$5,507,504		875,494		$8,860,974		1,142,938		$13,492,700		471,195		$5,535,916
Reinvestment of distributions		214,389		2,270,588		515,172		5,217,134		17,592		216,556		8,893		87,775
Cost of shares repurchased		(1,956,971)		(20,713,437)		(8,572,748)		(85,400,513)		(535,884)		(5,665,779)		(197,196)		(2,166,432)
Net increase (decrease)		(1,222,296)		$(12,935,345)		(7,182,082)		$(71,322,405)		624,646		$8,043,477		282,892		$3,457,259
Class Z:
Proceeds from sale of shares		71,860		$757,705		27,467		$272,702		4,733,518		$56,589,232		3,990,467		$44,631,920
Reinvestment of distributions		3,930		41,618		7,734		78,419		27,678		339,331		32,301		317,526
Cost of shares repurchased		(31,179)		(335,676)		(248,245)		(2,435,700)		(1,975,198)		(21,038,175)		(1,063,505)		(11,650,219)
Net increase (decrease)		44,611		$463,647		(213,044)		$(2,084,579)		2,785,998		$35,890,388		2,959,263		$33,299,227
	Emerging Markets Equity
	April 30, 2020				October 31, 2019
	Shares		Amount		Shares		Amount
Class N:
Proceeds from sale of shares		179,828		$1,732,879		26,442		$249,645
Reinvestment of distributions		2,834		26,891		1,362		12,186
Cost of shares repurchased		(185,133)		(1,457,999)		(6,762)		(64,732)
Net increase (decrease)		(2,471)		$301,771		21,042		$197,099
Class I:
Proceeds from sale of shares		1,143,842		$8,970,046		1,450,638		$13,047,613
Reinvestment of distributions		52,112		491,414		32,500		286,519
Cost of shares repurchased		(1,187,365)		(10,216,981)		(243,911)		(2,243,793)
Net increase (decrease)		8,589		$(755,521)		1,239,227		$11,090,339

33

Notes to Financial Statements(continued)

	Emerging Markets Equity
	April 30, 2020				October 31, 2019
	Shares		Amount		Shares		Amount
Class Z:
Proceeds from sale of shares		193,985		$1,791,748		1,633,015		$15,883,163
Reinvestment of distributions		128,421		1,203,308		577,222		5,074,236
Cost of shares repurchased		(451,613)		(4,239,344)		(14,461,736)		(134,796,003)
Net decrease		(129,207)		$(1,244,288)		(12,251,499)		$(113,838,604)

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, 2020, the market value of Repurchase Agreements outstanding for Emerging Wealth Equity and Emerging Markets Equity were $2,357,894 and $937,604, 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, 2020, the Funds’ investment management fees were paid at the following annual rate of each Fund’s respective average daily net assets:

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, 2021, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service(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 Core Bond ESG, Emerging Wealth Equity and Emerging Markets Equity to 0.48%, 1.05% and 0.87%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances. Prior to March 1, 2020, the total annual Fund operating expense limitation was 1.05% of Emerging Markets Equity’s average daily net assets (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).

34

Notes to Financial Statements(continued)

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

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.

At April 30, 2020, the Funds’ expiration of reimbursements subject to recoupment is as follows:

Expiration Period	Core Bond ESG		Emerging Markets Equity
Less than 1 year		$165,782		—
1-2 years		151,139		—
2-3 years		150,694		$39,416
Total		$467,615		$39,416

The Investment Manager has contractually agreed, through at least March 1, 2021, to waive management fees and/or pay or reimburse Emerging Markets Equity’s expenses in an amount that is equal to the fees and expenses incurred indirectly by the Fund as a result of investment in shares of one or more acquired funds. 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 among the Investment Manager, GW&K and the AMG Funds Board of Trustees or in the event of the Fund’s liquidation unless the Fund is reorganized or is a party to a merger in which the surviving entity is successor to the accounting and performance information of the Fund. For the six months ended April 30, 2020, there were no fees waived.

The Trusts, on behalf of the Funds, have entered into an amended and restated Administration Agreement under which the Investment Manager serves as the Funds’ administrator (the “Administrator”) and is responsible for allnon-portfolio management aspects of managing the Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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 of each Fund, 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 authorized 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 shares and Class I shares of each Fund, 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 ratios for the six months ended April 30, 2020, were as follows:

Fund	Maximum Annual Amount Approved			Actual Amount Incurred
Core Bond ESG
Class N		0.15	%		0.15	%
Class I		0.10	%		0.07	%
Emerging Wealth Equity
Class N		0.15	%		0.15	%
Class I		0.15	%		0.10	%
Emerging Markets Equity
Class N		0.15	%		0.15	%
Class I		0.15	%		0.02	%

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.

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

35

Notes to Financial Statements(continued)

Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and miscellaneous expense, respectively. At April 30, 2020, the Funds had no interfund loans outstanding.

The following Funds utilized the interfund loan program during the six months ended April 30, 2020:

Fund	Average Lent		Number of Days		Interest Earned		Average Interest Rate
Core Bond ESG	$	1,272,899		5	$	173		0.993	%
Emerging Wealth Equity		892,738		5		295		2.413	%
Fund	Average Borrowed		Number of Days		Interest Paid		Average     Interest Rate
Emerging Wealth Equity	$	2,094,556		2	$	175		1.525	%
Emerging Markets Equity		2,862,806		11		2,088		2.425	%

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, 2020, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Core Bond ESG	$	41,028,899	$	36,463,417
Emerging Wealth Equity		66,008,941		29,644,318
Emerging Markets Equity		12,949,222		15,323,101

Core Bond ESG purchases and sales of U.S. Government obligations during the six months ended April 30, 2020 were $12,846,026 and $29,631,166, 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, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts

managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM that cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The value of securities loaned on positions held, cash collateral and securities collateral received at April 30, 2020, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Emerging Wealth Equity	$	7,115,207	$	2,357,894	$	5,026,269	$	7,384,163
Emerging Markets Equity		1,210,612		937,604		317,605		1,255,209

The following table summarizes the securities received as collateral for securities lending at April 30, 2020:

Fund	Collateral Type	Coupon Range			Maturity Date Range
Emerging Wealth Equity	U.S. Treasury Obligations		0.000	%-8.000%		05/15/20-02/15/50
Emerging Markets Equity	U.S. Treasury Obligations		0.010	%-8.000%		05/31/20-08/15/49

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 Trusts. In addition, in the normal course of business, the Funds may enter into contracts and agreements that contain a variety of representations and warranties, which provide general indemnifications. The maximum exposure to the Funds under these arrangements is unknown, as this would involve future claims that may be made against a Fund that have not yet occurred. However, based on experience, the Funds had no prior claims or losses and expect the risks of loss to be remote.

36

Notes to Financial Statements(continued)

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.

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2020:

			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
Emerging Wealth Equity
Citigroup Global Markets, Inc.		$1,000,000		—		$1,000,000		$1,000,000		—
Nomura Securities International, Inc.		357,894		—		357,894		357,894		—
RBC Dominion Securities, Inc.		1,000,000		—		1,000,000		1,000,000		—
Total		$2,357,894		—		$2,357,894		$2,357,894		—
Emerging Markets Equity
Citigroup Global Markets, Inc.		$937,604		—		$937,604		$937,604		—

8. 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.

37

Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 19, 2020, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for anopen-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.     B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain anin-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

38

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INVESTMENT MANAGER AND ADMINISTRATOR AMG Funds LLC 600 Steamboat Road, Suite 300 Greenwich, CT 06830 800.548.4539   DISTRIBUTOR AMG Distributors, Inc. 600 Steamboat Road, Suite 300 Greenwich, CT 06830 800.548.4539   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. 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 most recent semiannual report or annual report, please visit amgfunds.com.  

amgfunds.com            |

  AFFILIATE SUBADVISED FUNDS   BALANCED FUNDS AMG GW&K Global Allocation GW&K Investment Management, 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 Emerging Markets Equity AMG GW&K Emerging Wealth Equity GW&K Investment Management, LLC   AMG Renaissance Large Cap Growth The Renaissance Group LLC   AMG River Road Dividend All Cap Value 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 EnhancedYield GW&K Investment Management, LLC   OPEN-ARCHITECTURE FUNDS   EQUITY FUNDS AMG Managers Brandywine 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 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 Doubleline Core Plus Bond DoubleLine Capital LP   AMG Managers Global Income Opportunity AMG Managers Loomis Sayles Bond Loomis, Sayles & Company, L.P.

amgfunds.com            | 043020 SAR069

  SEMI-ANNUAL REPORT

AMG Funds

April 30, 2020

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     043020     SAR022  

AMG Funds

Semi-Annual Report – April 30, 2020(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, andrealized andunrealized 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, incomeand expense ratios, turnover ratios and net assets
Notes to Financial Statements		23
Accounting and distribution policies, details of agreements andtransactions with Fund management and affiliates, and descriptions ofcertain investment risks
FUNDS LIQUIDITY RISK MANAGEMENT PROGRAM		29

Nothing contained herein is to be considered an offer, sale or solicitation of an offer to buy shares of any series of the AMG Funds Family of Funds. Such offering is made only by prospectus, which includes details as to offering price and other material information.

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, 2020	Expense Ratio for the Period		Beginning Account Value 11/01/19		Ending Account Value 04/30/20		Expenses Paid During the Period*
AMG Frontier Small Cap Growth Fund
Based on Actual Fund Return
Class N		1.30%		$1,000		$889		$6.11
Class I		0.96%		$1,000		$892		$4.52
Class Z		0.90%		$1,000		$893		$4.24
Based on Hypothetical 5% Annual Return
Class N		1.30%		$1,000		$1,018		$6.52
Class I		0.96%		$1,000		$1,020		$4.82
Class Z		0.90%		$1,000		$1,020		$4.52
AMG Managers Emerging Opportunities Fund
Based on Actual Fund Return
Class N		1.19%		$1,000		$832		$5.42
Class I		0.94%		$1,000		$834		$4.29
Based on Hypothetical 5% Annual Return
Class N		1.19%		$1,000		$1,019		$5.97
Class I		0.94%		$1,000		$1,020		$4.72
*  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 (182), then divided by 366.

2

Fund Performance(unaudited)

Periods ended April 30, 2020

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, 2020.
Average Annual Total Returns1	Six Months*			One Year			Five Years			Ten Years			Since Inception			Inception Date
AMG Frontier Small Cap Growth Fund2, 3, 4, 5, 6
Class N		(11.10	%)		(10.65	%)		4.86	%		8.90	%		9.84	%	01/01/10
Class I		(10.81	%)		(10.38	%)		5.18	%		9.20	%		7.35	%	09/24/97
Class Z		(10.74	%)		(10.23	%)		5.35	%		9.41	%		10.35	%	01/01/10
Russell 2000® Growth Index10		(7.62	%)		(9.22	%)		5.19	%		9.96	%		5.55	%	09/24/97†
AMG Managers Emerging Opportunities Fund2, 4, 6, 7, 8, 9
Class N		(16.76	%)		(16.07	%)		4.45	%		9.74	%		11.66	%	06/30/94
Class I		(16.64	%)		(15.87	%)		4.71	%			—		12.35	%	10/01/11
Russell Microcap® Index11		(13.32	%)		(16.75	%)		1.36	%		6.69	%		5.01	%	06/01/05
Russell 2000® Index12		(15.47	%)		(16.39	%)		2.88	%		7.69	%		8.24	%	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, 2020. 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  Active and frequent trading of a fund may result in higher transaction costs and increased tax liability.

	6  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.
	7  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.
	8  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.
	9  The Fund invests in value stocks, which may perform differently from the market as a whole and may be undervalued by the markets for a long period of time.
	10 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.
	11 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.
	12 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, 2020

PORTFOLIO BREAKDOWN

Sector	% of Net Assets
Health Care		40.6
Information Technology		29.3
Industrials		8.8
Consumer Discretionary		8.5
Energy		2.9
Real Estate		2.7
Financials		2.2
Materials		1.4
Communication Services		0.7
Short-Term Investments1		8.5
Other Assets Less Liabilities2		(5.6	)

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
Karyopharm Therapeutics, Inc.		3.8
ACADIA Pharmaceuticals, Inc.		3.6
Exact Sciences Corp.		3.6
Cree, Inc.		3.1
Immunomedics, Inc.		2.8
Insulet Corp.		2.8
Natera, Inc.		2.4
Quanta Services, Inc.		2.3
Adaptive Biotechnologies Corp.		2.3
Science Applications International Corp.		2.1
Top Ten as a Group		28.8

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, 2020

	Shares		Value
Common Stocks - 97.1%
Communication Services - 0.7%
Cardlytics, Inc.*		2,288		$102,846
Consumer Discretionary - 8.5%
Boot Barn Holdings, Inc.*		5,350		98,761
Carvana Co., Class A*,1		65		5,207
Century Communities, Inc.*,1		14,236		304,935
Cooper Tire & Rubber Co.		413		8,751
Dana, Inc.		10,909		125,454
Eldorado Resorts, Inc.*		1,916		41,079
Five Below, Inc.*		2,575		232,162
Fiverr International, Ltd. (Israel)*		1,181		46,331
Floor & Decor Holdings, Inc., Class A*		3,265		138,436
Modine Manufacturing Co.*		1,277		5,913
Ollie’s Bargain Outlet Holdings, Inc.*,1		1,867		126,788
Stoneridge, Inc.*		9,750		195,292
Total Consumer Discretionary				1,329,109
Energy - 2.9%
Euronav, N.V. (Belgium)		20,577		219,968
GasLog, Ltd. (Monaco)1		2,517		11,628
International Seaways, Inc.		4,900		118,580
Noble Energy, Inc.		10,948		107,400
Total Energy				457,576
Financials - 2.2%
Argo Group International Holdings, Ltd. (Bermuda)		828		29,278
James River Group Holdings, Ltd. (Bermuda)		968		34,345
LPL Financial Holdings, Inc.		1,149		69,193
Pinnacle Financial Partners, Inc.		3,030		121,957
Texas Capital Bancshares, Inc.*		591		16,418
Webster Financial Corp.		2,516		71,077
Total Financials				342,268
Health Care - 40.6%
ABIOMED, Inc.*		212		40,545
ACADIA Pharmaceuticals, Inc.*		11,662		563,391
Acceleron Pharma, Inc.*,1		539		48,796
Adaptive Biotechnologies Corp.*		11,042		353,454
Alnylam Pharmaceuticals, Inc.*,1		658		86,659
Amarin Corp. PLC, ADR (Ireland)*,1		13,498		102,720
Biohaven Pharmaceutical Holding Co., Ltd.*		2,752		129,619
BioMarin Pharmaceutical, Inc.*		2,587		238,056
Bluebird Bio, Inc.*		5,481		295,316
ChemoCentryx, Inc.*		180		9,542

	Shares		Value
CRISPR Therapeutics AG (Switzerland)*		1,611		$79,261
DexCom, Inc.*		304		101,901
Exact Sciences Corp.*,1		7,108		561,390
Global Blood Therapeutics, Inc.*,1		737		56,395
Guardant Health, Inc.*		1,337		102,896
Immunomedics, Inc.*,1		14,619		444,125
Insmed, Inc.*		3,022		69,506
Inspire Medical Systems, Inc.*		1,762		126,265
Insulet Corp.*		2,202		439,783
Karyopharm Therapeutics, Inc.*,1		26,530		584,987
Madrigal Pharmaceuticals, Inc.*,1		1,299		108,700
Moderna, Inc.*,1		126		5,795
NanoString Technologies, Inc.*		8,951		284,284
Natera, Inc.*		9,933		367,918
Nektar Therapeutics*,1		14,162		271,910
Novocure, Ltd. (Jersey)*		1,870		123,046
Pacira BioSciences, Inc.*		3,238		133,697
PTC Therapeutics, Inc.*		1,258		64,057
Quanterix Corp.*		9,708		254,350
Seattle Genetics, Inc.*		513		70,399
Silk Road Medical, Inc.*		5,161		216,143
Total Health Care				6,334,906
Industrials - 8.8%
AECOM*		5,514		199,938
American Woodmark Corp.*		545		28,018
Azul, S.A., ADR (Brazil)*		196		1,874
EnerSys		3,289		192,045
JetBlue Airways Corp.*		2,948		28,713
Knight-Swift Transportation Holdings, Inc.		7,748		288,071
Kratos Defense & Security Solutions, Inc.*		3,924		58,938
MasTec, Inc.*,1		1,604		57,584
Quanta Services, Inc.		9,807		356,582
Tutor Perini Corp.*		22,969		160,783
Total Industrials				1,372,546
Information Technology - 29.3%
Alteryx, Inc., Class A*,1		2,712		306,944
Ambarella, Inc.*		4,813		253,068
Anaplan, Inc.*		4,194		171,367
Benefitfocus, Inc.*		4,720		51,118
Coupa Software, Inc.*		19		3,346
Cree, Inc.*,1		11,341		489,137
Five9, Inc.*		1,185		109,814
Guidewire Software, Inc.*,1		2,931		266,252

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 - 29.3% (continued)
HubSpot, Inc.*		289		$48,734
Impinj, Inc.*,1		5,606		125,911
KBR, Inc.		12,570		254,668
MACOM Technology Solutions Holdings, Inc.*,1		1,629		49,945
Medallia, Inc.*,1		10,741		230,717
MKS Instruments, Inc.		426		42,698
Model N, Inc.*		5,331		153,853
MongoDB, Inc.*		1,093		177,208
Monolithic Power Systems, Inc.		29		5,797
NIC, Inc.		3,252		78,796
Nutanix, Inc., Class A*,1		4,152		85,074
Okta, Inc.*		21		3,177
Paylocity Holding Corp.*		78		8,933
Perficient, Inc.*		3,773		131,414
Ping Identity Holding Corp.*,1		5,777		143,963
Rapid7, Inc.*		4,548		207,161
Science Applications International Corp.		4,017		328,028
SYNNEX Corp.		2,066		180,899
Teradyne, Inc.		1,420		88,807
The Trade Desk, Inc., Class A*,1		33		9,655
Ultra Clean Holdings, Inc.*		17,059		313,715
Virtusa Corp.*		946		31,218
Zendesk, Inc.*		622		47,819
Zscaler, Inc.*,1		1,464		98,205
Zuora, Inc., Class A*		6,152		65,027
Total Information Technology				4,562,468
Materials - 1.4%
Huntsman Corp.		790		13,280
Pan American Silver Corp. (Canada)		9,610		204,116
Total Materials				217,396
Real Estate - 2.7%
Brixmor Property Group, Inc., REIT		3,131		35,850

	Shares			Value
Corporate Office Properties Trust, REIT		7,910			$208,982
SITE Centers Corp., REIT		11,389			69,018
Spirit Realty Capital, Inc., REIT		162			4,983
STAG Industrial, Inc., REIT		3,652			95,865
Total Real Estate					414,698
Total Common Stocks (Cost $14,015,785)					15,133,813
	Principal Amount
Short-Term Investments - 8.5%
Joint Repurchase Agreements - 6.1%2
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $944,809 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.500% - 6.500%, 05/31/20 - 02/01/57, totaling $963,704)		$944,808			944,808
	Shares
Other Investment Companies - 2.4%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%3		124,604			124,604
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%3		124,604			124,604
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%3		128,380			128,380
Total Other Investment Companies					377,588
Total Short-Term Investments (Cost $1,322,396)					1,322,396
Total Investments - 105.6% (Cost $15,338,181)					16,456,209
Other Assets, less Liabilities - (5.6)%			��		(870,623	)
Net Assets - 100.0%					$15,585,586

* Non-income producing security.

¹  Some of these securities, amounting to $3,960,395 or 25.4% 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, 2020, 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 accompanying notes are an integral part of these financial statements.

6

AMG Frontier Small Cap Growth 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, 2020:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†	$	15,133,813		—		—	$	15,133,813
Short-Term Investments
Joint Repurchase Agreements		—	$	944,808		—		944,808
Other Investment Companies		377,588		—		—		377,588
Total Investments in Securities	$	15,511,401	$	944,808		—	$	16,456,209

^†  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, 2020, 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, 2020

PORTFOLIO BREAKDOWN
Sector	% of Net Assets
Financials		22.3
Industrials		16.7
Health Care		16.2
Information Technology		14.2
Consumer Discretionary		11.2
Energy		3.3
Consumer Staples		2.8
Materials		2.8
Real Estate		2.6
Communication Services		2.5
Utilities		0.9
Short-Term Investments		7.8
Other Assets Less Liabilities		(3.3	)

TOP TEN HOLDINGS
Security Name	% of Net Assets
Model N, Inc.		1.9
Compass Diversified Holdings, MLP		1.7
Patrick Industries, Inc.		1.7
Columbus McKinnon Corp.		1.6
Ducommun, Inc.		1.5
AMERISAFE, Inc.		1.3
Novanta, Inc.		1.3
OrthoPediatrics Corp.		1.2
Universal Electronics, Inc.		1.2
TechTarget, Inc.		1.2
Top Ten as a Group		14.6

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, 2020

	Shares		Value
Common Stocks - 95.5%
Communication Services - 2.5%
Bandwidth, Inc., Class A*,1		2,442		$199,169
Entravision Communications Corp., Class A		67,293		98,248
Glu Mobile, Inc.*		72,270		563,706
Gray Television, Inc.*		69,906		811,609
TechTarget, Inc.*		64,437		1,502,671
Total Communication Services				3,175,403
Consumer Discretionary - 11.2%
Vera Bradley Inc.*,1		13,487		74,313
Aspen Group, Inc.*		128,694		1,016,683
Carriage Services, Inc.		27,380		411,248
Century Casinos, Inc.*		37,517		170,140
Clarus Corp.		39,696		423,953
Culp, Inc.		17,235		122,541
Delta Apparel, Inc.*		63,078		812,445
Destination XL Group, Inc.*		176,806		68,548
Everi Holdings, Inc.*		122,322		605,494
Fiverr International, Ltd. (Israel)*		19,700		772,831
G-III Apparel Group Ltd*		13,000		147,290
Grand Canyon Education, Inc.*		15,770		1,356,535
Hamilton Beach Brands Holding Co., Class A		19,099		251,916
Haverty Furniture Cos., Inc.		47,882		647,843
Johnson Outdoors, Inc., Class A		14,189		969,960
Lakeland Industries, Inc.*		16,607		226,187
Malibu Boats, Inc., Class A*		28,073		965,150
Marine Products Corp.		11,137		108,252
MasterCraft Boat Holdings, Inc.*		7,890		82,450
Monarch Casino & Resort, Inc.*		15,670		522,438
Perdoceo Education Corp.*		25,300		328,900
PetMed Express, Inc.1		7,536		298,199
Points International, Ltd. (Canada)*		34,592		337,618
Rocky Brands, Inc.		12,498		268,082
Ruth’s Hospitality Group, Inc.		19,897		223,941
Shoe Carnival, Inc.1		19,012		449,063
Stoneridge, Inc.*		9,880		197,896
Tilly’s, Inc., Class A		28,390		167,217
Universal Electronics, Inc.*		36,970		1,526,122
ZAGG, Inc.*		195,208		644,186
Total Consumer Discretionary				14,197,441
Consumer Staples - 2.8%
elf Beauty, Inc.*		40,270		526,329
Farmer Bros Co.*		21,141		195,343

	Shares		Value
John B Sanfilippo & Son, Inc.		11,600		$952,708
Lifevantage Corp.*		36,965		572,958
Limoneira Co.		12,692		169,438
Natural Grocers by Vitamin Cottage, Inc.		23,697		267,065
SunOpta, Inc. (Canada)*		103,203		290,000
Veru, Inc.*		176,846		571,213
Total Consumer Staples				3,545,054
Energy - 3.3%
Apergy Corp.*		78,761		725,389
Aspen Aerogels, Inc.*		90,421		506,358
DMC Global, Inc.1		10,058		259,597
Era Group, Inc.*		95,975		491,392
Evolution Petroleum Corp.		110,824		329,147
Exterran Corp.*		104,577		711,124
Matrix Service Co.*		46,405		484,468
North American Construction Group, Ltd. (Canada)		59,907		301,931
Par Pacific Holdings Inc.*		34,750		337,770
Profire Energy, Inc.*		86,538		67,067
Total Energy				4,214,243
Financials - 22.3%
Allegiance Bancshares, Inc.		22,210		557,027
AMERISAFE, Inc.		25,910		1,649,690
Atlantic Capital Bancshares, Inc.*		52,018		652,826
The Bancorp, Inc.*		149,265		1,040,377
Business First Bancshares, Inc.		5,854		81,839
Capital City Bank Group, Inc.		4,957		109,252
Carolina Financial Corp.		8,700		294,321
CBTX, Inc.		24,480		442,109
CNB Financial Corp.		13,361		237,024
Compass Diversified Holdings, MLP		110,922		2,228,423
Cowen, Inc., Class A		60,504		662,519
Curo Group Holdings Corp.		75,794		706,400
eHealth, Inc.*		6,819		727,587
Ellington Financial, Inc.		21,562		224,029
Enova International, Inc.*		55,811		895,208
Farmers National Banc Corp.		44,494		551,281
FedNat Holding Co.		23,843		288,977
Financial Institutions, Inc.		18,376		355,576
First Bancorp		17,340		461,071
First Business Financial Services, Inc.		6,036		103,698
First Defiance Financial Corp.		53,741		934,019
First Financial Corp.		19,555		694,594

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 - 22.3%(continued)
First Internet Bancorp		19,796		$310,797
The First of Long Island Corp.		27,522		434,572
First Savings Financial Group, Inc.		2,304		100,086
German American Bancorp, Inc.		32,545		967,563
Goosehead Insurance, Inc., Class A*,1		26,255		1,473,956
HCI Group, Inc.		13,609		566,815
Heritage Financial Corp.		12,887		258,384
Kinsale Capital Group, Inc.		10,045		1,091,088
Luther Burbank Corp.		37,101		399,207
Macatawa Bank Corp.		28,917		222,082
Marlin Business Services Corp.		7,928		84,354
Mercantile Bank Corp.		21,020		496,072
Merchants Bancorp		14,874		229,060
Metropolitan Bank Holding Corp.*		12,631		316,912
MidWestOne Financial Group, Inc.		34,131		712,314
NMI Holdings, Inc., Class A*		61,232		827,857
Northrim BanCorp, Inc.		37,362		876,139
Pacific Premier Bancorp, Inc.1		6,047		129,103
Palomar Holdings, Inc.*		20,430		1,195,155
Preferred Bank		15,440		589,036
RBB Bancorp.		22,232		287,237
Regional Management Corp.*		49,378		787,085
Sierra Bancorp		19,239		390,552
South Plains Financial, Inc.		11,956		148,613
Southern National Bancorp of Virginia, Inc.		25,071		252,465
Stock Yards Bancorp, Inc.		20,850		688,884
Territorial Bancorp, Inc.		5,604		140,828
Triumph Bancorp, Inc.*		11,300		313,123
Unity Bancorp, Inc.		6,714		96,413
Total Financials				28,283,599
Health Care - 16.2%
Axonics Modulation Technologies, Inc.*,1		23,144		745,468
CareDx, Inc.*,1		32,996		837,439
Castle Biosciences, Inc.*		14,650		453,125
Computer Programs & Systems, Inc.		13,976		335,843
CRH Medical Corp. (Canada)*		33,386		68,775
Cross Country Healthcare, Inc.*		51,839		326,067
CryoPort, Inc.*		14,893		280,584
Cutera, Inc.*		12,812		172,321
Electromed, Inc.*		6,302		88,165
Exagen, Inc.*		25,133		392,075
Fulgent Genetics, Inc.*		21,041		357,066

	Shares		Value
Harvard Bioscience, Inc.*		81,339		$223,682
InfuSystem Holdings, Inc.*		75,509		909,883
Inspire Medical Systems, Inc.*		2,340		167,684
The Joint Corp.*		59,274		717,215
Lantheus Holdings, Inc.*		35,460		462,753
Meridian Bioscience, Inc.*		24,541		294,492
MTBC, Inc.*		5,935		36,678
Opiant Pharmaceuticals, Inc.*		6,884		81,094
OrthoPediatrics Corp.*,1		31,603		1,543,807
Osmotica Pharmaceuticals PLC*		164,752		659,008
Pro-Dex, Inc.*		6,507		113,742
Quanterix Corp.*		16,131		422,632
Repro-Med Systems, Inc.*		62,222		751,642
SeaSpine Holdings Corp.*		85,059		876,108
Semler Scientific, Inc.*		4,215		191,572
Sharps Compliance Corp.*		38,362		230,939
Shockwave Medical, Inc.*		7,615		305,514
SI-BONE, Inc.*		72,328		1,169,544
Silk Road Medical, Inc.*		30,363		1,271,602
Simulations Plus, Inc.1		20,243		770,246
STAAR Surgical Co.*		8,986		344,344
Surmodics, Inc.*		16,720		637,032
Tactile Systems Technology, Inc.*,1		23,568		1,216,580
Utah Medical Products, Inc.		3,435		285,105
Veracyte, Inc.*		13,867		373,993
Vericel Corp.*,1		82,476		1,195,902
Zynex, Inc.*,1		71,475		1,262,249
Total Health Care				20,571,970
Industrials - 16.7%
ACCO Brands Corp.		200,893		1,486,608
Aegion Corp.*		13,518		216,964
Air Transport Services Group, Inc.*		15,030		304,207
Allied Motion Technologies, Inc.		19,633		565,823
Barrett Business Services, Inc.		11,850		579,702
Blue Bird Corp.*		14,170		173,866
Casella Waste Systems, Inc., Class A*		13,277		615,787
CBIZ, Inc.*		26,450		628,188
Chart Industries, Inc.*		10,014		357,700
Columbus McKinnon Corp.		74,519		2,017,975
Covenant Transportation Group, Inc., Class A*		21,676		192,483
CRA International, Inc.		10,871		457,995
Ducommun, Inc.*		66,888		1,888,917
Ennis, Inc.		45,998		856,023

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 - 16.7%(continued)
Graham Corp.		10,265		$134,472
The Greenbrier Cos., Inc.		31,033		526,940
Heidrick & Struggles International, Inc.		8,267		185,511
Heritage-Crystal Clean, Inc.*		7,401		135,808
Insteel Industries, Inc.		57,642		1,012,770
Kornit Digital, Ltd. (Israel)*		10,356		343,560
Lawson Products, Inc.*		6,520		219,137
LB Foster Co., Class A*		8,991		129,380
LSI Industries, Inc.		41,086		254,733
Lydall, Inc.*		49,682		556,438
Marten Transport, Ltd.		26,396		591,798
Mistras Group, Inc.*		37,246		176,919
MYR Group, Inc.*		4,333		129,990
Northwest Pipe Co.*		27,370		665,638
NV5 Global, Inc.*,1		16,170		755,948
PAM Transportation Services, Inc.*		2,356		89,952
Patrick Industries, Inc.1		51,878		2,138,411
Radiant Logistics, Inc.*		78,871		337,568
Spartan Motors, Inc.		33,542		472,607
Sterling Construction Co., Inc.*		24,460		241,665
Titan Machinery, Inc.*		34,374		323,116
Transcat, Inc.*		6,955		195,366
Universal Logistics Holdings, Inc.		19,617		273,265
Vectrus, Inc.*		10,954		569,718
Willdan Group, Inc.*		12,831		325,394
Total Industrials				21,128,342
Information Technology - 14.2%
Airgain, Inc.*		33,052		267,391
American Software, Inc., Class A		22,487		370,586
AstroNova, Inc.		2,481		17,441
AXT, Inc.*		50,450		278,989
Bel Fuse, Inc., Class B		17,376		129,625
Clearfield, Inc.*		9,566		124,645
Cohu, Inc.		19,770		326,798
Comtech Telecommunications Corp.		51,167		947,101
CyberOptics Corp.*		11,300		289,167
Digi International, Inc.*		16,964		192,541
Domo, Inc., Class B*		36,486		709,653
DSP Group, Inc.*		6,860		118,335
eGain Corp.*		26,938		223,585
Grid Dynamics Holdings, Inc.*		27,136		216,817
The Hackett Group, Inc.		24,230		359,331

	Shares		Value
IEC Electronics Corp.*		38,493		$280,614
MACOM Technology Solutions Holdings, Inc.*		34,427		1,055,532
Mitek Systems, Inc.*		114,340		1,066,792
Model N, Inc.*		83,821		2,419,074
Napco Security Technologies, Inc.*		22,900		458,916
Novanta, Inc.*		18,390		1,597,907
PC Connection, Inc.		16,357		751,604
PC-Tel, Inc.		25,445		173,789
Sapiens International Corp. NV (Israel)		53,921		1,334,006
SiTime Corp.*		39,210		849,289
Sprout Social, Inc., Class A*,1		70,970		1,193,715
TransAct Technologies, Inc.1		7,313		31,080
Tyler Technologies, Inc.*		1,270		407,276
Unisys Corp.*		25,854		325,502
Verra Mobility Corp.*		38,103		341,403
Vishay Precision Group, Inc.*		49,810		1,151,607
Total Information Technology				18,010,111
Materials - 2.8%
FutureFuel Corp.		54,970		570,588
Haynes International, Inc.		8,639		190,922
Koppers Holdings, Inc.*		28,195		444,353
Myers Industries, Inc.		44,152		545,719
Trecora Resources*		15,314		90,353
UFP Technologies, Inc.*		27,645		1,188,735
Universal Stainless & Alloy Products, Inc.*		68,275		510,014
Total Materials				3,540,684
Real Estate - 2.6%
Braemar Hotels & Resorts, Inc., REIT		219,297		686,400
Clipper Realty, Inc., REIT		17,508		92,792
Community Healthcare Trust, Inc., REIT		18,250		678,900
Global Medical REIT, Inc.		40,134		418,196
Plymouth Industrial REIT, Inc.		32,832		459,976
Sotherly Hotels, Inc., REIT		28,696		59,688
UMH Properties, Inc., REIT		68,390		888,386
Total Real Estate				3,284,338
Utilities - 0.9%
Atlantic Power Corp.*		94,913		188,877
Global Water Resources, Inc.		7,438		79,959
Unitil Corp.		18,420		926,710
Total Utilities				1,195,546
Total Common Stocks (Cost $108,243,666)				121,146,731

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

11

AMG Managers Emerging Opportunities Fund

Schedule of Portfolio Investments (continued)

	Principal     Amount		Value
Short-Term Investments - 7.8%
Joint Repurchase Agreements - 3.5%2
Cantor Fitzgerald Securities, Inc., dated 04/30/20, due 05/01/20, 0.050% total to be received $1,034,101 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 9.000%, 05/25/20 - 02/20/70, totaling $1,054,782)		$1,034,100		$1,034,100
Citigroup Global Markets, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $1,034,107 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.500% - 6.500%, 05/31/20 - 02/01/57, totaling $1,054,788)		1,034,106		1,034,106
Daiwa Capital Markets America, dated 04/30/20, due 05/01/20, 0.020% total to be received $217,702 (collateralized by various U.S. Treasuries, 0.000% - 3.375%, 05/21/20 - 11/15/48, totaling $222,056)		217,702		217,702
MUFG Securities America, Inc., dated 04/30/20, due 05/01/20, 0.030% total to be received $1,034,107 (collateralized by various U.S. Government Agency Obligations, 2.580% - 6.000%, 11/01/21 - 05/01/50, totaling $1,054,788)		1,034,106		1,034,106
RBC Dominion Securities, Inc., dated 04/30/20, due 05/01/20, 0.040% total to be received $1,034,107 (collateralized by various U.S. Government Agency Obligations and U.S. Treasuries, 0.000% - 6.000%, 07/15/24 -05/01/50, totaling $1,054,788)		1,034,106		1,034,106
Total Joint Repurchase Agreements				4,354,120

	Shares		Value
Other Investment Companies - 4.3%
Dreyfus Government Cash Management Fund, Institutional Shares, 0.17%3		4,452,509		$4,452,509
Dreyfus Institutional Preferred Government Money Market Fund, Institutional Shares, 0.20%3		496,117		496,117
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.25%3		511,151		511,151
Total Other Investment Companies				5,459,777
Total Short-Term Investments (Cost $9,813,897)				9,813,897
Total Investments - 103.3% (Cost $118,057,563)				130,960,628
Other Assets, less Liabilities - (3.3)%				(4,155,821	)
Net Assets - 100.0%				$126,804,807

* Non-income producing security.

¹  Some of these securities, amounting to $8,643,244 or 6.8% 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, 2020, seven day average yield, which refers to the sum of the previous seven days’ dividends paid, expressed as an annual percentage.

MLP    Master Limited Partnership

REIT   Real Estate Investment Trust

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, 2020:

	Level 1		Level 2		Level 3		Total
Investments in Securities
Common Stocks†		$121,146,731		—		—		$121,146,731
Short-Term Investments
Joint Repurchase Agreements		—		$4,354,120		—		4,354,120
Other Investment Companies		5,459,777		—		—		5,459,777
Total Investments in Securities		$126,606,508		$4,354,120		—		$130,960,628

^†  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, 2020, 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, 2020

	AMG Frontier Small Cap Growth Fund	AMG Managers Emerging Opportunities Fund
Assets:
Investments at value1(including securities on loan valued at $3,960,395, and $8,643,244, respectively)	$16,456,209	$130,960,628
Receivable for investments sold	329,256	510,875
Dividend and interest receivables	880	38,225
Securities lending income receivable	385	4,401
Receivable for Fund shares sold	230	16,865
Receivable from affiliate	9,365	11,063
Prepaid expenses and other assets	20,975	17,594
Total assets	16,817,300	131,559,651
Liabilities:
Payable upon return of securities loaned	944,808	4,354,120
Payable for investments purchased	229,010	147,997
Payable for Fund shares repurchased	20,964	109,858
Accrued expenses:
Investment advisory and management fees	8,000	68,354
Administrative fees	1,714	13,856
Distribution fees	40	—
Shareholder service fees	452	18,818
Other	26,726	41,841
Total liabilities	1,231,714	4,754,844
Net Assets	$15,585,586	$126,804,807
1Investments at cost	$15,338,181	$118,057,563

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		$16,817,403			$119,617,633
Total distributable earnings (loss)		(1,231,817	)		7,187,174
Net Assets		$15,585,586			$126,804,807
Class N:
Net Assets		$218,778			$103,227,983
Shares outstanding		33,430			3,268,532
Net asset value, offering and redemption price per share		$6.54			$31.58
Class I:
Net Assets		$9,222,774			$23,576,824
Shares outstanding		1,334,713			728,727
Net asset value, offering and redemption price per share		$6.91			$32.35
Class Z:
Net Assets		$6,144,034			—
Shares outstanding		852,661			—
Net asset value, offering and redemption price per share		$7.21			—

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

15

Statement of Operations(unaudited)

For the six months ended April 30, 2020

	AMG Frontier Small Cap Growth Fund			AMG Managers Emerging Opportunities Fund
Investment Income:
Dividend income		$47,106			$1,204,507	1
Securities lending income		5,760			63,381
Foreign withholding tax		—			(641	)
Total investment income		52,866			1,267,247
Expenses:
Investment advisory and management fees		62,440			566,860
Administrative fees		13,380			114,904
Distribution fees - Class N		386			—
Shareholder servicing fees - Class N		232			157,359
Shareholder servicing fees - Class I		3,358			—
Registration fees		22,983			18,424
Custodian fees		18,076			19,299
Professional fees		13,452			18,138
Transfer agent fees		3,147			14,839
Reports to shareholders		2,274			13,501
Trustee fees and expenses		835			7,346
Miscellaneous		1,355			3,171
Total expenses before offsets		141,918			933,841
Expense reimbursements		(57,633	)		(56,090	)
Expense reductions		—			(15,250	)
Net expenses		84,285			862,501
Net investment income (loss)		(31,419	)		404,746
Net Realized and Unrealized Loss:
Net realized loss on investments		(1,411,610	)		(3,558,103	)
Net change in unrealized appreciation/depreciation on investments		(672,673	)		(24,623,348	)
Net realized and unrealized loss		(2,084,283	)		(28,181,451	)
Net decrease in net assets resulting from operations		$(2,115,702	)		$(27,776,705	)

 ¹Includesnon-recurring dividends of $164,910.

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, 2020 (unaudited) and the fiscal year ended October 31, 2019

	AMG Frontier Small Cap Growth Fund		AMG Managers Emerging Opportunities Fund
	April 30, 2020	October 31, 2019	April 30, 2020	October 31, 2019
Increase (Decrease) in Net Assets Resulting From Operations:
Net investment income (loss)	$(31,419)	$(83,161)	$404,746	$(324,660)
Net realized gain (loss) on investments	(1,411,610)	1,661,550	(3,558,103)	14,221,292
Net change in unrealized appreciation/depreciation on investments	(672,673)	407,788	(24,623,348)	(1,986,484)
Net increase (decrease) in net assets resulting from operations	(2,115,702)	1,986,177	(27,776,705)	11,910,148
Distributions to Shareholders:
Class N	(28,430)	(137,752)	(12,148,476)	(26,608,055)
Class I	(930,660)	(3,607,157)	(2,572,340)	(4,974,384)
Class Z	(590,610)	(2,240,613)	—	—
Total distributions to shareholders	(1,549,700)	(5,985,522)	(14,720,816)	(31,582,439)
Capital Share Transactions:1
Net increase from capital share transactions	858,246	3,871,839	359,165	11,711,122
Total decrease in net assets	(2,807,156)	(127,506)	(42,138,356)	(7,961,169)
Net Assets:
Beginning of period	18,392,742	18,520,248	168,943,163	176,904,332
End of period	$15,585,586	$18,392,742	$126,804,807	$168,943,163

 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, 2020     (unaudited)			For the fiscal year ended October 31,
Class N				2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$8.03			$11.69			$13.20			$10.29			$13.57			$25.12
Income (loss) from Investment Operations:
Net investment loss2,3		(0.03	)		(0.06	)		(0.09	)		(0.11	)		(0.06	)4		(0.12	)
Net realized and unrealized gain (loss) on investments		(0.74	)		0.45			1.58			3.07			(0.22	)		0.19
Total income (loss) from investment operations		(0.77	)		0.39			1.49			2.96			(0.28	)		0.07
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(4.05	)		(3.00	)		(0.05	)		(3.00	)		(11.62	)
Net Asset Value, End of Period		$6.54			$8.03			$11.69			$13.20			$10.29			$13.57
Total Return3		(11.10	)%5,6		11.83	%6		13.81	%6		28.82	%6		(3.01	)%6		(3.06	)%
Ratio of net expenses to average net assets		1.30	%7		1.30	%		1.30	%		1.43	%		1.55	%		1.55	%
Ratio of gross expenses to average net assets8		1.95	%7		1.94	%		1.81	%		2.01	%		1.95	%		1.81	%
Ratio of net investment loss to average net assets3		(0.71	)%7		(0.79	)%		(0.76	)%		(0.93	)%		(0.58	)%		(0.76	)%
Portfolio turnover		118	%5		226	%		233	%		99	%		70	%		99	%
Net assets end of period (000’s) omitted		$219			$324			$553			$210			$147			$179

18

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six     months ended     April 30, 2020     (unaudited)			For the fiscal year ended October 31,
Class I				2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$8.43			$12.02			$13.46			$10.46			$13.76			$25.40
Income (loss) from Investment Operations:
Net investment loss2,3		(0.01	)		(0.04	)		(0.06	)		(0.08	)		(0.03	)4		(0.08	)
Net realized and unrealized gain (loss) on investments		(0.79	)		0.50			1.62			3.13			(0.23	)		0.20
Total income (loss) from investment operations		(0.80	)		0.46			1.56			3.05			(0.26	)		0.12
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(4.05	)		(3.00	)		(0.05	)		(3.04	)		(11.76	)
Net Asset Value, End of Period		$6.91			$8.43			$12.02			$13.46			$10.46			$13.76
Total Return3		(10.81	)%5,6		12.08	%6		14.12	%6		29.22	%6		(2.77	)%6		(2.78	)%
Ratio of net expenses to average net assets		0.96	%7		0.96	%		1.01	%		1.15	%		1.29	%		1.28	%
Ratio of gross expenses to average net assets8		1.61	%7		1.60	%		1.52	%		1.73	%		1.69	%		1.55	%
Ratio of net investment loss to average net assets3		(0.37	)%7		(0.45	)%		(0.46	)%		(0.65	)%		(0.32	)%		(0.51	)%
Portfolio turnover		118	%5		226	%		233	%		99	%		70	%		99	%
Net assets end of period (000’s) omitted		$9,223			$10,873			$11,549			$11,009			$9,570			$12,671

19

AMG Frontier Small Cap Growth Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six     months ended     April 30, 2020     (unaudited)			For the fiscal year ended October 31,
Class Z				2019			2018			2017			20161			2015
Net Asset Value, Beginning of Period		$8.75			$12.31			$13.70			$10.63			$13.95			$25.69
Income (loss) from Investment Operations:
Net investment loss2,3		(0.01	)		(0.03	)		(0.05	)		(0.06	)		(0.01	)4		(0.05	)
Net realized and unrealized gain (loss) on investments		(0.81	)		0.52			1.66			3.18			(0.22	)		0.21
Total income (loss) from investment operations		(0.82	)		0.49			1.61			3.12			(0.23	)		0.16
Less Distributions to Shareholders from:
Net realized gain on investments		(0.72	)		(4.05	)		(3.00	)		(0.05	)		(3.09	)		(11.90	)
Net Asset Value, End of Period		$7.21			$8.75			$12.31			$13.70			$10.63			$13.95
Total Return3		(10.74	)%5,6		12.15	%6		14.26	%6		29.42	%6		(2.53	)%6		(2.55	)%
Ratio of net expenses to average net assets		0.90	%7		0.90	%		0.90	%		1.00	%		1.05	%		1.05	%
Ratio of gross expenses to average net assets8		1.55	%7		1.54	%		1.41	%		1.58	%		1.44	%		1.32	%
Ratio of net investment loss to average net assets3		(0.31	)%7		(0.39	)%		(0.36	)%		(0.50	)%		(0.10	)%		(0.28	)%
Portfolio turnover		118	%5		226	%		233	%		99	%		70	%		99	%
Net assets end of period (000’s) omitted		$6,144			$7,196			$6,418			$7,354			$9,114			$16,366

¹  Effective October 1, 2016, the Investor Class, Service Class and Institutional Class were renames as 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 income per share would have been $(0.09), $(0.06), and $(0.04) for Class N, Class I, and Class Z shares, respectively.

⁵  Not annualized.

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

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.)

20

AMG Managers Emerging Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six     months ended     April 30, 2020     (unaudited)			For the fiscal year ended October 31,
Class N				2019			2018			20171			20162			2015
Net Asset Value, Beginning of Period		$41.44			$48.48			$50.06			$37.09			$40.76			$47.11
Income (loss) from Investment Operations:
Net investment income (loss)3,4		0.09	5		(0.09	)		(0.32	)		(0.27	)6		(0.17	)7		(0.24	)8
Net realized and unrealized gain (loss) on investments		(6.26	)		1.70			4.45			13.38			1.02			(0.79	)
Total income (loss) from investment operations		(6.17	)		1.61			4.13			13.11			0.85			(1.03	)
Less Distributions to Shareholders from:
Net realized gain on investments		(3.69	)		(8.65	)		(5.71	)		(0.14	)		(4.52	)		(5.32	)
Net Asset Value, End of Period		$31.58			$41.44			$48.48			$50.06			$37.09			$40.76
Total Return4,9		(16.76	)%10		7.46	%		8.82	%		35.43	%		2.50	%		(3.01	)%
Ratio of net expenses to average net assets11		1.18	%12		1.24	%		1.41	%		1.42	%		1.41	%		1.42	%
Ratio of gross expenses to average net assets13		1.26	%12		1.34	%		1.50	%		1.51	%		1.62	%		1.61	%
Ratio of net investment income (loss) to average net assets4		0.47	%12		(0.23	)%		(0.63	)%		(0.62	)%		(0.47	)%		(0.55	)%
Portfolio turnover		46	%10		79	%		55	%		58	%		72	%		89	%
Net assets end of period (000’s) omitted		$103,228			$138,695			$148,419			$148,915			$124,045			$145,980

21

AMG Managers Emerging Opportunities Fund

Financial Highlights

For a share outstanding throughout each fiscal period

	For the six     months ended     April 30, 2020     (unaudited)			For the fiscal year ended October 31,
Class I				2019			2018			2017			20162			2015
Net Asset Value, Beginning of Period		$42.31			$49.19			$50.60			$37.40			$41.05			$47.32
Income (loss) from Investment Operations:
Net investment income (loss)3,4		0.14	5		0.01			(0.20	)		(0.16	)6		(0.08	)7		(0.13	)8
Net realized and unrealized gain (loss) on investments		(6.41	)		1.76			4.50			13.51			1.02			(0.80	)
Total income (loss) from investment operations		(6.27	)		1.77			4.30			13.35			0.94			(0.93	)
Less Distributions to Shareholders from:
Net investment income		—			—			—			—			(0.04	)		—
Net realized gain on investments		(3.69	)		(8.65	)		(5.71	)		(0.15	)		(4.55	)		(5.34	)
Total distributions to shareholders		(3.69	)		(8.65	)		(5.71	)		(0.15	)		(4.59	)		(5.34	)
Net Asset Value, End of Period		$32.35			$42.31			$49.19			$50.60			$37.40			$41.05
Total Return4,9		(16.64	)%10		7.72	%		9.09	%		35.80	%		2.73	%		(2.76	)%
Ratio of net expenses to average net assets11		0.93	%12		0.99	%		1.16	%		1.17	%		1.16	%		1.17	%
Ratio of gross expenses to average net assets13		1.01	%12		1.09	%		1.25	%		1.26	%		1.37	%		1.36	%
Ratio of net investment income (loss) to average net assets4		0.72	%12		0.02	%		(0.38	)%		(0.37	)%		(0.22	)%		(0.30	)%
Portfolio turnover		46	%10		79	%		55	%		58	%		72	%		89	%
Net assets end of period (000’s) omitted		$23,577			$30,248			$28,485			$23,974			$25,127			$31,111

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 income (loss) would have been lower had certain expenses not been offset.

⁵  Includesnon-recurring dividends. Without these dividends, net investment income per share would have been $0.05 and $0.10 for Class N and Class I shares, respectively.

⁶  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.

⁷  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.

⁸  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.

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, 2020 and 0.02%, 0.02%, 0.01%, 0.02% and 0.03% for the fiscal years ended 2019, 2018, 2017, 2016 and 2015, respectively.

¹²  Annualized.

¹³  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, 2020

1. ORGANIZATION AND 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 “mean price”). Equity securities traded in theover-the-counter market (other than NMS securities) are valued at the mean price. Foreign equity securities (securities principally traded in markets other than U.S. markets) are valued at the official closing price on the primary exchange or, for markets that either do not offer an official closing price or where the official closing price may not be representative of the overall market, the last quoted sale price.

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 registered 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 the Funds that can be fair valued by the applicable fair value pricing service are fair valued on each business day provided that each individual price exceeds 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

23

  Notes to Financial Statements(continued)

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. 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 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, 2020, the impact on the expenses and expense ratios were as follows: Emerging Opportunities - $15,250 or 0.01% of average net assets.

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 primarily due to current year write off of net operating loss and distributions received from investments in certain partnerships. Temporary differences are primarily due to distributions received from investments in certain partnerships, wash sales deferrals, and the deferral of qualified late year losses.

At April 30, 2020, 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		$15,338,181		$1,833,606		$(715,578	)		$1,118,028
Emerging Opportunities		118,057,563		28,971,117		(16,068,052	)		12,903,065

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 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, 2019, 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, 2020, such amounts may be used to offset future realized capital gains indefinitely, and retain their character as short-term and/or long-term.

24

  Notes to Financial Statements(continued)

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, 2020 (unaudited) and the fiscal year ended October 31, 2019, the capital stock transactions by class for the Funds were as follows:

	Small Cap								Emerging Opportunities
	April 30, 2020				October 31, 2019				April 30, 2020				October 31, 2019
	Shares		Amount		Shares		Amount		Shares		Amount		Shares		Amount
Class N:
Proceeds from sale of shares		15,631		$121,710		173,601		$1,420,613		120,796		$4,347,069		127,532		$5,229,560
Reinvestment of distributions		3,530		27,888		21,357		137,752		300,381		11,991,204		782,287		26,323,951
Cost of shares repurchased		(26,043)		(174,547)		(201,967)		(1,626,392)		(499,685)		(16,446,877)		(624,087)		(24,430,038)
Net increase (decrease)		(6,882)		$(24,949)		(7,009)		$(68,027)		(78,508)		$(108,604)		285,732		$7,123,473
Class I:
Proceeds from sale of shares		135,552		$1,148,761		136,557		$1,114,912		99,913		$3,497,539		180,337		$7,377,241
Reinvestment of distributions		110,211		918,061		531,454		3,587,315		61,147		2,498,494		139,442		4,781,458
Cost of shares repurchased		(201,543)		(1,459,655)		(338,119)		(2,973,626)		(147,167)		(5,528,264)		(183,973)		(7,571,050)
Net increase		44,220		$607,167		329,892		$1,728,601		13,893		$467,769		135,806		$4,587,649
Class Z:
Proceeds from sale of shares		10,516		$55,000		86,958		$890,000		—		—		—		—
Reinvestment of distributions		67,964		590,610		319,631		2,240,613		—		—		—		—
Cost of shares repurchased		(47,868)		(369,582)		(105,930)		(919,348)		—		—		—		—
Net increase		30,612		$276,028		300,659		$2,211,265		—		—		—		—

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, 2020, the market value of Repurchase Agreements outstanding for Small Cap and Emerging Opportunities were $944,808 and $4,354,120, 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 L.L.P.

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, 2020, 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

25

  Notes to Financial Statements(continued)

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, 2021, to waive management fees and/or pay or reimburse fund expenses in order to limit total annual Fund operating expenses after fee waiver and expense reimbursements (exclusive of taxes, interest (including interest incurred in connection with bank and custody overdrafts and in connection with securities sold short), shareholder servicing fees, distribution and service(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 Small Cap and Emerging Opportunities to 0.90% and 0.94%, respectively, of each Fund’s average daily net assets (this annual rate or such other annual rate that may be in effect from time to time, the “Expense Cap”), subject to later reimbursement by the Funds in certain circumstances. Prior to March 1, 2019, the Emerging Opportunities contractual expense limitation was 1.18%.

In general, for a period of up to 36 months after the date any amounts are paid, waived or reimbursed by the Investment Manager, the Investment Manager may recover such amounts from a Fund, provided that such repayment would not cause the Fund’s total annual operating expenses after fee waiver and expense reimbursements (exclusive of the items noted in the parenthetical above) to exceed either (i) the Expense Cap in effect at the time such amounts were paid, waived or reimbursed, or (ii) the Expense Cap in effect at the time of such repayment by the Fund.

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.

At April 30, 2020, the Funds’ expiration of reimbursements subject to recoupment is as follows:

Expiration   Period	Small Cap		Emerging Opportunities
Less than 1 year		$108,309		$123,762
1-2 years		114,490		133,467
2-3 years		119,373		120,651
Total		$342,172		$377,880

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 Funds’ operations, including administration and shareholder services to each Fund. Each Fund pays a fee to the Administrator at the rate of 0.15% per annum of the Fund’s average daily net assets for this service.

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 the Fund’s Class N shares and for maintenance and personal service provided to existing shareholders of that class. The Plan authorized payments to the Distributor up to 0.25% annually of 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. The 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 ratios for the six months ended April 30, 2020, were 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

26

  Notes to Financial Statements(continued)

Board, and the Board monitors the operation of the program. An interfund loan must comply with certain conditions set out in the exemptive order, which are designed to assure fairness and protect all participating funds. The interest earned and interest paid on interfund loans are included on the Statement of Operations as interest income and miscellaneous expense, respectively. At April 30, 2020, the Funds had no interfund loans outstanding.

The Funds did not utilize the interfund loan program during the six months ended April 30, 2020.

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, 2020, were as follows:

	Long Term Securities
Fund	Purchases		Sales
Small Cap	$	20,666,752	$	21,517,573
Emerging Opportunities		67,876,225		79,173,524

The Funds had no purchases or sales of U.S. Government Obligations during the six months ended April 30, 2020.

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, U.S. Treasury Obligations or U.S. Government Agency Obligations. Collateral is maintained at a minimum level of 102% (105% in the case of certain foreign securities) of the market value, plus interest, if applicable, of investments on loan. It is the Funds’ policy to obtain additional collateral from or return excess collateral to the borrower by the end of the next business day, following the valuation date of the securities loaned. Therefore, the value of the collateral held may be temporarily less than the value of the securities on loan. Lending securities entails a risk of loss to the Funds if and to the extent that the market value of the securities loaned were to increase and the borrower did not increase the collateral accordingly, and the borrower fails to

return the securities. Under the terms of the Program, the Funds are indemnified for such losses by BNYM. Cash collateral is held in separate omnibus accounts managed by BNYM, who is authorized to exclusively enter into joint repurchase agreements for that cash collateral. Securities collateral is held in separate omnibus accounts managed by BNYM that cannot be sold or pledged. BNYM bears the risk of any deficiency in the amount of the cash collateral available for return to the borrower due to any loss on the collateral invested. Loans of securities are terminable at any time and the borrower, after notice, is required to return borrowed securities as soon as practical, which is normally within three business days.

The value of securities loaned on positions held, cash collateral and securities collateral received at April 30, 2020, were as follows:

Fund	Securities Loaned		Cash Collateral Received		Securities Collateral Received		Total Collateral Received
Small Cap		$3,960,395		$944,808		$3,213,514		$4,158,322
Emerging Opportunities		8,643,244		4,354,120		4,828,574		9,182,694

The following table summarizes the securities received as collateral for securities lending at April 30, 2020:

Fund	Collateral Type	Coupon Range		Maturity Date Range
Small Cap	U.S. Treasury Obligations		0.000%-8.000%		05/15/20-02/15/50
Emerging Opportunities	U.S. Treasury Obligations		0.000%-8.000%		05/15/20-02/15/50

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.

The following table is a summary of the Funds’ open Repurchase Agreements that are subject to a master netting agreement as of April 30, 2020:

27

  Notes to Financial Statements(continued)

			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
Citigroup Global Markets, Inc.		$944,808		—		$944,808		$944,808		—
Emerging Opportunities
Cantor Fitzgerald Securities, Inc.		$1,034,100		—		$1,034,100		$1,034,100		—
Citigroup Global Markets, Inc.		1,034,106		—		1,034,106		1,034,106		—
Daiwa Capital Markets America		217,702		—		217,702		217,702		—
MUFG Securities America, Inc.		1,034,106		—		1,034,106		1,034,106		—
RBC Dominion Securities, Inc.		1,034,106		—		1,034,106		1,034,106		—
Total		$4,354,120		—		$4,354,120		$4,354,120		—

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

  Funds Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) adopted Rule22e-4 under the Investment Company Act of 1940, as amended (the “Liquidity Rule”), to promote effective liquidity risk management throughout theopen-end investment company industry, thereby reducing the risk that a fund will be unable to meet its redemption obligations and mitigating dilution of the interests of fund shareholders.   The AMG Funds Family of Funds (each a “Fund,” and collectively, the “Funds”) have adopted and implemented a Liquidity Risk Management Program (the “Program”) as required by the Liquidity Rule. The Program is reasonably designed to assess and manage each Fund’s liquidity risk, taking into consideration the Fund’s investment strategy and the liquidity of its portfolio investments during normal and reasonably foreseeable stressed conditions, its short and long-term cash flow projections, and its holdings of cash and cash equivalents, as well as borrowing arrangements and other funding sources, including access to the Funds’ credit facility. Under the Liquidity Rule, each liquidity classification category (highly liquid, moderately liquid, less liquid and illiquid) is defined with respect to the time it is reasonably expected to take to convert the investment to cash (or sell or dispose of the investment) in current market conditions without significantly changing the market value of the investment.   The Funds’ Board of Trustees (the “Board”) appointed AMG Funds, LLC (“AMGF”) as the Program administrator. AMGF formed a Liquidity Risk Management Committee (“LRMC”), which includes members of various departments across AMGF, including Legal, Compliance, Mutual Fund Services, Investment Research and Product Analysis & Operations and, as needed, other representatives of AMGF and/or representatives of the subadvisers to the Funds. The LRMC meets on a periodic basis, no less frequently than monthly. The LRMC is responsible for the Program’s administration and oversight and for reporting to the Board on at least an annual basis regarding the Program’s operation and effectiveness.   At a meeting of the Board held on March 19, 2020, the Board received a report from the LRMC regarding the design and operational effectiveness of the Program for the period December 1, 2018 through December 31, 2019 (the “Program Reporting Period”).   The Program complied with the key factors for consideration under the Liquidity Rule for assessing, managing and periodically reviewing a Fund’s liquidity risk, as follows:   A. The Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed whether each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions is appropriate for anopen-end fund structure. The LRMC also factored a Fund’s concentration in an issuer into the liquidity classification methodology by taking issuer position sizes into account.     B. Short-term and long-term cash flow projections during both normal and reasonably foreseeable stressed conditions:   During the Program Reporting Period, the LRMC reviewed historical net redemption activity and used this information as a component to establish each Fund’s reasonably anticipated trading size. The Funds maintain anin-kind redemption policy, which may be utilized to meet larger redemption requests, when appropriate. The LRMC may also take into consideration a Fund’s shareholder ownership concentration, a Fund’s distribution channels, and the degree of certainty associated with a Fund’s short-term and long-term cash flow projections.   C. Holdings of cash and cash equivalents, as well as borrowing arrangements:   The LRMC considered the terms of the credit facilities available to the Funds.   The report concluded that, based upon the review of the Program, using resources and methodologies that AMGF considers reasonable, AMGF believes that the Program and Funds’ Liquidity Risk Management Policies and Procedures are adequate, effective, and reasonably designed to effectively manage the Funds’ liquidity risk.   There can be no assurance that the Program will achieve its objectives in the future. Please refer to each Fund’s prospectus or statement of additional information for more information regarding a Fund’s exposure to liquidity risk and other principal risks to which an investment in a Fund may be subject.

29

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INVESTMENT MANAGER AND ADMINISTRATOR   AMG Funds LLC 600 Steamboat Road, Suite 300 Greenwich, CT 06830 800.548.4539   DISTRIBUTOR   AMG Distributors, Inc. 600 Steamboat Road, Suite 300 Greenwich, CT 06830 800.548.4539   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. 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 most recent semiannual report or annual report, please visit amgfunds.com.

  amgfunds.com

  AFFILIATE SUBADVISED FUNDS   BALANCED FUNDS AMG GW&K Global Allocation GW&K Investment Management, 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 Emerging Markets Equity AMG GW&K Emerging Wealth Equity GW&K Investment Management, LLC   AMG Renaissance Large Cap Growth The Renaissance Group LLC   AMG River Road Dividend All Cap Value 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 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 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 Doubleline Core Plus Bond DoubleLine Capital LP   AMG Managers Global Income Opportunity AMG Managers Loomis Sayles Bond Loomis, Sayles & Company, L.P.

    amgfunds.com     043020     SAR022  

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 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, 2020

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, 2020
By:	/s/ John Starace
	John Starace, Principal Financial Officer
Date:	July 1, 2020